Can One Purchase Burial Insurance For Elderly Parents?

I have elderly parents – one is 90, the other 88. I reside in Georgia. My parents reside in South Carolina. To ensure there is adequate resources to bury them should they pre-decease me I’m considering purchasing burial insurance. Is that possible?

  1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    Yes you can although some carriers may require the insured to pay.  In my experience, it is usually fine for the child to own the policy and be the beneficiary as well.  Most of these policies are without an exam but will require the proposed insured to answer several health questions in order to qualify. You should also be aware that while different states will not be an issue, finding coverage over 85 can be very difficult, especially at small amounts.
    Answered on May 12, 2014
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  2. 11498 POINTS
    Jason Goldenzweig
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
    At age 90, you likely won't find any carriers offering final expense insurance - most carriers only offer life insurance policies up to either age 80, 85, or 89. Typically the carriers that offer insurance beyond age 85 will likely require full underwriting with an exam and feature a higher minimum amount of coverage (e.g. $25,000).

    You may have the option to backdate the coverage to age 89 if their date of birth was within the last 6 months - when backdating, you're paying the premiums from the date the policy is backdated to.

    Having said all that, it's important to consider cost factors. A life insurance policy on someone in their late 80's will likely be paid up in 3-4 years. This is because the person is already living beyond normal life expectancy and therefore the likelihood of a claim happening sooner than later is much higher). Another option to consider if traditional life insurance programs are not available/affordable, you can look into pre-need funeral insurance.

    It may be an opportune time to look into securing coverage for yourself if you don't have any coverage in force or need to secure a higher amount/longer term period.

    If I can be of further assistance, please feel free to contact me. Thanks very much.
    Answered on May 12, 2014
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  3. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question - unfortunately, at their age finding a policy will be tough, and if you do, likely very expensive. I'd suggest that you have a look at some of the funeral homes in your area , and see about their funeral plans. They will usually have a financed plan that will allow you to make payments on the services that you choose. It might be a good thing to have your parents go along, and pick out the services, etc. that they like, so you won't have to when the time comes. These are tough decisions, and your parents are lucky to have you to help them. If you would like some help with understanding the plans, please feel free to drop me a line, I'd be happy to make some time for you and go over it. Thank you for asking!
    Answered on May 12, 2014
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  4. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    There are a few guaranteed issue policies available. Generally they come in the mail or are published in magazines. At age 90 they are very rare. A better choice would be placing some funds into an annuity, which is another insurance product. It can grow and pay for such expenses. Talk to an insurance expert. Thank you. GARY LANE
    Answered on May 12, 2014
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  5. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    I don't know of any burial life insurance policies that cover persons age 86+. As Jim stated, you may be able to find a policy offered through the funeral home that your parents plan to use when that time comes. If their funeral policies don't cover persons in those ages, they may be able to work with you on some other payment plan.
    Answered on May 27, 2015
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  6. 64 POINTS
    Anthony Martin
    Owner, Choice Mutual, Reno, Nevada
    At age 90, the only company that I'm aware of that will issue new coverage is Security National Life. Applicants at this age will need to be in very good health in order to qualify. As you can imagine, the premiums are quite high given that fact that 90 is far beyond the average life expectancy.

    For someone at 88, both Security National Life and Continental Life Insurance Company (a subsidiary of Aetna) will offer coverage to someone at this age. Both companies will require the applicant to be in good health to qualify.

    These companies are not available in all states, so that's a factor to consider as well.
    Answered on August 1, 2017
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