In This Guide
Why Life Insurance Still Matters After 50
Many people assume that life insurance is something you need only when you are young and have dependents relying on your income. But for seniors, life insurance — specifically burial and final expense coverage — serves a very different purpose: ensuring your family is not left with an unexpected financial burden when you pass away.
The average funeral and burial in the United States now costs more than $8,300, and that number has risen consistently year over year. Cremation, while generally less expensive, still averages $6,000–$7,000 when service costs are included. For most families, that expense arrives suddenly, with no time to plan.
Life insurance for seniors is not about replacing income or protecting dependents — it is about covering a predictable, unavoidable expense in a way that does not require your family to scramble for funds at the worst possible time.
Types of Life Insurance for Seniors
There are several types of life insurance available to seniors, and understanding the differences helps you make an informed decision rather than simply accepting whatever is presented to you.
Burial Insurance / Final Expense Insurance
The most common and most accessible type for seniors. A small whole life policy — typically $5,000 to $25,000 — designed specifically to cover funeral costs and end-of-life expenses. No medical exam required for most plans. Available to ages 50–85. Premium is locked in for life.
This is the focus of this guide and the most practical option for the majority of seniors looking for straightforward coverage.
Term Life Insurance
Term life provides coverage for a specific period — 10, 20, or 30 years. If you outlive the term, the policy expires with no benefit paid. Most carriers do not offer new term policies to applicants over age 70–75, and premiums at older ages are very high. Term life is generally not the right product for seniors seeking to cover funeral costs.
Whole Life Insurance (Traditional)
Larger whole life policies — $50,000 to $500,000 or more — are available to some seniors, but typically require a medical exam, full underwriting, and are significantly more expensive. For seniors focused on funeral and end-of-life costs, smaller burial insurance policies are the more practical choice.
Guaranteed Universal Life (GUL)
A hybrid product offering permanent coverage at lower premiums than traditional whole life, but with less flexibility. Typically available up to age 85, requires underwriting. Suitable for seniors seeking larger permanent coverage amounts but not commonly used for burial-focused coverage.
The Three Plan Types — Level, Graded, and Guaranteed Issue
Within burial and final expense insurance, there are three plan types. Which one you qualify for depends primarily on your health history.
Level Benefit Plans
The most common and lowest-cost option. Requires a short health questionnaire — typically 8–12 yes/no questions. No medical exam. If you answer "no" to the key health questions, you qualify for full coverage from day one with no waiting period.
Best for: Seniors in reasonably good health. No serious conditions in the recent past (typically 2 years). Not currently confined to a nursing home for health reasons.
Graded Benefit Plans
For seniors with some health conditions who do not qualify for a level plan. A 2-year waiting period applies: if the insured passes away from natural causes within the first 2 years, the carrier returns premiums paid plus interest rather than the full death benefit. After 2 years, the full benefit is payable for any cause of death.
Premium is higher than a level plan but lower than a guaranteed issue plan. No medical exam required.
Guaranteed Issue Plans
No health questions at all. Approval is guaranteed for anyone who meets the age requirements (typically 50–80). The same 2-year graded period applies as with graded plans, and premiums are the highest of the three plan types.
Best for: Seniors with serious health conditions who cannot qualify for level or graded plans. Those who simply want the certainty of guaranteed approval without answering health questions.
What Does Burial Insurance Cost?
Monthly premiums for a $10,000 burial insurance policy typically range from $18 to $185 depending on age, gender, health, and plan type. The table in this guide shows typical ranges by age for a $10,000 policy.
Key cost factors: Age at application (older = higher locked-in rate), gender (women pay roughly 20–30% less than men), health history (determines plan type), coverage amount ($5,000–$25,000), and tobacco use (typically adds 30–50%).
Once issued, your premium is permanently locked. It cannot increase due to age or health changes for the life of the policy.
Pros and Cons of Burial Insurance
Understanding both sides clearly helps you make the right decision for your situation.
Advantages
No medical exam required for most plans. Locked-in premium that never increases. Permanent coverage that does not expire. Accessible even with many health conditions. Quick approval — often same day. Death benefit paid directly to beneficiary and usable for any purpose. Provides genuine peace of mind for both the insured and their family.
Disadvantages
More expensive per dollar of coverage than traditional life insurance. If you live a very long time, total premiums paid may exceed the death benefit. Guaranteed issue plans include a 2-year waiting period during which full death benefit is not payable. Coverage amounts are capped (typically $25,000 maximum). Not a financial investment — purely protective coverage.
How to Choose the Right Plan
Start with your health. If you are in reasonably good health, pursue a simplified issue (level benefit) plan — it offers the lowest premium and immediate coverage. If you have significant health conditions, ask a licensed agent to assess whether a graded or guaranteed issue plan is more appropriate.
Consider how much coverage you actually need. The average funeral and burial costs $8,300–$9,000. Cremation averages $6,000–$7,000. Factor in any outstanding debts or bills your family may need to cover. Most seniors choose between $10,000 and $20,000.
Apply sooner rather than later. Every year you wait, your locked-in premium will be higher. A condition that develops after your policy is issued does not affect your coverage or premium — but a condition that appears before you apply can move you to a higher-cost plan type.
Work with a licensed independent agent. An independent agent is not tied to a single carrier, so they can compare multiple plans and find you the best combination of coverage and price for your age and health situation.
What Happens When You Apply
Applying for burial insurance is straightforward. You will answer a few questions about your age, the coverage amount you want, and your contact information. A licensed agent will then reach out to walk you through the specific plans you qualify for.
For simplified issue plans, the agent will go through the health questionnaire with you. Based on your answers, they can tell you immediately which plan type and premium applies. Many applicants receive same-day approval.
There is no pressure to purchase. You can take time to review the options, ask questions, and decide at your own pace. A good agent will give you the information you need and let you make the decision.
Monthly Cost Ranges — $10,000 Policy
Typical monthly premiums by age and gender. Actual rates depend on health history, coverage amount, and carrier.
| Age | Female / Month | Male / Month | Plan Type |
|---|---|---|---|
| Age 50 | $18 – $28 | $22 – $35 | Level Benefit |
| Age 55 | $22 – $34 | $27 – $42 | Level Benefit |
| Age 60 | $28 – $44 | $35 – $55 | Level Benefit |
| Age 65 | $35 – $56 | $46 – $70 | Level / Graded |
| Age 70 | $44 – $70 | $55 – $90 | Level / Graded |
| Age 75 | $65 – $105 | $85 – $135 | Graded / Guaranteed |
| Age 80 | $90 – $140 | $120 – $185 | Graded / Guaranteed |
Estimates only. See the full cost guide →
Want to Know Your Actual Rate?
A licensed agent will review your specific age and health situation and walk you through exactly what you qualify for — at no cost.
Check If I QualifyA licensed insurance agent may contact you. No obligation to purchase.
Frequently Asked Questions
Can I get burial insurance without a medical exam?
What is the age limit for burial insurance?
What is the difference between burial insurance and final expense insurance?
Does my premium increase over time?
Who will contact me after I submit my information?
Can I have more than one burial insurance policy?
Does the beneficiary have to use the money for funeral costs?
What happens if I stop paying premiums?
Find Options in Your State
Related Resources
Ready to Check Your Options?
See what burial insurance plans are available for your age and situation — no commitment, no pressure.
Check If I QualifyA licensed insurance agent may contact you. BestSeniorInsurance.com is a comparison and lead generation site, not an insurance carrier.