Final expense insurance for people over 75

The age-80 cutoff to know about

Several common back-up plans close to new applicants at 80. Gerber Life's guaranteed policy issues from 50 to 80, Mutual of Omaha's graded Living Promise from 45 to 80, and Transamerica's graded Easy Solution from 18 to 80.

If your health means you may not qualify for a level plan, apply before 80 to keep these options. After 80, guaranteed issue choices narrow to carriers that issue to 85, such as Mutual of Omaha Guaranteed Whole Life and Colonial Penn in most states.

Leave time for processing. Coverage generally starts only once the policy is issued and the first premium is paid, so an application sent days before your 80th birthday may be priced, or declined, at the older age.

Level coverage is still possible

Many people in their late 70s still qualify for full day-one coverage. Mutual of Omaha's Living Promise level plan, Foresters PlanRight and Transamerica's Immediate Solution all issue to 85.

At 76 and up, Transamerica caps its Immediate Solution at $25,000. Foresters PlanRight lists face amounts up to $35,000 across its age range.

Underwriting relies on your health answers, a prescription check and the MIB. Some carriers, such as Mutual of Omaha, may also call you for a short recorded phone interview.

Have your doctors' names, medication list and dates of any recent hospital stays ready before you apply. Accurate dates matter, because many questions ask about a set number of years.

How much coverage makes sense after 75

A range of $5,000 to $15,000 fits many people over 75. Base it on the funeral you want: NFDA's 2023 medians were $8,300 for viewing and burial and $6,280 for viewing and cremation.

Price the cemetery side too. The NFDA medians leave out plot, opening and closing of the grave, and the marker. If you already own a plot, your need may be smaller.

Remember the benefit is fixed, while funeral prices keep rising. NFDA found the burial median rose 5.8% from 2021 to 2023, so a small cushion helps.

Because premiums per $1,000 are high at this age, a smaller policy you can keep is better than a larger one you might drop. See what final expense covers to plan the amount.

Graded plans: worth it at 75?

A graded plan is worth it when it is the only coverage you can get. After two years it pays the full amount for any cause, and accidental death is paid in full from the start.

The cost is the wait and a higher price per $1,000. On Mutual of Omaha's graded plan, a natural-cause death in the first two years pays all premiums plus 10%.

Ask about a plan that pays a percentage of the benefit instead of a refund. American Amicable's graded plan pays 30% of the face amount in year one and 70% in year two. Our waiting periods guide compares the designs.

Planning for cremation or burial

Your choice of cremation or burial affects how much coverage you need more than anything else. NFDA projects the U.S. cremation rate at 63.4% for 2025, against 31.6% for burial.

Cremation with a viewing had a 2023 median of $6,280, more than $2,000 below the burial median. A direct cremation with no viewing usually costs less again, and funeral homes that offer it must make an inexpensive alternative container available, according to the FTC.

Write down your choice and share it. The FTC advises against putting funeral wishes only in a will or a safe deposit box, since those are often opened after the funeral.

Tips for buying in your late 70s

Apply sooner rather than later. In Mutual of Omaha's level table, an 80-year-old man pays about 41% more per $1,000 than a 75-year-old.

Do not cancel an existing policy until the new one is issued. A replacement starts a new two-year contestability period, and on a graded plan a new waiting period too.

Tell your beneficiary the policy exists and where it is. An unclaimed policy cannot help pay for the funeral.

If an adult child will help pay, consider making them the policy owner. The owner controls the policy and receives the bills, which can prevent a missed payment if you become ill.