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Planning a funeral for a loved one is an emotionally charged experience, often compounded by the burden of financial considerations. Understanding the average cost of funerals in the United States can help ease some of that burden and guide informed decision-making during this sensitive time. The Bottom Line: According to the National Funeral Directors Association (NFDA), the median cost of a funeral in the United States in 2024 was approximately $9,150. This figure includes the basic services of funeral homes, embalming, and a casket, but excludes additional costs like cemetery plots, monuments, and death certificates. A Breakdown of Costs: Funeral Home Services: This encompasses basic services like coordinating arrangements, directing the funeral, and providing staff and facilities. It typically ranges from $2,000 to $4,000. Embalming: Embalming preserves the body and is required by law in some cases. It adds $700 to $1,500 to the cost. Casket: Caskets can vary widely in price depending on the material, style, and features. The median cost falls between $2,500 and $6,000. Cemetery Plot and Vault: The cost of a cemetery plot can vary significantly depending on location and availability. It typically ranges from $2,000 to $10,000, and a concrete vault adds another $1,500 to $3,000. Factors Affecting Cost: Several factors can influence the overall cost of a funeral, including: Location: Funeral costs tend to be higher in urban areas compared to rural ones. Type of service: Traditional burials with embalming and viewing are more expensive than cremation, which typically costs $6,280 on average. Casket choice: As mentioned earlier, casket material and features significantly impact the price. Cemetery fees: Plot location, size, and opening/closing fees can vary greatly. Additional services: Flowers, catering, transportation, and personalized touches add to the overall cost. Cost-Saving Tips: Shop around: Compare prices from different funeral homes and cemeteries. Consider cremation: Cremation is generally less expensive than traditional burial. Choose a simpler casket: Opt for a more affordable material or forego features you don't need. Pre-plan your funeral: Discussing and planning your wishes in advance can help your family save money and make informed decisions. Remember: The average cost of a funeral is just a starting point. By understanding the breakdown of costs and considering your individual needs and preferences, you can make informed choices that align with your budget and values. Additional Resources: National Funeral Directors Association: https://www.nfda.org/: https://www.nfda.org/ Funeral Consumers Alliance: https://www.funerals.org/: https://www.funerals.org/ The Cremation Association of North America: https://www.cremationassociation.org/: https://www.cremationassociation.org/
For each year that passes, funeral expenses get more expensive. In fact, you can pay upwards of $10,000 for a funeral today. Missouri prices can be slightly less, depending on the style of service you choose, the means of transportation you use, where you decide to hold the funeral, and which memorial expenses you include. But even funerals in Missouri can reach that amount, and these high prices can cause your loved ones to struggle if they’re left to pay your funeral costs. That’s why so many people are planning their funerals in advance. They don’t want their loved ones to experience financial stress because of the cost of their final arrangements. They’re looking for ways to pay for their funeral to help alleviate the burden. And some options allow you to leave enough money to pay for your funeral as well as other final expenses such as a car payment balance, utility bills, and medical expenses. One option is final expense insurance. Depending on the payout amount you choose, the policy could pay for some or all of these things. You’ll experience a few differences when buying final expense insurance in Missouri compared to other states. We’ll guide you through the process and show you how Funeral Advantage can help make it easier for your loved ones after you’re gone. The Funeral Rule Federal law dictates basic laws surrounding burial services. Known as the Funeral Rule, these rules apply to every state and are enforced by the Federal Trade Commission (FTC). Pricing – Funeral homes must quote prices for products and services over the phone if requested. In person, they must provide a general price list, a casket price list, and a burial container price list (when applicable). Contracts – An itemized statement of charges and estimates must be provided before a contract is signed. Pre-Need Funeral Plans – FTC laws do not apply to the language of pre-need contracts. They do not govern payment options, costs, modifications, transfers, cancellations, or administrative fees. Funeral & Burial Expectations in Missouri Each state has different laws and requirements that govern what happens when someone dies and Missouri is no exception. The state has specific statutes that you will have to follow when someone dies. Death Certificates Missouri has a two-step process for certifying a death, requiring first a medical certification and then a death certificate. The state allows coroners, medical examiners, physicians, physician assistants, assistant physicians, and advanced practice registered nurses to issue medical certifications. The certifier must complete the document within 72 hours of the death. To complete the certification, they use an electronic program called the Missouri Vital Records Electronic system (MoEVR) to file the certificates. The system also allows any of the above-named people to assign the task of entering the medical certification into the electronic system to someone else, such as a funeral director or someone else who has been approved as a data entry person. Once the death is medically certified, the funeral director completes the death certificate. They do this with help from the deceased’s family and the physician. In cases where a funeral director is not involved, the doctor (or other medical professional who recorded the medical certification) typically completes the death certificate. This step can only happen after the original certifier electronically signs the certification. If you work with a funeral director, they can request copies of the death certificate for you, or your family can request one. Embalming & Refrigeration Missouri has some regulations when it comes to embalming and refrigeration. Once a person is deceased for 24 hours, the state requires that the body is refrigerated or embalmed. This is not Missouri law, but rather a regulation that all Missouri licensed funeral homes must abide by. If you plan for a home funeral, this regulation does not apply. However, there are some circumstances in which Missouri requires a deceased person to be embalmed. They are: If someone dies of an infectious disease and won’t be buried or cremated within 24 hours. If a person dies of a contagious disease and is shipped by common carrier. This regulation isn’t true if the shipper wraps the body in a sheet saturated with disinfectant and places it in a sealed casket. If the deceased person is shipped by common carrier but won’t reach the destination for 24 hours or more. This regulation becomes null if that person travels in a sealed casket. Burial Requirements In Missouri, a person does not have to be placed in a casket when buried. But it’s important that you check with the cemetery because they all have different rules. Like most other states, Missouri specifies who can make the burial arrangements for a deceased person. The state allows these individuals to make the decisions, in this order: Your appointed attorney to whom you have granted a durable power of attorney Your surviving spouse Any of your surviving children Any surviving parent Surviving siblings The next of kin A person who is willing to assume financial responsibility The county coroner or medical examiner If a disagreement arises, the funeral director is allowed to use the instructions of any in the deciding party. For instance, if siblings can’t come to a decision, the funeral director can choose which sibling’s instructions to carry out. Cremation Services Missouri allows cremation as long as the funeral director receives two signed documents. The first is a cremation authorization signed by the spouse, a majority of the deceased’s children, a parent, or a legal guardian. The second document is the death certificate, signed by the doctor and filed with the County Health Department. Alternatively, cremation can occur if the medical examiner or coroner releases the deceased for cremation. In addition to traditional cremation, Missouri allows alkaline hydrolysis. This chemical process dissolves the body into liquid and bone and is greener than traditional cremation because no matter enters the air. It is also called flameless cremation. Average Funeral Costs in Missouri Final expenses in Missouri vary widely, from an average as low as $1,000 up to $12,445. The exact cost of a funeral will depend on what services and products you choose.
No one likes to think about their own mortality, but planning for the inevitable is an important part of life. Final expense life insurance can help ease the financial burden on your loved ones when you pass away by providing them with funds to cover your final expenses, such as funeral costs, medical bills, and outstanding debts. What is Final Expense Life Insurance? Final expense life insurance is a whole life insurance policy designed to cover your end-of-life expenses. Unlike traditional life insurance policies, which can have high premiums and large death benefits, final expense policies typically have lower premiums and death benefits in the range of $5,000 to $30,000. This makes them an affordable option for people who want to ensure their loved ones are not left with a financial burden after they pass away. Who Needs Final Expense Life Insurance? Final expense life insurance is a good option for anyone who wants to: Protect their loved ones from financial hardship: Funeral costs, medical bills, and other end-of-life expenses can add up quickly. Final expense life insurance can help your loved ones cover these costs without having to dip into their own savings or take on debt. Leave a legacy: If you have any outstanding debts or want to leave a gift to your loved ones, final expense life insurance can help you do that. Gain peace of mind: Knowing that your final expenses are covered can give you and your loved ones peace of mind. How Much Coverage Do I Need? The amount of final expense life insurance coverage you need will depend on your individual circumstances. Some factors to consider include: The cost of your funeral: Funeral costs can vary depending on your location and preferences. Any outstanding debts you have: If you have any outstanding debts, such as credit card debt or a mortgage, you may want to consider getting enough coverage to pay them off. Whether you want to leave a legacy: If you want to leave a gift to your loved ones, you will need to factor that into your coverage amount. How to Choose a Final Expense Life Insurance Policy When choosing a final expense life insurance policy, it is important to shop around and compare rates and features from different companies. Here are some things to consider: The death benefit: This is the amount of money that will be paid to your beneficiaries upon your death. The premium: This is the amount you will pay each month for your coverage. The underwriting requirements : Some companies may have stricter underwriting requirements than others. This means they may require you to take a medical exam or answer questions about your health history. The benefits and exclusions: Some policies may offer additional benefits, such as accidental death coverage or waiver of premium riders. Be sure to read the policy carefully to understand what is and is not covered. Final Thoughts Final expense life insurance can be a valuable tool for helping your loved ones cope with the financial burden of your death. By taking the time to understand your needs and shop around for the right policy, you can ensure that your loved ones are taken care of when you are gone. Tips for Planning Your Funeral In addition to considering final expense life insurance, here are a few tips for planning your funeral: Talk to your loved ones about your wishes: Let your loved ones know what your preferences are for your funeral, such as whether you want a traditional burial or cremation. Pre-plan your funeral: You can pre-plan your funeral and even pay for it in advance. This can help take some of the stress off of your loved ones at a difficult time. Create a will: A will is a legal document that outlines your wishes for how your assets will be distributed after you die. By taking the time to plan ahead, you can help ensure that your loved ones are taken care of after you are gone.
Whether you’re planning a funeral for yourself or someone you love, it can be a difficult and emotional time. Here are some tips to help you navigate the process: Before the funeral: Gather information: If you’re planning a funeral for someone else, be sure to gather information about their wishes, including whether they had any pre-arrangements, budget preferences, and desired ceremony type. Set a budget: Funerals can be expensive, so it’s important to set a realistic budget upfront. Consider all the costs involved, such as the funeral home, casket or urn, cemetery plot, flowers, and death certificate. Choose a funeral home: Do some research to find a funeral home that meets your needs and budget. Ask about their services and fees, and be sure to read reviews. Decide on the type of ceremony: There are many different types of funeral ceremonies, from traditional religious services to more informal celebrations of life. Choose a format that feels right for you and the deceased. Write a eulogy or obituary: If you’re giving a eulogy, start writing it early so you have time to gather your thoughts and express yourself thoughtfully. An obituary is a brief public notice of someone’s death that can be published in a newspaper or online. During the funeral: Dress appropriately: While there is no strict dress code for funerals, it’s generally best to dress conservatively and respectfully. Avoid bright colors or revealing clothing. Be respectful of others: This is a time for grieving, so be mindful of your behavior and be respectful of others’ emotions. Offer condolences: If you see someone who is grieving, offer your condolences in a sincere and heartfelt way. You can simply say something like, “I’m so sorry for your loss” or “I’m thinking of you during this difficult time.” Follow the program: If there is a funeral program, be sure to follow it so you know what to expect. After the funeral: Stay in touch with the family : The weeks and months after a funeral can be especially difficult for the bereaved. Stay in touch with the family and offer your support. Send a sympathy card: If you didn’t attend the funeral, you can still send a sympathy card to the family. Express your condolences and let them know you’re thinking of them. Help with practical tasks: If you’re close to the family, offer to help with practical tasks such as cooking meals, running errands, or watching children. Remember, there is no right or wrong way to grieve. Allow yourself and others to grieve in whatever way feels right.
When it comes to financial protection for your family, life insurance is one of the best choices you can make. But life insurance isn’t an easy topic to discuss, even among close family, and it’s a subject we often overlook or avoid altogether. If you already have it, be sure to have a conversation with your loved ones about your coverage. If you don’t have insurance yet, take the time to get a quote and find out how much coverage you need. Our guide explains everything you need to know about how to find out if someone has life insurance. If you’re unsure if someone has or had a policy, there are ways to find out, including looking at personal belongings, doing an online search, and contacting the Insurance Commissioner’s office in your state. How to Find Out if a Life Insurance Policy Exists After Death There are many things you need to do when a spouse or loved one dies. One of your top priorities will be finding ways to pay for the funeral and other final expenses, including insurance policies. Taking these steps can help you find the important documents you need. Talk to Friends, Family Members, and Acquaintances It’s important to know how to find out if someone has life insurance when they pass away. It’s one of the first things to do when someone dies. If you are unsure whether the deceased had a life insurance policy, talk with people outside of the immediate family. Sometimes, it’s easier to talk to people you’re not as close to about subjects related to death and dying. For that reason, your loved one may have confided about their benefits in friends, spiritual leaders, doctors, or social groups they were a part of (such as book clubs or exercise groups). Search Personal Belongings If your loved one had a policy, there is likely some record of it amidst their personal belongings. Check paperwork in his or her home and business. Accessing safe deposit boxes can be more difficult, and requirements vary by state. In most cases, you’ll need to have the key to the box, as well as a copy of the death certificate. You will also need proof of relation — a marriage certificate or executor’s testament, for example — and a photo ID. If you do not have the key, there may be an extra fee to drill into the box. Once opened, bank officers can deliver life insurance documents to named beneficiaries, but other contents must remain in place until a will or estate plan is executed. Even if there is no record of the policy itself, there are other documents that may give you some clues: Business cards of insurance agents, attorneys, accountants, or financial advisors can connect you to potential contacts who may have helped secure a policy. Bank statements or cancelled checks may show payments to life insurance companies. Address books and planners may have useful contacts. Check Old Bills & Mail Life insurance companies will continue to send premium notices and updates via mail and/or email, so be sure to check your loved one’s mail and email. Credit card and other financial statements may also help you find out if a policy exists. Contact Employers and Member Organizations Contact past and present employers, as well as professional and social organizations of which your loved one was a member. Many people receive free or low-cost policies through work or as a member benefit. Even if your loved one was retired or no longer active in these groups, the policy could still be in place. Do an Online Search Several websites offer free search tools to help users find unclaimed assets, including death benefits. Simply type your loved one’s name into the search box at any of the following sites: National Association of Insurance Commissioners – Life Insurance Policy Locator MissingMoney.com National Association of Unclaimed Property Administrators – Unclaimed.org There are also companies who will search for a lost policy for your loved one, and they can be a helpful resource for how to find out if someone has life insurance. Representatives will contact hundreds of life insurance companies on your behalf to determine whether your loved one had a policy. Fees vary, and scams involving this type of service do exist, so do your research before you go this route. Call Your State Insurance Commissioner’s Office If you haven’t had any luck locating a policy, get in touch with the Insurance Commissioner in your state. The National Association of Insurance Commissioners’ website lists the contact information for each state office. When an authorized person makes an inquiry to a policy, the state office typically forwards the request to licensed agencies within the state. The agencies will perform a search and, if a contract is found, will then make contact. If the person making the request is not an authorized party, the agency will not contact him or her, but will attempt to contact the named beneficiary. Does Your Living Relative Have Life Insurance? Though the best way to figure out if your relative has coverage is to ask him or her, there are some situations where it’s not an option. For example, if your loved one lives with dementia or mental illness, he or she may not be able to tell you the status of his or her coverage. The same may be true if your relative has been injured in a sudden accident or unforeseen medical emergency. If you need to know if your living relative has life insurance, you should follow the same steps listed above. FAQs Who can request information about a life insurance policy? Even after death, companies must protect the privacy of their clients. In most cases, next of kin and policy beneficiaries can request information about a policy, but they may need to provide proof to the insurance company. What information do I need to make a claim? To make a claim, you will need several pieces of documentation: deceased’s full name, including maiden name Social Security Number (SSN) death certificate proof of your relation and/or identity To start the process, simply contact the life insurance company that issued the policy and they’ll provide you with instructions. What happens to the death benefits if no one claims the money? Insurance companies turn over unclaimed death benefits to the state’s unclaimed property office. This is usually the office of the State Treasurer. The National Association of Unclaimed Property Administrators’ website lists this contact information by state. Can you be the beneficiary of a life insurance policy and not know it? Yes, you can. There is no requirement to notify a person when you list him or her on a policy. It’s important to know how to find out if someone has life insurance if you’ll be responsible for settling their estate or paying any of their final expenses, including their funeral. The easiest way, of course, is to ask your loved ones. If that’s not an option, the steps above can help you find the critical documents you need.
The Funeral Rule, enforced by the Federal Trade Commission (FTC), makes it possible for you to choose only those goods and services you want or need and to pay only for those you select, whether you are making arrangements when a death occurs or in advance. The Rule allows you to compare prices among funeral homes, and makes it possible for you to select the funeral arrangements you want at the home you use. (The Rule does not apply to third-party sellers, such as casket and monument dealers, or to cemeteries that lack an on-site funeral home.) Your Rights Under the Funeral Rule The Funeral Rule gives you the right to: Buy only the funeral arrangements you want. You have the right to buy separate goods (such as caskets) and services (such as embalming or a memorial service). You do not have to accept a package that may include items you do not want. Get price information on the telephone. Funeral directors must give you price information on the telephone if you ask for it. You don’t have to give them your name, address, or telephone number first. Although they are not required to do so, many funeral homes mail their price lists, and some post them online. Get a written, itemized price list when you visit a funeral home. The funeral home must give you a General Price List (GPL) that is yours to keep. It lists all the items and services the home offers, and the cost of each one. See a written casket price list before you see the actual caskets. Sometimes, detailed casket price information is included on the funeral home’s GPL. More often, though, it’s provided on a separate casket price list. Get the price information before you see the caskets, so that you can ask about lower-priced products that may not be on display. See a written outer burial container price list. Outer burial containers are not required by state law anywhere in the U.S., but many cemeteries require them to prevent the grave from caving in. If the funeral home sells containers, but doesn’t list their prices on the GPL, you have the right to look at a separate container price list before you see the containers. If you don’t see the lower-priced containers listed, ask about them. Receive a written statement after you decide what you want, and before you pay . It should show exactly what you are buying and the cost of each item. The funeral home must give you a statement listing every good and service you have selected, the price of each, and the total cost immediately after you make the arrangements. Get an explanation in the written statement from the funeral home that describes any legal cemetery or crematory requirement that requires you to buy any funeral goods or services. Use an “alternative container” instead of a casket for cremation. No state or local law requires the use of a casket for cremation. A funeral home that offers cremations must tell you that alternative containers are available, and must make them available. They might be made of unfinished wood, pressed wood, fiberboard, or cardboard. Provide the funeral home with a casket or urn you buy elsewhere . The funeral provider cannot refuse to handle a casket or urn you bought online, at a local casket store, or somewhere else — or charge you a fee to do it. The funeral home cannot require you to be there when the casket or urn is delivered to them. Make funeral arrangements without embalming. No state law requires routine embalming for every death. Some states require embalming or refrigeration if the body is not buried or cremated within a certain time; some states don’t require it at all. In most cases, refrigeration is an acceptable alternative. In addition, you may choose services like direct cremation and immediate burial, which don’t require any form of preservation. Many funeral homes have a policy requiring embalming if the body is to be publicly viewed, but this is not required by law in most states. Ask if the funeral home offers private family viewing without embalming. If some form of preservation is a practical necessity, ask the funeral home if refrigeration is available.
Often, when we lose a loved one, an important part of the healing process is reflecting on the life they lived. A memorial gathering is an opportunity to honor and pay tribute to your loved one’s many accomplishments and unique personality. A eulogy is a lovely way to share fond memories about your loved one that you cherish and hold dear — helping to create a lasting legacy. It’s also an opportunity to express your feelings of deep gratitude and unending love. What is a eulogy? A heartfelt speech that pays tribute to your loved one, a eulogy tells the story of their life and shares what they meant to their friends and family. A eulogy may be delivered at a funeral service, a celebration of life or a graveside ceremony. Eulogies are normally given by family members and close friends. Religious leaders and coworkers may also be invited to share their memories of your loved one. Eulogy vs. obituary Compared with an obituary, a eulogy is much more personal and reflective. An obituary is an announcement that usually follows a particular template or outline. A eulogy tends to be more personal and can contain a funny story, cherished memories or an emotional reflection. Depending on who is giving the eulogy, the stories are completely unique to the relationship and the bond shared with your loved one. How to start a eulogy Get started by doing a little research about your loved one — the place they were born, what they were like as a child and events in their family life as an adult. Discover what they accomplished in their lifetime. Learn about barriers they may have overcome. Explore their life passions and hobbies. Find out what their family and friends cherished about them. Ask people about the impact they felt your loved one made on those around them. Sharing these memories and impressions can be an uplifting and essential part of the grieving process for all involved. Be sure to write your eulogy down. You may be nervous or grief-stricken at the funeral, and it may be difficult to remember the details you wanted to share. It can be helpful to print it out in large font in case you get tearful while reading. If you’re not comfortable getting up and speaking in front of a crowd, you could ask a friend or family member to read your eulogy for you. How long should a eulogy be? Don’t worry — you aren’t expected to write a novel. You can keep it simple and short. Just share one or two of your favorite memories about your loved one. A eulogy is typically about 5 to 10 minutes long. If this seems daunting to you, ask your loved one’s friends, coworkers or other family members to share in the experience of crafting the eulogy. How to personalize a eulogy The details you include in the eulogy will make it unique and reflective of your loved one’s personality. Did they have a great sense of humor? You can share one or two of their favorite jokes. Was your loved one dependable and generous? Share what their relationship meant to you and others. Were they extremely driven and motivated? Expound on their values and accomplishments. What to include You can make it lighthearted or somber — whichever you prefer. A eulogy is typically informally written. Imagine you’re talking to a close friend. You may want to touch on some or all of these topics: An overview of their life story and milestones Relationships with family, friends and coworkers Volunteer work and career accomplishments Hobbies, interests and talents Their favorite stories, poems, songs or quotes The impact they had on the lives surrounding them A thank you to guests for coming to offer condolences Remember to keep the eulogy positive. Sharing a eulogy is an opportunity to reflect on uplifting memories. Eulogy for your parents A eulogy for either of your parents will, above all, touch on the many ways they cared for you. If you’re writing a eulogy for your mother, you can emphasize her accomplishments, her wonderful attributes and the way she impacted those around her. How did she positively influence and support you? Likewise, a eulogy for your father could be an opportunity to share the things you cherished about his personality, character and achievements. How did he encourage and nurture you? In what ways was he a role model? Eulogy for a sibling When writing a eulogy for your sibling, you may want to share funny anecdotes or silly arguments you had as children. Reflect on how your relationship changed as you matured and grew up together. Explain some of the common bonds you had and the experiences that you’ll always remember. Eulogy for a grandparent You may have fond memories of your grandparent from your childhood. You could share some of your favorite stories, wisdom passed down from your grandma or how you’ll miss your grandpa’s famous cookies. These lovely stories will help you connect with your audience, who likely have similar memories of your grandparent. Practicing your eulogy When you’ve finished writing your eulogy, you’ll want to practice reading it aloud. Try presenting the eulogy to a friend or family member before deliver it. Ask for feedback so you can edit accordingly, making sure the details are understandable and accurately reflect your loved one’s personality. When you’re nervous, you’ll likely read faster. Focus on reading it slowly. Pause briefly between details so that guests have time to reflect. A eulogy provides closure Above all, don’t worry about performing the eulogy perfectly. Your audience understands that you are grieving a loss, and they are there to support you. Allow yourself to feel the emotions that come with the memories. A eulogy can help provide much-needed closure and comfort to you and your audience, both children and adults. Remembering your loved one and sharing their singular qualities with others helps commemorate and honor their legacy.
Life insurance is one of the most trusted ways to provide for loved ones after you’ve passed. But deciding which policy is right for you can be challenging. What kind of senior life insurance should you have? How much is enough? What’s the best life insurance to have at your age? Life insurance for seniors is different from company to company, can involve taking a medical exam (also called a life insurance exam) or just answering health questions, costs anywhere from $20 a month to several hundred dollars a month, and can be used for everything from paying off large debts or covering funeral costs. So it takes some research to find the best life insurance for seniors. Although it’s true that you’ll pay more for life insurance once you’ve reached your golden years, that doesn’t mean you don’t have options. In fact, for those who want to leave cash benefits for their family — or those who want to ensure their final expenses are covered — affordable senior life insurance policies exist. You may be able to pay as little as $20 a month, or you could end up paying over $1,000 a month. In this article, we’ll cover all of your options – including final expense insurance for seniors – so you can make the right decision. What is the Best Life Insurance for Seniors? When looking for the best life insurance for seniors, it’s important to ask the following questions: How much coverage do I need? What kind of life insurance should I get? What kind of policy is best for my family? How much can I afford? Can I get approved for the policy I want? Does the policy including living benefits? You can start answering these questions by reviewing your financial situation. For example, do you have a spouse, kids, or anyone else who is dependent on you? Do you have large bills like a mortgage or car payment that would need to be paid when you’re gone? If anyone in your life depends on you financially, you should consider a policy to protect them from unforeseen costs. Even if you believe your dependents are adequately cared for, life insurance may still be worth considering because your family may need to pay estate taxes, end-of-life medical bills, and burial costs (which can cost $9,000 or more). Determining how much coverage you need depends on a variety of personal factors, including your marital status, the size of your family, your debts, assets, and your end-of-life goals. As a rule of thumb, we recommend purchasing coverage equal to 8 to 10 times your annual income, if possible. If you have life insurance through your employer, the coverage may not be enough and may terminate when you retire. Don’t forget to factor in other costs as well: funeral expenses, debt repayment (such as your mortgage, car loans, and credit card debt), and any medical bills associated with your passing. You may also want to leave a financial gift for your spouse, children, or to charity. Your needs will change as time goes by, so periodically review your policy and check that it meets your financial needs. Here are some considerations for every major type of policy that will help you choose the best life insurance for seniors. Whole Life vs. Term Life Insurance for Seniors When thinking about whether you should buy term vs whole life insurance, you need to keep two things in mind: your age and your budget. Keep in mind that as you age, renewing a term life insurance policy will become more difficult which is why whole life insurance may be a smarter choice for seniors. Term Life Insurance for Seniors Term insurance pays benefits only if death occurs during the term of the policy, which normally is from one to 30 years. Most term policies do not offer any other additional benefits. Term policies usually come in two types: level-term (where benefits remain the same through the length of the policy), or decreasing-term (where benefits typically diminish over the life of the policy). Healthy men over 70 can expect to pay $100 to $500 a month for a ten-year term life insurance policy with a $200,000 death benefit. And healthy women will pay between $60 and $250 for the same policy. Whole Life Insurance for Seniors Whole life insurance, sometimes called permanent life insurance, pays benefits regardless of when the policyholder dies as long as the policy is still in force. Most whole life policies last for the life of the policyholder and some accumulate cash value that can distribute cash payouts in the form of a loan. Policy loans must be repaid while the policyholder is still alive or the loan amount will be deducted from the benefit at the time of death. For most traditional whole life policies, the death benefit and the insurance premium remain the same for the length of the policy. When buying whole life insurance for seniors, healthy men should expect to pay between $1,000 and $2,100 a month for a $250,000 death benefit. And healthy women will pay $900 to $2,000 for their whole life insurance policies. You can also choose to buy final expense life insurance for seniors, which is a type of whole life insurance. With it, you can usually avoid taking a medical exam and only have to answer a few health questions on the application. Premiums are significantly lower, too so people often consider it one of the best life insurance for seniors options. If you decide to purchase this type of plan, men will pay roughly $40 to $300 for a $10,000 policy, while women will pay about $30 to $250. Final Expense Insurance for Seniors Final expense insurance – also called “burial insurance” or “funeral insurance” – is a type of whole life insurance meant to help your loved ones with funeral costs and other end-of-life expenses like unpaid medical bills. Today, funerals more than $9,000 according to the National Funeral Directors Association. Final expense policies are popular with seniors because you often don’t have to take a medical exam to qualify – coverage is issued based on answers to health questions on the application. Policy rates are typically more affordable than other types of life insurance because the policy amount is usually much smaller, typically $10,000 – $30,000. Affordable Life Insurance for Seniors In general, final expense insurance is typically the most affordable because you can buy a policy for as little as $20 a month. Final expense plans are perfect for seniors on a fixed income or for those who may have trouble qualifying for larger policies. When deciding how much senior life insurance you can afford, be sure to consider your entire budget and any future changes that may impact your finances. Some may look for the cheapest life insurance available, but many times these policies aren’t meant for seniors. Choose a policy with the benefits most likely to help surviving loved ones. The cost of your policy will depend on your sex, age, overall health, and the coverage amount you’re taking out. If your goal is to ensure you don’t leave behind your funeral costs for your loved ones, you only need a final expense insurance policy. But if you want to leave something more to your beneficiary, a term or whole life plan may be better if you can afford it. No Medical Exam Life Insurance for Seniors Some people feel that because of their age or health they will not be approved for senior life insurance. But enhancements in insurance underwriting and the availability of specialty insurers who focus on covering those with higher risks means life insurance is available to almost everyone. Once you’ve found a company and policy that meets your needs, you will be asked to fill out an application. To be approved for coverage, you’ll need to provide some personal information about yourself, such as your age, your height and weight, any health conditions you have, and any life insurance you already have. For some insurers, you may be asked to complete a medical exam to qualify. For smaller policies, some companies offer life insurance without a medical exam. Final expense insurance for seniors is usually issued based on answers to health questions on the application. It’s important to answer all questions honestly when filling out your application so your coverage can be issued accurately. Misrepresenting the truth can result in your policy being canceled or death benefits being denied if incorrect information was provided. Guaranteed issue life insurance (also known as guaranteed life insurance) plans also exist, but these are often very expensive and may not fit most budgets. Senior Life Insurance FAQs Getting the best life insurance for seniors can be hard because of the numerous options available, but there are a few facts you should know to help you make the right decision. Here are a few FAQs to consider when searching out the right policy for you and your loved ones. When Does the Policy Kick In? Different insurance companies have different guidelines that dictate when your policy will go into effect. For instance, some life insurance policies are effective immediately (called day-one coverage); others won’t pay the death benefit if you die in the first two-3years years of your policy. Be sure to ask your insurance company about this important question before buying a policy. What If I Have a Medical Condition? Even with a medical condition, most can still qualify for life insurance. The life insurance company will look at your unique circumstances, review your overall health, and let you know whether or not you qualify. In some cases, you will be issued a modified plan with higher premiums. What Happens if I Die After my Term Life Insurance Policy Ends? Unfortunately, a term life insurance policy is only good for the term it covers. So, if you purchase a 10-year term life insurance policy and die three months after the term ends, your beneficiaries won’t get the death benefit. When your term ends, you have to renew the policy to remain covered. Term policies aren’t usually the best life insurance for seniors. What if I Waited Too Long to Get Life Insurance? It’s true that getting a good life insurance policy gets more difficult as you age, but you can get certain types of life insurance well into your 80s. Life Insurance Quotes for Seniors If you’re concerned about finding an affordable life insurance policy that’s easy to qualify for, consider getting a policy from Senior Memorial, a Senior Life Insurance Company® agency. We are the leading final expense insurance company in the country and can qualify most people, even those with health problems. We’ve been serving seniors and their families since 1970. Best of all, our policies don’t require a medical exam – just answer a few discounted health questions. We’ll work with you to find the best life insurance for seniors with your unique needs and within your budget.
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This life insurance does not specifically cover funeral goods or services, and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this life insurance may use the proceeds for any purpose, unless otherwise directed.
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Final rates are always subject to underwriting approval by the insurance company. This quote for a life insurance policy is based entirely and solely on the information you provided. The accuracy of the premium quoted is not guaranteed. The quote is not, and cannot be construed or deemed to be an offer or a contract for an insurance policy. If you choose to apply with any insurance company for a life insurance policy based on this quote, the premium the insurance company offers may be higher or lower. The premium and other terms and conditions any insurance company offers, as a result of your application, will be determined solely by the insurance company based on its underwriting rules, practices and premium rates. The insurance company may decide that you are not insurable under its underwriting rules and practices and, in that event, will not offer you a policy.