Whole life insurance is a type of permanent life insurance — meaning it stays in force for the rest of your life, as long as you continue paying the premium. Unlike term life insurance, which expires after a set number of years, whole life coverage cannot be cancelled by the carrier due to age or changes in health.
For seniors aged 50–85, the most common and accessible form of whole life insurance is burial or final expense insurance — small policies typically ranging from $5,000 to $25,000, designed specifically to cover funeral and end-of-life costs.
Plan Types Available
Level Benefit
Full death benefit coverage from day one. Best for applicants in reasonably good health. Requires a short health questionnaire — no medical exam.
Graded Benefit
For applicants with some health concerns who may not qualify for a level plan. Full death benefit becomes payable after a 2-year waiting period.
Guaranteed Issue
No health questions whatsoever. Available to almost anyone ages 50–80. Best option for those with serious health conditions who may not qualify elsewhere.
Whole Life vs. Term Life for Seniors
Term life insurance provides coverage for a specific period — typically 10, 20, or 30 years. If you outlive the term, the policy expires and no benefit is paid. Most seniors purchasing term life at age 60 or 70 face very high premiums, and many carriers do not offer term policies beyond age 70–75.
Whole life insurance has no expiration date. The premium is locked in, the death benefit is guaranteed, and the policy builds a small cash value over time. For seniors focused on covering funeral and end-of-life costs, whole life (burial insurance) is almost always the more practical choice.
Monthly Cost Ranges — $10,000 Policy
The table below shows typical monthly premium ranges by age and gender. Actual rates depend on your 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 for a $10,000 policy. See the full cost breakdown →
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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?
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