Best Life and Burial Insurance for Seniors over 60, 70 and 80

For healthy seniors in their 60’s and 70’s, term life is best for higher coverage and price. Burial insurance is best for seniors in average health that want enough coverage for their funeral. For seniors in less than average health, we recommend guaranteed issue life insurance.

Life and burial insurance insurance for seniors

When shopping for life insurance as a senior, it’s easy to get overwhelmed. There are a vast amount of companies that overpromise and underdeliver. Often leading to confusion and potentially devastating results.

As an independent broker, True Blue Life Insurance works with dozens of top-rated insurance providers. What this means is that we’re not tied to a specific company. This allows us to find the right company, and the right product, for your personal situation. If you prefer a concierge experience when it comes to shopping for life insurance, we can help you with that.

That being said, let’s dive right in.

Summary:

Best Life Insurance for Seniors Over 60

*Rates are calculated for non-smoking, healthy 65 year-old male.
Term Life InsuranceBurial Insurance
Health requirement:
Good
Health requirement:
Average or better
Cost for $100,000*:
$115.32 per month
Cost for $20,000*:
$115.01 per month
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Term Life Insurance for Seniors Over 60

Foresters is an ideal term life insurance provider for younger seniors. They are more lenient when it comes to underwriting than other insurance providers. In other words, you don’t have to be fearful of applying with Foresters, even if you have some health conditions.

Pros of Term Life Insurance for Seniors Over 60

  • Less expensive than whole life insurance
  • It offers higher coverage amounts, seniors in their 60’s can still get over $1,000,000 in coverage
  • Term life insurance policies without a medical exam are still an option. But, they will be more expensive than policies with a medical exam

Cons of Term Life Insurance for Seniors Over 60

  • Less expensive than whole life insurance
  • It offers higher coverage amounts, seniors in their 60’s can still get over $1,000,000 in coverage
  • Term life insurance policies without a medical exam are still an option. But, they will be more expensive than policies with a medical exam

Burial Insurance for Seniors Over 60

Royal Neighbors is our recommended insurance provider for burial insurance. You usually don’t need a medical exam for funeral insurance. When comparing the cost per coverage, a final expense life insurance policy will cost more than term policy. But, the underwriting is much more forgiving.

Also, there is no lapsing term to keep in mind. Burial insurance is whole life insurance. It will stay in force for the rest of your life, as long as you pay the premium.

Pros of Burial Insurance for Seniors Over 60

  • No lapsing term to worry about, a burial insurance policy will last your entire life
  • The medical exam is often waived if your medical records don’t show anything alarming

Cons of Burial Insurance for Seniors Over 60

  • It’s more expensive than term life insurance when comparing coverage dollar for dollar
  • The max coverage caps at $25,000 – $40,000 depending on the insurance provider

Best Life Insurance for Seniors Over 70

*Rates are calculated for non-smoking, healthy 75 year-old male.
Term Life InsuranceBurial Insurance
Health requirement:
Good
Health requirement:
Average or better
Cost for $100,000*:
$161.10 per month
Cost for $20,000*:
$213.32 per month
Get a Free QuoteGet a Free Quote

Term Life Insurance for Seniors Over 70

Even at age 70, term life insurance is still an option, though limited to 10 and 20-year terms.

Our recommended company for term life insurance over age 70 is still Foresters. They are slightly more expensive than Banner, which is also a great company, but Foresters will be easier qualifying for. This is something to consider if your health isn’t better than average.

Pros of Term Life Insurance for Seniors Over 70

  • Less expensive than whole life insurance
  • Higher coverage amounts available

Cons of Term Life Insurance for Seniors Over 70

  • A medical exam is required. If you have health conditions, you may not qualify depending on the type and severity
  • The policy will have a predefined term, capping at 20 years for most insurance providers

Burial Insurance for Seniors Over 70

While seniors in their 70’s aren’t necessarily in poor health, health conditions are common. Depending on how many health conditions you have, and the severity, burial insurance may make more sense than term life insurance.

We recommend Royal Neighbors for burial insurance if you are over 70. Their underwriting is forgiving and they offer the best price.

Pros of Burial Insurance for Seniors Over 70

  • For seniors with many or severe health conditions, burial insurance will be much easier to qualify for than term
  • Simple and straightforward burial expense coverage

Cons of Burial Insurance for Seniors Over 70

  • A medical exam may be required, although it will be much more forgiving than term
  • While some companies offer up to $40,000 in coverage, most companies cap around $20,000

Best Life Insurance for Seniors Over 80

With term life insurance no longer being an option, the available choices are burial insurance and guaranteed issue. Both are whole life insurance products. They are also similar as far as coverage goes.

So what separates these products? Underwriting and cost.

Burial insurance has a medical qualification, either by pulling your public records or a medical exam. By doing so, the insurance provider will have a clear view of your health, and risk.

A guaranteed issue policy has no qualification. You will be asked a few simple questions, and based on your answer, your rate will be determined. But approval is always guaranteed. Since this carries more risk to the insurance provider, guaranteed issue is much more expensive.

*Rates are calculated for non-smoking, healthy 85 year-old male.
Burial InsuranceGuaranteed Issue
Health requirement:
Average or better
Health requirement:
Any health
Cost for $10,000*:
$199.16 per month
Cost for $10,000*:
$315.82 per month
Get a Free QuoteGet a Free Quote

Burial Insurance for Seniors Over 80

Since term life insurance is no longer an option, burial insurance is now the most affordable type of life insurance for seniors over 80. If you are in good to average health, you should opt for burial insurance.

Our recommended company for burial insurance over age 80 is Aetna. With Aetna, you can get up to $15,000 in coverage without a medical exam.

Pros of Burial Insurance for Seniors Over 80

  • Most affordable life insurance option at this age
  • Get up to $15,000 in coverage, without a medical exam

Cons of Burial Insurance for Seniors Over 80

  • If you have or had serious health conditions, you may not qualify

Guaranteed Issue for Seniors Over 80

For seniors that are in less than average health, the only life insurance option available would be guaranteed issue. Keep in mind that guaranteed issue products typically have a graded death benefit period of 2 years. If you were to pass during this time, your beneficiaries would not receive your death benefit (the coverage amount). Instead, they would receive any paid premiums + 10%.

But, with guaranteed issue life insurance, you don’t have to worry about getting denied. Your approval is guaranteed, no matter what health conditions you have.

Our recommended company for guaranteed issue life insurance for seniors age 80-85 is AIG. You will be eligible for $5,000 – $25,000 in coverage, with no lapsing term.

Pros of Guaranteed Issue for Seniors Over 80

  • Approval is guaranteed
  • Get up to $25,000 in coverage

Cons of Guaranteed Issue for Seniors Over 80

  • There will be a graded period of 2 years. During this time, your beneficiaries will not receive your death benefit if you were to pass
  • Guaranteed issue is the most expensive life insurance option available

Summary: What is the best life insurance for seniors?

This mainly depends on your age and health, so we broke it up into the following:

Seniors in good health, age 60 – 70: term life insurance is a great choice. It can provide more coverage than burial insurance, at a lower cost. The downside? The policy comes with an end date. Depending on your age, you could qualify for a 10, 20, or even 30-year term though, so you could be insured well into your 90’s.

Seniors in average to good health, age 60 – 80: Burial insurance is another popular choice. It provides enough coverage for funeral costs, and the application process usually doesn’t need a medical exam. There is also no end date to worry about since burial insurance is a whole life insurance product. As long as you pay the premiums, you will remain insured.

Seniors in less than average health: Finally, there is guaranteed issue life insurance. This product is most popular for individuals in less than average health. If you are diagnosed with a severe health condition, you could be ineligible for anything but a guaranteed issue policy. Guaranteed issue is extremely convenient. There is no medical qualification, and you can not be denied. Since this carries more risk to the insurer but, it comes at a much higher cost. These policies also usually come with a 2-year graded period. If you die during this time, your beneficiaries will not receive your death benefit (coverage amount). Instead, they will receive any paid premiums + 10%.

1 reply
  1. Kevin Dang
    Kevin Dang says:

    Awesome article Brian! I been type of consuming about retirement lately, when and if I make it. Presently 36 years old. Make 70-100k per year as a long haul truck motorist. It’s rewarding to be able to make individuals’s lives much better so they do not have to take a trip far to get things they desire. I would quite value any suggestions or input anybody wants to use. I will attempt to keep this brief to not take excessive of you time.

    Reply

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About Brian Greenberg

Brian is the CEO and Founder of True Blue Life Insurance. Brian is licensed to sell life, health, annuities, and property and casualty insurance in all 50 U.S. states. He is the author of The Salesman Who Doesn't Sell and is a member of the Million Dollar Round Table, an organization that consists of the top 1% of financial advisors worldwide.

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