Final Expense Burial Insurance for Seniors

What Is Final Expense Burial Insurance?

Final expense insurance, burial insurance and funeral insurance are terms commonly
used for smaller life insurance policies intended to help families pay expenses
after a loved one dies.

Many final expense policies are forms of whole life insurance. That means the policy
may provide permanent coverage as long as required premiums are paid and the policy
remains in force according to its terms.

The death benefit can generally be used by your beneficiary for expenses such as:

• Funeral home expenses
• Burial or cemetery costs
• Cremation
• Casket, urn or memorial expenses
• Final medical bills
• Outstanding household bills
• Credit cards or other debts
• Travel or family expenses related to final arrangements

Your beneficiary normally receives the life insurance death benefit rather than the
insurance company deciding exactly how the money must be spent.

Who Is Final Expense Insurance Designed For?

Final expense insurance is commonly considered by seniors who want a smaller amount
of permanent life insurance without purchasing a large traditional life insurance policy.

Can Seniors Get Burial Insurance Without a Medical Exam?

Yes. Many final expense insurance policies use simplified underwriting instead of
requiring a traditional medical exam.

You may answer several health questions and the insurance company may review
prescription or other available underwriting information. Depending on your answers,
some applicants can qualify for coverage without blood tests, urine tests or a physical exam.

Immediate Coverage vs. Policies With a Waiting Period

This is one of the most important things seniors should understand before buying
burial insurance.

Level or Immediate Death Benefit

Applicants who meet an insurance company’s underwriting requirements may qualify
for a policy providing the full natural-death benefit immediately, subject to the
policy’s terms and exclusions.

Graded or Modified Benefit

Some policies provide limited benefits for death from natural causes during an
initial period. These policies may be available to people who cannot qualify for
immediate full coverage.

Guaranteed-Issue Life Insurance

Guaranteed-issue policies may not require health questions, but they commonly have
a graded death benefit or waiting period for death from natural causes during the
early policy years. Terms vary by carrier and state.

Before purchasing a policy, ask specifically:
“Is the full death benefit available from day one for natural death?”

How Much Does Final Expense Burial Insurance Cost for Seniors?

There is no single price for burial insurance. Premiums depend on several factors,
including:

• Your age when you apply
• Gender where permitted for rating
• Health history
• Prescription medications
• Tobacco or nicotine use
• Amount of coverage
• State of residence
• Type of policy and underwriting class

Two people of the same age can receive different offers because insurance companies
do not necessarily evaluate health conditions in exactly the same way.

That is one reason comparing multiple available insurers can be more useful than
simply choosing the first company you see advertised on television or in the mail.

How Much Burial Insurance Does a Senior Need?

Start with the expenses you do not want your children, spouse or other family members
to pay themselves.

For example, consider funeral or cremation costs, cemetery expenses, outstanding
bills and any extra amount you would like your beneficiary to have available.

Final expense coverage is generally intended for smaller end-of-life expenses.
Seniors who need substantial income replacement, mortgage protection or a large
inheritance may need to compare other types of life insurance as well.

Burial Insurance for Seniors With Health Conditions

Having a health condition does not automatically mean you cannot obtain final expense
insurance.

Depending on the insurance company and the details of your condition, options may
exist for seniors with conditions such as diabetes, heart disease, COPD, previous
cancer, blood-pressure conditions or other medical histories.

The important issue is not merely whether you have a condition. Insurers may consider
when you were diagnosed, treatment history, medications, recent hospitalizations and
how well the condition is controlled.

Final Expense Insurance for Seniors Over 60

Seniors in their 60s often have a broad range of final expense options available.
Buying earlier may allow you to secure coverage while younger and potentially qualify
for more favorable underwriting.

Final Expense Insurance for Seniors Over 70

Burial insurance remains available to many people in their 70s. At this age,
comparing companies becomes increasingly important because premiums and underwriting
treatment can vary considerably.

Final Expense Insurance for Seniors Over 80

Seniors over age 80 may still have burial insurance options, although the number of
available carriers and coverage amounts may become more limited. Maximum issue ages
differ among insurance companies.

If you are 80 or older, don’t assume that guaranteed-issue insurance is automatically
your only option. Your health history should be reviewed first to determine whether
other coverage may be available.

Can I Buy Burial Insurance for My Parents?

In many situations, an adult child can help a parent obtain life insurance, but the
insured parent’s knowledge, consent and participation are generally required.
Life insurance ownership and insurable-interest rules also apply.

If you are trying to help an elderly mother or father obtain final expense coverage,
Mintco Financial can explain the application process and what information will be needed.

Learn more:

Can I Buy Burial Insurance for My Parents?

Final Expense Insurance vs. Prepaid Funeral Plans

These are not the same thing.

A final expense life insurance policy generally pays a death benefit to the named
beneficiary according to the policy terms. A prepaid funeral arrangement is generally
an agreement involving specific funeral goods or services.

Some families prefer the flexibility of life insurance because the beneficiary can
generally decide how the proceeds should be used. Others may prefer to arrange certain
funeral services in advance. Review the terms carefully before deciding.

How to Choose the Best Final Expense Insurance for You

The “best” burial insurance policy is not necessarily the company with the most
television commercials or the lowest advertised starting price.

A good policy should fit your specific combination of age, health, desired death
benefit and monthly budget.

When comparing coverage, look at:

• Monthly premium
• Death benefit
• Whether premiums are level
• Whether the death benefit is level
• Whether there is a waiting period
• Maximum issue age
• Insurance company financial strength
• Policy exclusions and limitations
• How your health history affects eligibility

Why Compare Final Expense Insurance Through Mintco Financial?

Mintco Financial helps seniors and families compare available life insurance options
rather than relying on a single advertised policy.

We believe seniors should understand what they are buying, how much it costs,
whether there is a waiting period and what the policy actually provides.

Frequently Asked Questions About Final Expense Burial Insurance for Seniors

Is final expense insurance the same as burial insurance?

The terms are commonly used interchangeably. They generally describe smaller life
insurance policies purchased to help with funeral, burial, cremation and other final expenses.

Do seniors need a medical exam for burial insurance?

Many final expense policies do not require a traditional medical exam, although
simplified-issue policies may ask health questions and review underwriting information.

Can an 80-year-old get final expense insurance?

Yes, options may be available for applicants in their 80s. Maximum issue ages,
coverage amounts and underwriting requirements vary by insurer.

Can I get burial insurance if I have health problems?

Possibly. Different insurers evaluate health conditions differently. Simplified-issue,
graded-benefit and guaranteed-issue options may be available depending on the applicant.

Does final expense insurance have a waiting period?

Some policies do and some do not. Applicants who qualify for level-benefit coverage
may have full natural-death coverage immediately, while graded or guaranteed-issue
policies may limit benefits during an initial period.

How much final expense insurance should I buy?

Consider the funeral or cremation costs, cemetery expenses, outstanding bills and
other expenses you do not want your family to pay themselves.

Who receives the final expense insurance money?

The death benefit is generally paid to the beneficiary named in the policy, subject
to the policy’s terms.

Are life insurance death benefits taxable?

Life insurance death benefits paid to beneficiaries are generally received free from
federal income tax, although exceptions can apply. Consult a qualified tax professional
regarding your individual circumstances.

What is the best burial insurance company for seniors?

There is no single best company for every senior. The best option depends on age,
health, tobacco use, state, coverage amount and underwriting. Comparing multiple
available insurers can help identify an appropriate option.

Get Help Comparing Final Expense Burial Insurance

Want to know what coverage may be available for your age and health?
Contact Mintco Financial and compare your options before you apply.

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CALL 813-964-7100

We personally answer our calls.

Insurance availability, benefits, premiums, underwriting requirements and waiting
periods vary by company, state and applicant. This information is educational and
is not a guarantee of eligibility or coverage.