Seniors over 70 have many affordable burial insurance options, and multiple companies offer coverage with no waiting period. A $10,000-$15,000 death benefit typically costs $50-$130 monthly, depending on a few factors.
How Much Does Burial Insurance For Seniors Over 70 Cost?
Depending on a few factors, seniors over 70 can expect to pay between $55 and $130 monthly for a $10,000 to $15,000 policy. The cost of final expense insurance is based on age, gender, state of residence, health, tobacco usage (if any), and the coverage amount.
Below is a monthly premium rate chart for whole life final expense insurance for seniors in their 70s. Alternatively, you can use this life insurance quotes tool to see prices from dozens of burial insurance companies in your state.
| Age & Gender | $5,000 | $10,000 | $25,000 |
|---|---|---|---|
| Female age 70 | $12 | $21 | $47 |
| Male age 70 | $14 | $25 | $57 |
| Female age 71 | $13 | $23 | $52 |
| Male age 71 | $15 | $27 | $63 |
| Female age 72 | $14 | $24 | $55 |
| Male age 72 | $17 | $31 | $71 |
| Female age 73 | $15 | $28 | $64 |
| Male age 73 | $20 | $36 | $84 |
| Female age 74 | $18 | $33 | $76 |
| Male age 74 | $23 | $43 | $103 |
| Female age 75 | $22 | $41 | $97 |
| Male age 75 | $29 | $54 | $130 |
| Female age 76 | $28 | $53 | $127 |
| Male age 76 | $37 | $70 | $169 |
| Female age 77 | $37 | $71 | $172 |
| Male age 77 | $50 | $97 | $238 |
| Female age 78 | $50 | $98 | $241 |
| Male age 78 | $69 | $135 | $332 |
| Female age 79 | $70 | $136 | $335 |
| Male age 79 | $91 | $178 | $440 |
How Does Senior Burial Insurance Work?
Burial insurance for seniors is a type of whole life insurance coverage meant to pay for the cost of a cremation, burial, or other end-of-life expenses.
No medical exam is required, and you can typically purchase up to $50,000 in coverage with most insurance providers.
Tip:
Burial insurance is often called “funeral insurance,” “and “final expense insurance.” All these names have the same meaning.
Since it’s a whole life policy, it comes with a guarantee that the premiums, death benefit, and policy will never change or expire, and it will build cash value.
Generally, the insurer will pay the death benefit in the form of a tax-free cash payment within 48 hours of claim approval.
You can name a loved one(s) or a funeral home as your beneficiary. The money your beneficiaries receive can be used for funeral costs, medical bills, credit card debts, or anything else. Also, your family members keep any leftover money.
There are two types of burial insurance plans for seniors:
- Simplified issue (aka “no-exam”): This option requires no medical exam, but you must complete a health questionnaire in the application process. If approved, there is no waiting period, meaning you’re fully covered for natural or accidental death when you make your first premium payment.
- Guaranteed acceptance: Also known as “guaranteed issue,” this type of policy does not require you to answer health questions or undergo a medical exam. You’re guaranteed approval, hence the name. The primary drawback with this option is the waiting period. All plans with no health questions have a two-year waiting period. If you die during this time, the insurer will refund your premiums plus interest (typically 10%). No company in the USA offers a policy with no health questions and no waiting period.
Best Burial Insurance Companies For Seniors Over 70
Mutual of Omaha
Founding Year: 1909
0.97
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Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Mutual of Omaha burial insurance is generally the best final expense insurance for seniors over 70. In most cases, Mutual of Omaha’s rates are lower than those of other providers.
They call their policy “Living Promise,” and you buy up to $50,000 in coverage. Seniors with many common health conditions can still qualify for full day-one coverage. For example, they will accept you if you have diabetes, high blood pressure, or a previous heart attack (over two years ago).
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes to 2 Business Days | |
Common health conditions still eligible for no waiting period coverage: Aneurysm | |
To get even more details, read our Mutual of Omaha review
Aetna
Founding Year: 1853
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Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Aetna’s life insurance prices are very competitive for seniors in their 70s, and they take many health impairments that other companies won’t accept.
They might offer discounts if you have other Aetna senior products, such as a Medicare Supplement.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 40-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Aetna products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib | |
To get even more details, read our Aetna review
Aflac
Founding Year: 1955
2.98
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Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Aflac has fair prices for seniors 70-79 (and other ages). They offer no waiting period coverage even if you have serious health issues such as COPD, Parkinson’s disease, multiple sclerosis, and many more.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-80 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Aflac products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib | |
To get even more details, read our Aflac review
Royal Neighbors of America
Founding Year: 1895
Choice Mutual Rating
4.0
A
Excellent
A+
Accredited
4.60
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Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Royal Neighbors of America built their coverage so that most seniors can qualify for burial insurance with no waiting period. That’s true even if you have a plethora of high-risk medical conditions such as COPD, angina, multiple sclerosis, Hepatitis, diabetes, high blood pressure, and much more.
Also, they grant all policyholders access to free member benefits at no additional cost.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 50-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $5,000-$40,000 | |
| States Available: All States (except AK, AL, HI, LA, MA, NH, NY) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Optional Riders: None | |
| Application Details | Where to Apply: Agencies licensed to sell Royal Neighbors products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes | |
Common conditions still eligible for no waiting period coverage: Afib | |
To get even more details, read our Royal Neighbors review
Baltimore Life
Founding Year: 1882
2.51
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Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Baltimore Life is not the least expensive option for seniors in their 70’s. However, the underwriting is where they stand out.
They are exceptionally rare because they will approve seniors for no waiting period coverage for a wide variety of health conditions that other providers outright decline or will offer a two-year waiting period.
For example, they will approve someone for immediate coverage if they have COPD, kidney disease, a heart attack or stroke one year ago, diabetic complications, and so much more.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,500-$35,000 (varies by age) | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Baltimore Life products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes | |
Common conditions still eligible for no waiting period coverage: Afib | |
To get even more details, read our Baltimore Life review
AAA
Founding Year: 1969
Choice Mutual Rating
2.0
A.M. Best Rating
A
Excellent
A-
Accredited
0.87
Brochure
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Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
AAA’s guaranteed issue coverage is generally the lowest-priced option if you need a policy with no health questions. Guaranteed acceptance policies only refund your premiums plus interest if you die during the first two years.
Uniquely, AAA will refund 130% of premiums during the two-year waiting period. Nearly all other life insurance companies will only refund roughly 110% of premiums.
AAA’s low prices and much higher interest rates make them a clear-cut winner if you need a guaranteed acceptance life insurance policy
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: Yes | |
| Coverage Amount Range: $3,000-$25,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Application Details | Where to Apply: AAA Online Application |
| Phone Number to Apply: 1-888-523-1863 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: Yes | |
| Application Approval Time: Instantaneously |
To get even more details, read our AAA review
How To Get Coverage With No Waiting Period
It’s critical to understand that you must qualify for life insurance plans with no waiting period.
You don’t have to complete a medical exam, but you must answer questions about your health history.
Tip:
You don’t need to be in good health to qualify for immediate first-day coverage. Most health conditions are eligible for immediate first-day coverage.
Please note that any type of life insurance with no health questions has a two-year waiting period.
No companies in the USA offer guaranteed approval and no waiting period.
Tips For Finding The Best Final Expense Life Insurance Over 70
If you want to buy life insurance for any reason, it’s critical that you compare offers from multiple insurers.
However, remember that the best life insurance companies don’t sell their coverage directly online or through the mail. Instead, they sell their products through independent insurance agents.
Tip:
The few insurance companies that do sell their coverage directly to consumers (rather than through agents) typically have inferior options than what agents have. Most drawbacks include waiting periods, strict underwriting, or higher premiums. Globe Life Insurance is one such example.
Independent agents freely represent multiple insurance companies on your behalf. That allows them to compare offers from various providers to pinpoint the best one for you.
Contrast this to “captive” insurance agents that only have one insurance company they can offer. For example, State Farm and AARP life insurance are two such captive companies because their agents cannot suggest any other insurer.
They have no recourse if you don’t like what policy a captive agent offers you. However, an independent agent isn’t beholden to one carrier.
An independent agent will match you with whichever insurance company makes you the best offer.
Independent agents don’t have fees or costs of any kind. Also, life insurance costs from independents aren’t higher. They’re usually lower since they find you the best deal.
In the end, find yourself an experienced, reputable independent agency (like Choice Mutual) and let them find go to work for you.
Frequently Asked Questions
Mutual of Omaha is usually the best final expense insurance for seniors over 70 if you qualify for the level death benefit. Their insurance rates are very low, and there is no waiting period. Aetna would be the next best option if you’re not eligible with Mutual of Omaha due to your health.
The average cost of a $10,000 final expense policy for seniors in their 70s is $55-$100 monthly. However, life insurance quotes vary based on your exact age, gender, health, and how much coverage you want. For example, a 70-year-old female who doesn’t smoke will pay $78.26 monthly for a $15,000 policy. But at age 77, it would cost her $123.66 per month.
Term life is often attractive to seniors on a fixed income due to its lower cost than a whole life insurance policy. However, a term life policy is not ideal for covering your burial expenses because the coverage typically expires around age 80. It begs the question- what good is a policy that is cheaper if you outlive it? If you want to cover your funeral service expenses, it’s recommended that you seek out permanent life insurance products so you know that you’ll always have coverage for the cost of a funeral.
Senior life insurance will pay out after age 70 so long as you die while the policy is active. It does not matter what your age is. If you die while the policy is in force, it will pay out the prescribed death benefit.
A burial insurance policy is essential to financial planning if you have no other means to pay for your funeral costs. If you have enough cash to prepay for your burial, then a funeral insurance policy isn’t necessary. However, most Americans have little to no savings, which is why final expense insurance is so popular. A burial policy affords immediate peace of mind, knowing that your funeral expenses won’t become a financial burden for your family.
Colonial Penn life insurance is a lousy choice for seniors of all ages. To speak plainly, the $9.95 plan is a gimmick. Yes, everyone pays $9.95 per month, but it buys an extremely low amount of coverage. For example, a 72-year-old male only gets $627 of life insurance for $9.95 (learn more about how much coverage for $9.95). Plus, Colonial Penn policies all have a two-year waiting period, which is something Jonathan Lawson fails to mention in the TV advertisem*nts.
Article Sources
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- member benefits. https://www.royalneighbors.org/membership
- independent insurance agents. https://www.investopedia.com/terms/i/independent-agent.asp
- captive. https://www.investopedia.com/terms/c/captive-agent.asp
