If you are over 70 and have been putting off burial insurance because you think it is too late or too expensive, this article is for you. The reality is that final expense insurance is built specifically for seniors, and most people in their 70s and even 80s can still lock in affordable, permanent coverage. Here is what you need to know.
Is There an Age Limit for Final Expense Insurance?
Most final expense policies issue up to age 80, and some carriers go as high as 85 or even 90 for guaranteed issue plans. This means that even if you are in your mid-70s, you can almost certainly still get coverage.
The coverage is permanent whole life insurance. Once issued, it never expires, your premium never increases, and your benefit never decreases, for the rest of your life.
This is very different from term life insurance, which becomes nearly impossible to get and prohibitively expensive after age 70. Final expense is the product designed for this stage of life.
What Does Burial Insurance Cost After 70?
Rates are set per $1,000 of coverage, and they do increase with age. A 72-year-old non-tobacco female might pay around $45 to $60 per month for $10,000 in coverage, while a 72-year-old non-tobacco male might pay around $55 to $75 per month for the same amount.
For $15,000 in coverage, those same people might pay roughly $68 to $90 and $82 to $112 per month respectively. These are illustrative ranges, your exact rate depends on your age, gender, tobacco status, and the plan you qualify for.
While the cost is higher than for someone in their 50s, it is still far less than the $8,000 to $10,000 a funeral actually costs. A few years of modest premiums can fully fund a funeral that would otherwise fall on your children.
Qualifying After 70 with Health Issues
Health concerns become more common after 70, but final expense insurance is built to handle them. Many people in their 70s with high blood pressure, diabetes, heart history, or arthritis still qualify for a standard plan with full coverage from day one.
If your health history is more complex, a modified benefit plan may be available. And if no health questions can be answered favorably, guaranteed issue whole life accepts everyone regardless of health, with a graded benefit period.
The important thing is not to assume you are uninsurable. We regularly place coverage for seniors in their 70s and 80s with significant health histories. The only way to know for sure is to answer a few questions.
Why Waiting Costs You More
Every year you wait, the rate per $1,000 goes up. A policy you could lock in today at 72 will cost noticeably more at 75, and may be harder to qualify for if your health changes.
More importantly, the risk is not just higher cost, it is the risk of becoming uninsurable. A health event between now and next year could move you from a standard plan to a guaranteed issue plan, which costs more and pays out more slowly.
Locking in coverage now, while you still qualify for the best available plan, is the single most important thing you can do to protect your family from a future funeral bill.
Over 70 and wondering what you qualify for? Get your free quote in under two minutes, no medical exam required.