Final Expense Insurance for Seniors Over 70

What final expense covers

Final expense insurance, also called burial insurance, is a small whole life policy, usually $5,000 to $25,000, that pays a lump sum to whoever you name. Families use it for the funeral, burial or cremation, and the smaller bills that follow. The National Funeral Directors Association's 2023 General Price List Study put the national median at $8,300 for a funeral with viewing and burial and $6,280 for a funeral with viewing and cremation. Those medians do not include the cemetery plot, the grave marker, or cash advances like flowers and obituaries, so the full bill is often higher.

Cost by age

MoneyGeek's final expense rate analysis, updated September 22, 2026, gives monthly averages for a $10,000 simplified-issue policy for a non-tobacco applicant. At 70, a woman averages $64 a month and a man $84. At 75, it is $87 and $113. At 80, it is $125 and $164. At 85, the averages run about $155 for a woman and $203 for a man. Women pay less at every age, and tobacco use typically adds 25 to 30 percent. These are market averages, not quotes. Your premium is set by the insurer after the application and health questions.

Options at 70, 75, 80, and 85

Simplified issue asks health questions but usually requires no medical exam, and most simplified issue policies pay the full benefit from day one. Guaranteed issue asks no health questions at all, which makes it the option of last resort when health would turn you down elsewhere. It costs more for the same benefit, and maximums are smaller, often around $25,000. Most insurers stop issuing new final expense policies at 85, though a few extend eligibility to 89 with modified underwriting.

The two-year waiting period on guaranteed issue

Most guaranteed issue policies carry a graded death benefit, usually a two-year waiting period. If death comes from illness in the first two years, the beneficiary typically gets back the premiums paid plus interest, often about 10 percent, instead of the full face amount. Accidental death usually pays the full benefit from day one. After the waiting period ends, the full benefit applies for any cause. Some policies use a three-year period instead of two. Read the graded benefit language in the actual policy before you buy, and ask what the policy pays in year one and year two for a death from illness.

How much coverage to buy

Start with what you want covered. Ten thousand to $15,000 covers a basic funeral at the national median. Fifteen thousand to $25,000 covers a funeral with cemetery costs on top. Twenty-five thousand to $40,000 leaves something beyond the funeral for small bills or family. Pick the amount from the bill you want handled, not from a round number, and ask for the funeral home's general price list before you decide. Under the FTC Funeral Rule, the funeral home must give you that written price list and let you buy only the items you want.

Your records checklist

1. Decide what you want covered: funeral, cemetery, or something left over.
2. Ask for the funeral home's general price list before choosing an amount.
3. Compare simplified issue first; use guaranteed issue only if health questions block you.
4. Read the graded benefit language for year one and year two.

Common questions

How much final expense insurance do I need at 75?

A basic funeral runs about $8,300 at the national median, so $10,000 to $15,000 covers the funeral itself. Add cemetery costs and you are looking at $15,000 to $25,000. Choose the amount from the bill you want handled.

Does final expense insurance cover cremation?

Yes. The benefit is a lump sum your beneficiary can use for burial or cremation, whichever you prefer. The national median for a funeral with viewing and cremation was $6,280 in the NFDA's 2023 study.

What happens if I die in the first two years?

On a simplified issue policy, the full benefit usually pays. On a guaranteed issue policy, a death from illness in the first two years typically returns the premiums paid plus interest, often about 10 percent. Accidental death usually pays the full benefit from day one.

Can I get final expense coverage at 85?

Often yes. MoneyGeek's 2026 averages put a $10,000 policy at about $155 a month for an 85-year-old woman and $203 for a man. Most insurers stop issuing new policies at 85, though a few go to 89.

Sources and current instructions

Check the tax year and any later updates before acting. These are the primary sources used for this guide.

• IRS: Life insurance and disability insurance proceeds
• SSA: Survivor benefits