Burial Insurance for Seniors: Costs, Coverage & Companies

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Last updated:

August 21, 2026

Burial insurance, also called final expense insurance, is a small whole life policy built to cover funeral costs, medical bills, and other expenses left behind when someone passes away.

Coverage typically runs from $2,000 up to $25,000–$50,000, and most policies do not require a medical exam, just a short set of health questions.

The detail that matters most usually isn't the premium.

It's whether your health answers qualify you for immediate coverage or a policy that limits the death benefit during the first two years.

Below, I'll walk through how much coverage you actually need, what it costs, how the major carriers differ, and the waiting-period rules that trip families up most often.

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Quick Answer

Burial insurance is a permanent, level-premium whole life policy, usually $2,000–$50,000, and most final expense policies do not require a medical exam.

The most important decision isn't which company to buy from.

It's whether your health qualifies you for an immediate-benefit policy or one with a two-year graded or modified waiting period.

And it's how much coverage you actually need based on your own expenses and existing savings.

This guide is written for people comparing final expense coverage for themselves or a parent, and trying to decide how much to buy and which type of policy fits their health situation.

In This Article

What Is Burial Insurance?
How Much Do You Need?
Who It's For
When It May Not Make Sense
Sample Costs
Companies I Compare
Waiting Periods Explained
Avoiding an Unnecessary Wait
vs. Life Insurance
Questions to Ask
How to Apply
Common Misconceptions

What Is Burial Insurance?

Burial insurance is a permanent whole life policy, usually $2,000 to $50,000, built specifically to cover funeral costs, cremation, medical bills, or small debts left behind.

Most final expense whole life policies have level premiums.

The death benefit doesn't decrease because of age, and coverage stays in force as long as required premiums are paid, subject to the policy's own terms, exclusions, and provisions.

Underwriting is simpler than a traditional life insurance policy.

Most carriers do not require a medical exam, just a short set of health questions.

Issue ages vary by insurer and product, with many final expense policies designed primarily for middle-aged and older applicants.

What I See Most Often

The calls I get about burial insurance almost never start with "which company is best."

They start with "my mom doesn't want to leave us with the bill" — the coverage amount and the waiting period matter more to most families than the carrier name.

How Much Burial Insurance Do You Actually Need?

This is the question I'd answer before looking at any company or price table.

A simple way to think about it:

Expected funeral or cremation costs
+ Any medical bills or small debts you want covered
+ Anything extra you'd want to leave for family
− Cash already earmarked for this purpose
− Existing life insurance that could cover part of it
= Approximate coverage to buy

Composite Example

Someone expecting about $9,000 in funeral costs, $3,000 in remaining medical bills, and $2,000 in other final expenses has roughly $14,000 of need.

If they already have $4,000 earmarked specifically for this, around $10,000 of additional coverage would likely be enough.

The National Funeral Directors Association's most recent General Price List study puts the median cost of a funeral with viewing and burial at around $8,300, with cremation typically running lower.

That's a reasonable starting point before you adjust for your own plans and location.

Who Should Consider Burial Insurance

May Make Sense If

You need $5,000–$25,000 or so, not a larger amount
You want permanent coverage with level premiums
You'd rather not take a medical exam
You don't already have savings or life insurance earmarked for final expenses

May Not Make Sense If

You already have adequate life insurance in force
You have liquid savings already earmarked for this purpose
You need a much larger amount for income replacement
You could qualify for a traditional life policy with more coverage per premium dollar

How Much Does Burial Insurance Cost?

Quotes shown are examples for illustration only.

Actual premiums vary by ZIP code, age, gender (where permitted), tobacco use, household discounts, and the underwriting tier you qualify for.

The figures below are illustrative examples only, not quoted pricing from any specific carrier.

They're meant to show how premiums scale by age and coverage amount, not to represent what you'd actually be quoted.

Age	$5,000	$10,000	$15,000	$20,000
65	$28–$40	$50–$75	$75–$115	$100–$150
70	$35–$55	$65–$95	$95–$145	$125–$190
80	$60–$95	$115–$175	$170–$250	$225–$330

These ranges are provided only to illustrate how final expense premiums can increase with age and coverage amount.

They are not quotes or a representation of rates available from any specific insurer.

Premiums are generally higher when coverage is purchased at an older age, although actual rates depend on the insurer, health, state, tobacco use, and coverage amount.

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Burial Insurance Companies I Compare

I work with several final expense insurers, and Mutual of Omaha, Aetna/CVS Health-affiliated coverage, and HealthSpring-branded coverage are three names people shopping for burial insurance commonly run into.

None of them is automatically the best choice for every applicant.

Your health history, age, state, and the coverage amount you want can all change which one fits better.

Mutual of Omaha (Living Promise)

Issuing Insurer:United of Omaha

Max Coverage:$50k level / $20k graded

Immediate Benefit:Yes, if qualified

Alternative:Graded

Aetna / CVS Health

Issuing Insurer:Accendo Ins. Co.

Max Coverage:Varies by state

Immediate Benefit:Yes, if qualified

Alternative:Modified

HealthSpring

Issuing Insurer:Loyal American

Max Coverage:Up to $25,000

Immediate Benefit:Yes, if qualified

Alternative:Modified

Coverage limits, issue ages, and state availability vary and are subject to change — confirm current product details before applying.

Mutual of Omaha / United of Omaha

At a Glance

Level-benefit coverage up to $50,000; graded coverage up to $20,000 for applicants who don't qualify for immediate benefits; long-standing presence in the final expense market.

Mutual of Omaha's final expense product, Living Promise, is issued by its subsidiary United of Omaha Life Insurance Company rather than the parent brand directly.

In my experience, it's worth including in the comparison for applicants in average health who want a higher maximum coverage amount than some competitors offer.

Aetna / CVS Health (Accendo)

At a Glance

Issued by Accendo Insurance Company, an Aetna/CVS Health affiliate; often more flexible underwriting for applicants with certain health conditions.

The final expense coverage marketed under the Aetna and CVS Health names is issued through Accendo Insurance Company, not Aetna Life Insurance Company directly.

Product availability and limits vary by state.

I've often seen this option help applicants who were declined for immediate coverage elsewhere because of how the health questions are structured.

HealthSpring (Loyal American)

At a Glance

Formerly sold under the Cigna brand, this final expense whole life product is now marketed as HealthSpring; coverage up to $25,000; level or modified benefit depending on eligibility.

The final expense whole life product formerly branded as Cigna is now marketed as HealthSpring and is still issued by Loyal American Life Insurance Company.

HealthSpring's supplemental health and life products, including this one, are now part of Health Care Service Corporation (HCSC) following Cigna's March 2025 sale of its Medicare and supplemental benefits business.

Depending on the health questions, applicants may qualify for a level-benefit or a modified-benefit policy.

The maximum coverage is lower than some competitors, which is worth knowing if you're planning on a policy above $25,000.

Immediate, Graded, and Modified Benefits Explained

The type of policy you're offered depends on your answers to the health questions during the application, and it matters more than which company you choose.

Standard (Immediate) Benefit

There is no graded waiting period for natural death.

Once coverage is in force, the full death benefit is generally payable from day one, subject to the policy's terms, exclusions, and contestability provisions.

This is generally offered to applicants who qualify based on their health history.

Graded Benefit

Used when certain health conditions are present.

If death occurs within the first 24 months, many graded policies return the premiums paid, sometimes with an added percentage.

For example, Mutual of Omaha's Living Promise graded plan currently returns premiums paid plus 10% for a natural death in the first two years.

The full death benefit is paid for accidental death, per the carrier's own plan highlights.

There isn't one universal graded-benefit formula — always check the specific policy's death-benefit schedule rather than assuming it matches another carrier's terms.

Modified Benefit

Falls between immediate and graded.

During the first two years, the policy typically pays a reduced percentage of the full death benefit rather than a full refund of premiums.

After year two, the full benefit applies, though the exact percentage varies by company and product.

From the Field

Families are sometimes surprised that "graded" doesn't mean "no coverage."

It means a different payout formula for the first two years, not the first two years being uninsured.

Reading the actual death-benefit schedule before buying avoids that surprise later.

Don't Assume You Need a Waiting-Period Policy

Having diabetes, a heart condition, or another health issue doesn't automatically mean you're limited to a graded or modified policy.

Carriers ask different health questions and weigh conditions differently.

Someone declined for immediate coverage by one company may still qualify for it somewhere else.

In my experience, comparing underwriting across a few carriers before applying can matter as much as comparing the premium itself, especially for anyone with a manageable, well-controlled condition.

Burial Insurance vs. Regular Life Insurance

Burial insurance is generally whole life coverage with a smaller death benefit and simplified underwriting.

Other life insurance products — term or larger whole life policies — can provide much bigger death benefits.

They may also offer a lower cost per $1,000 of coverage for applicants who qualify medically.

A simple rule of thumb:

Need $10,000–$25,000 primarily for final expenses? Final expense insurance may fit.
Need $100,000+ to replace income, pay off a mortgage, or support a spouse? Don't automatically assume burial insurance is the right product — a traditional life insurance policy may cover more for a comparable or lower cost, depending on your health.

Questions to Ask Before Buying

Is the full death benefit available immediately, or is there a waiting period?
What happens if the insured dies during the first two policy years?
Is accidental death treated differently from natural death?
Can the premium ever increase?
Can the policy lapse if a payment is missed, and what's the grace period?
Does the policy build any cash value, and can loans against it reduce the death benefit?
Who is the actual insurance company issuing the policy, not just the marketing brand?
Are there suicide or contestability provisions in the first two years?
Can the beneficiary use the death benefit for anything, or only funeral costs?

How to Apply for Burial Insurance

Step 1: Compare Policies

You can compare coverage directly with insurers or through a licensed independent agent.

Because underwriting questions and benefit structures differ, comparing more than one company can matter most if you have any health conditions.

Step 2: Complete the Application

Most applications are done by phone or online.

You'll answer a short set of health questions and provide basic personal information — most final expense policies do not require a medical exam.

Step 3: Participation of the Insured

The person being insured has to be aware of and participate in the application, even if a family member is helping arrange it.

Step 4: Approval

Many applications are approved within a few days, though some take longer if additional review is needed.

Step 5: Coverage Begins

If approved for immediate coverage, there is no graded waiting period, subject to the policy's terms and provisions.

If approved for a graded or modified policy, the waiting-period rules apply during the first two years.

Common Misconceptions

Misconception	Reality
All burial insurance has a 2-year waiting period	Applicants who qualify for immediate benefits can have full coverage from the start.
Every company's policy works the same	Underwriting, coverage limits, and early-year benefits vary by carrier and product.
A health condition means you'll need graded coverage	Another insurer may treat the same condition differently.

No article can tell you exactly how much coverage or which company is right for your situation.

That depends on your health, budget, and what you're trying to leave your family — if it would help to talk through your specific numbers, give me a call.

Matt Kiggins

Senior Editor

Simpleadvisorcom

For over 15 years, Matt Kiggins has been the senior editor at Simple Advisor, giving detailed advice on Medicare, life insurance, and dental coverage to thousands of clients in more than forty states. His demonstrated expertise in assisting people with their health plan selection is remarkable — it’s evident that he stands out among competitors as the go-to source for knowledge and support.

Matt holds a resident 2–15 Florida Health & Life (Including Annuities & Variable Contracts) Agent License in Florida, his state license number is P116762 (Issued 10/1/2007).

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Matt Kiggins

Senior Editor

Simpleadvisor.com

Matt Kiggins is the producer appointed to oversee the content written on SimpleAdvisor.com.

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