Burial Insurance for Seniors Over 70: Pros, Cons, Coverage

As we age, the rising cost of living and medical expenses, paired with a lower income can put us in front of unexpected financial burdens. Without proper planning, covering life and burial expenses can be overwhelming for families.

Burial insurance for seniors over 70 is a simple, affordable solution, providing reassurance and guaranteeing your final wishes are met without straining your family’s finances. These policies require little underwriting.

In this guide, we’ll explore everything you need to know about burial insurance for seniors, from its benefits to choosing the right policy to protect those you care about.

What Is Burial Insurance

Burial insurance, or final expense insurance, with no waiting period,  is a simple type of life insurance that helps cover funeral and burial costs. It’s particularly important for seniors over 70, especially if they don’t have traditional life insurance or their coverage isn’t enough.

According to funeral industry statistics, in the US, the average funeral cost varies between $7,000 and $9,000, while in the UK, it’s around £4,000 to £5,000. 

What makes burial insurance appealing is that it usually offers guaranteed acceptance, even if you have health issues, and keeps premiums fixed so they don’t increase. The policy’s death benefit goes directly to the beneficiaries, who can use it to cover final expenses like funeral services, burial, and other fees.

It typically has smaller, affordable coverage amounts, designed to ease the financial burden on loved ones and prevent funeral poverty. Even cheap burial insurance for seniors offers relief from worry when it’s needed most.

Benefits of Burial Insurance for Seniors Over 70

For seniors over 70 with no other insurance, limited pensions, or modified life insurance, who may also have health concerns, burial insurance provides security by covering final expenses.

It can pay for a funeral ceremony or act as cremation insurance for seniors.

It’s especially useful for those looking for affordable coverage when conducting end-of-life planning.

Financial Security

Burial insurance offers essential financial security for seniors and their families by covering funeral and burial expenses, assuring loved ones aren’t left with unexpected financial burdens.

Along with writing a will, it allows seniors to rest easy knowing their final arrangements are handled.

No Medical Exam

Burial insurance is insurance without the need for a medical exam.

That makes it accessible regardless of existing health conditions. 

Seniors can secure coverage easily, offering financial protection for their loved ones.

Peace of Mind

Burial insurance for the elderly brings invaluable peace of mind. It covers certain end-of-life expenses in advance and ensures loved ones won’t face financial strain during a difficult time.

With funeral and burial costs out of the way, seniors and their families to focus on what truly matters.

Types of Funeral Insurance

There are several types of funeral insurance designed to cover senior care final expenses.

These include simplified and guaranteed plans, standard funeral insurance, and pre-need funeral insurance. Each offers different benefits and coverage options.

Simplified Issue

Simplified-issue burial insurance plans are designed without a medical exam. They require only a basic health questionnaire.

These plans are easier to obtain but generally cost more than fully underwritten policies.

All the same, they are often the best burial insurance option for seniors over 70 when quick and accessible coverage is the priority.

Guaranteed Issue

Guaranteed-issue burial insurance policies have no health questions or medical exams, making them ideal for seniors with pre-existing conditions.

While these plans are straightforward to secure, they typically come with higher premiums and lower coverage limits compared to other options.

Standard Funeral Insurance

Standard funeral insurance plans typically require a medical exam or detailed health questionnaire. Their coverage is more comprehensive, with lower premiums than simplified or guaranteed-issue policies.

To obtain these plans, you’ll need to work with a final expense agent who can provide burial insurance quotes for seniors tailored to your needs, often offering better rates for healthy individuals.

Pre-need Plans

Pre-need plans allow individuals to prepay for funeral services directly with a funeral home, locking in current prices for future services.

These plans can be more affordable than other options, as the costs are fixed.

For those seeking funeral cover for grandparents, pre-need plans provide financial security and secure the majority of the logistics surrounding a funeral.

Coverage Options

When exploring a final expense insurance program, it’s important to understand both standard and optional coverage options.

Standard coverage typically includes funeral and burial costs, while optional coverage can be added for additional expenses like medical bills, debts, or funds for your loved ones.

Standard Coverage

Standard coverage for burial insurance typically includes essential funeral expenses such as:

• Cost of the casket
• Cemetery fees
• Basic services like transportation and embalming

This coverage takes care of the primary costs of a funeral, easing the financial burden on loved ones during a difficult time.

Optional Coverage

In final expense planning, optional add-ons can be included in burial insurance policies to cover additional costs like:

• Memorial services
• Cremation fees
• Extra funds for loved ones

These add-ons offer flexibility, allowing individuals to customize their coverage to ensure that all final arrangements are handled according to their wishes.

Burial Insurance Cost

The cost of burial insurance is influenced by several key factors. These factors help determine your monthly premium, making certain the coverage meets your financial and personal needs.

Here’s a breakdown of what affects funeral insurance costs:

• Age — Premiums increase as you age. For example, a healthy 70-year-old could pay around $53–$74 per month for a $10,000 policy, whereas an 80-year-old could pay anywhere from $98 to $140​
• Gender — Women generally pay lower premiums than men. This is due to their longer life expectancy, which results in lower insurance costs.
• Health — Policies that don’t require medical exams tend to cost more, especially if you have existing health conditions. Simplified issue policies might be cheaper if you’re in good health. If you opt for a graded death benefit policy — typically used when health conditions are present — the payout will be limited if death occurs within the first two to three years of the policy, though premiums are generally higher​.
• Coverage Amount — The higher the coverage, the more expensive the policy. A $10,000 policy will be more affordable than a $25,000 policy.

Funeral Insurance Cost Per Month by Age

For seniors over 70, comparing policies can help you find the best burial insurance based on your specific circumstances. Whether you opt for simplified issue or guaranteed issue insurance, these factors will play a significant role in determining your premium.

Common Misconceptions About Burial Insurance

There are several common misconceptions about senior citizen burial insurance that can prevent individuals from taking advantage of its benefits. Let’s debunk a few:

• Unnecessary for seniors over 70 — Even if you don’t have large financial responsibilities, burial insurance covers funeral costs, easing the burden on your family.
• Too expensive for seniors over 70 — Burial insurance is designed to be affordable, especially with smaller coverage amounts tailored to final expenses.
• Doesn’t cover pre-existing conditions — Many policies, especially guaranteed issue plans, cover those with health issues, though some may include a waiting period.
• Only covers funeral expenses — It can also cover medical bills, debts, and other final expenses.
• Complicated to obtain — Most policies are easy to apply for, often requiring no medical exam.

The benefits of final expense insurance are clear, offering financial security to seniors and their families.

Conclusion

In conclusion, burial insurance for seniors over 70 is a valuable option for covering end-of-life expenses, offering peace of mind to both seniors and their families.

 Whether you’re looking for affordable coverage or policies that cater to pre-existing conditions, choosing the right plan can make sure that funeral and other final expenses are covered without burdening loved ones.

Take proactive steps now to secure your final expense coverage and provide financial security for your family.