Best Life Insurance For Seniors Over 65-69: Final Expense & Burial Insurance

Best Life Insurance for Seniors 65-69
Kim Wilhelm CEO of Final Expense Direct Life Insurance
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Written by Kim Wilhelm

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Last Updated 24 May 2022

Finding the best life insurance as a senior can be difficult, but not impossible. Whether you’re 65, 66, 67, 68, or 69 years old, you can find the right life insurance for you—regardless of your health.

If you’re looking for life insurance for 65 and older, you’ve come to the right place.

At Final Expense Direct, we work with God fearing Americans just like yourself, helping to find the best life insurance for seniors over 65. We work with other age groups too, all the way down to newborns.

Keep reading to get the best life insurance for seniors over 65.

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Do Seniors Really Need Life Insurance?

If you’re a senior and don’t already have life insurance, you may wonder, do you need life insurance after 65? 

Most seniors buy life insurance to pay for funeral and end-of-life expenses. For these needs, we always recommend final expense insurance. While term life insurance cost at age 65 is cheaper than final expense insurance, you could live longer than your term policy.

Then, you’re out the money you spent on premiums with nothing to show for it.

Final expense insurance, also known as burial insurance or funeral insurance, is whole life insurance for 65 and older. Some companies offer it to younger age groups, but final expense is often called.

This type of life insurance doesn’t require a medical exam. You might have to answer a few health questions, depending on the company. 

But final expense life insurance for 65 year old and greater offers level premiums and coverage that won’t go down. You get to keep the policy for life, so your beneficiary can pay for important things, like your funeral.

Can I Buy Life Insurance for My Senior Parents?

Adult children can also buy life insurance for parents over 65. The child or the parent can be the owner, and either can pay for the plan. If the adult child or children are the beneficiary, they’ll receive the death benefit when the parent passes away.

Sure, you can buy term life insurance for 65 year old male or female, but your options are limited. Don’t forget, they can outlive the policy, which would mean premium money down the drain.

Instead, get your 65, 66, 67, 68, or 69 year old parent a final expense burial insurance plan. The 65 life insurance policy is cheapest, as rates increase with age. So, the sooner you get permanent funeral insurance in place, the cheaper it is.

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Cost of Senior Life Insurance 65, 66, 67, 68, and 69 Year Olds

The cost of life insurance for 65 years and older is based on the coverage amount and company you choose if you buy final expense burial insurance

Each company has its own guidelines when it comes to health. Depending on your health issues, certain companies may be a better fit for life insurance for people over 65. Check out each of the companies Final Expense Direct partners with to help you choose the best one:

Then, take a look at the charts below to get life insurance rates at 65, 66, 67, 68, and 69 years old. The sample rates are the average costs non smoking seniors in good health could pay for a $10,000 final expense funeral insurance policy.

Cost of Life Insurance 65 Years Old

Company

Male

Female

Mutual of Omaha

$56

$41

Liberty Bankers

$56

$43

Prosperity

$58

$44

Baltimore Life

$65

$52

American Home Life

$69

$54

Pioneer American

$75

$56

AIG*

$84

$62

Great Western*

$92

$80

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance 66 Years Old

Company

Male

Female

Mutual of Omaha

$59

$43

Liberty Bankers

$59

$45

Prosperity

$63

$47

Baltimore Life

$68

$54

American Home Life

$72

$57

Pioneer American

$80

$59

AIG*

$86

$65

Great Western*

$96

$84

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance 67 Years Old

Company

Male

Female

Mutual of Omaha

$62

$45

Liberty Bankers

$62

$47

Prosperity

$67

$50

Baltimore Life

$71

$57

American Home Life

$75

$60

Pioneer American

$85

$62

AIG*

$88

$67

Great Western*

$101

$89

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance 68 Years Old

Company

Male

Female

Mutual of Omaha

$65

$47

Liberty Bankers

$65

$49

Prosperity

$71

$53

Baltimore Life

$75

$59

American Home Life

$78

$62

Pioneer American

$90

$65

AIG*

$91

$70

Great Western*

$105

$94

*These carriers offer guaranteed issue life insurance with no health questions

Cost of Life Insurance 69 Years Old

Company

Male

Female

Mutual of Omaha

$66

$50

Liberty Bankers

$68

$51

Prosperity

$75

$56

Baltimore Life

$79

$62

American Home Life

$82

$64

Pioneer American

$95

$69

AIG*

$94

$72

Great Western*

$110

$98

*These carriers offer guaranteed issue life insurance with no health questions

How Much Life Insurance Can a 65 Year Old Get?

How much life insurance a 65 year old can get depends on the type of life insurance and company offering coverage. For instance, a 65 year old can get term life insurance, but usually can’t get more than 10 or 15 years of coverage. But a 65 year old can get permanent final expense life insurance that locks in the price and coverage for the rest of their life. Most carriers cap this coverage at $25,000, but Mutual of Omaha, Prosperity, and Great Western offer coverage up to $40,000. With The Baltimore Life Companies, a 65 year old can get up to $150,000 in coverage.

Is it Too Late to Get Life Insurance at 65?

No, it is not too late to get life insurance at 65. In fact, 65, 66, 67, 68, and 69 year olds can get great rates on final expense life insurance, which pays for funeral and other end-of-life expenses. This coverage offers level coverage and premiums, so you always know how much to budget to pay for life insurance

How Much is Life Insurance for a 69 Year Old?

How much a 69 year old pays for life insurance depends on their health, ZIP code, and coverage amount. Most 69 year olds won’t qualify for term life insurance. Final expense life insurance for over 65 year olds is the best choice. Check out the table above to find out what a 69 year old could pay for burial insurance.

Which Insurance is Best for the Elderly?

The best life insurance for the elderly is final expense insurance. This whole life funeral insurance offers permanent coverage with locked-in rates. Getting life insurance over 65 can be challenging if you have health issues, but final expense burial insurance only asks a few health questions. There is no medical exam and they can approve most elderly the same day.

Which Life Insurance is Best for Seniors Whole or Term?

The best life insurance for seniors is whole life insurance. Term life insurance is best for those under 50. Seniors have permanent life insurance needs—like paying for a funeral—that require permanent coverage. Whole life insurance, specifically final expense insurance, is the best option for over 65 life insurance needs.
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Can a 65 Year Old Get Term Life Insurance?

Some companies offer term life insurance for a 65 year old, but they usually cap coverage at 15 years for this age group. Even though the cost of term life insurance at age 65, 66, 67, 68, or 69 would be cheaper than whole life, there’s a chance you’ll outlive it. If you outlive your term life insurance policy, then you’re back to having no coverage. Final expense life insurance is a better option because coverage lasts your lifetime without a term limit.

Are There Life Insurance Policies Designed Specifically for Seniors?

Yes, there are life insurance policies designed specifically for seniors. Final expense insurance, also called burial insurance or funeral insurance, is whole life insurance for seniors. Check out the rates above to find out what rates a 65, 66, 67,68, and 69 year old can get for senior life insurance.
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