At a certain point in life, the conversations shift. It’s no longer just about building and growing, it becomes just as much about preparing and protecting. For many people in their 70s, one quiet but important thought lingers: “When I pass, will everything be in order for the people I love?”
The truth is, even the most prepared families can get caught off guard by the costs that come at the end of life. A funeral service, cremation, medical bills, and basic legal matters can total more than many expect. That’s why final expense insurance exists, not to replace full life insurance, but to handle those immediate, practical costs so your family doesn’t have to.
And for seniors over 70, it’s often one of the few insurance options still available that doesn’t require a medical exam or perfect health. The coverage amounts aren’t huge, typically between $5,000 and $25,000, but they’re enough to take care of what matters most: dignity, closure, and peace of mind.
At Liberty Financial Group, we understand how sensitive these decisions can be. That’s why we approach them with compassion, not pressure. We help you make a plan that fits, not just your budget, but your wishes. So that when the time comes, your family has one less thing to worry about.
What Is Final Expense Insurance?
Final expense insurance, sometimes called burial insurance or funeral insurance, is a type of life insurance designed for one purpose: to make sure your loved ones aren’t left with the financial burden of end-of-life costs.
Unlike traditional life insurance policies, which can be large and complex, final expense policies are straightforward. They offer a smaller benefit, typically anywhere from $5,000 to $25,000, meant to cover the kinds of expenses families often face when someone passes away.
This can include:
- Funeral or cremation costs
- Medical bills left behind
- Credit card debt
- Legal paperwork or probate fees
- Even a few last-minute family travel expenses
The key difference is accessibility. Final expense insurance is built for seniors, especially those in their 70s or older, who may not qualify for larger policies due to age or health history. Most plans don’t require a medical exam. At most, you’ll answer a few basic health questions.
The application process is typically quick, the premiums are fixed, and the coverage doesn’t change as you get older. Once it’s in place, it stays in place, as long as you keep making the payments.
For families dealing with grief, this kind of policy can make a world of difference. It gives them breathing room. It allows them to focus on honoring you instead of stressing about money. And that’s really the heart of what final expense insurance is all about, protecting your people when they need it most.
Why It’s a Smart Choice for Seniors Over 70
By the time you reach your 70s, a lot of things in life have already been figured out. You’ve made a living, maybe raised a family, and built a legacy in your own way. But when it comes to life insurance, many seniors are surprised to find that their options shrink as they get older.
The truth is, most traditional life insurance policies are harder to qualify for after age 70. Some companies won’t issue new policies beyond a certain age. Others will, but the premiums can skyrocket, especially if you’ve had health issues. That’s where final expense insurance becomes not just an option, but a smart move.
Final expense plans are designed with seniors in mind. You don’t need to go through a medical exam. You won’t be asked to submit lab work or get a physical. And you won’t be applying for hundreds of thousands of dollars in coverage you don’t need. These policies are built to cover what actually matters at this stage: funeral services, cremation, and final bills.
Even a modest policy can spare your family thousands of dollars in costs. The average funeral today can run between $8,000 and $12,000, depending on where you live and whether cremation or burial is chosen. Without a plan in place, loved ones are often left scrambling to cover these costs on short notice, sometimes even using credit cards or dipping into their savings.
When you have final expense insurance, you’re giving your family more than money. You’re giving them space to grieve, time to honor your life, and relief from added stress during an already emotional time. It’s a quiet but powerful way to show love and care, even after you’re gone.
And because these plans tend to be straightforward and affordable, many seniors feel it’s one of the easiest and most thoughtful steps they can take to protect their family’s peace of mind.
Types of Final Expense Policies
Not all final expense insurance policies are the same. Depending on your health, your age, and how soon you want the policy to pay out, there are a few different types to consider. The good news? They’re all simpler than traditional life insurance.
Let’s break down the main options you’ll come across:
1. Guaranteed Issue Final Expense
This is often the go-to choice for seniors over 70 who have health conditions or have been turned down for other policies. With guaranteed issue, you’re approved regardless of your medical history. There are no health questions and no exams, approval is automatic.
But there’s a trade-off. Most guaranteed policies come with a waiting period, usually two years. That means if you pass away within that time from natural causes, the policy won’t pay the full benefit. Instead, your loved ones would receive the premiums you paid in, plus some interest. After the waiting period, the full benefit becomes available.
This type of policy offers peace of mind for people who want coverage no matter what, but it’s important to understand the timing.
2. Simplified Issue Final Expense
Simplified issue policies still skip the medical exam, but they do ask a few basic health questions, usually about conditions like heart disease, cancer, or recent hospital stays. If you’re relatively healthy for your age, this type of policy may give you better pricing and faster access to the full benefit, without a long waiting period.
It’s ideal for seniors who may have some minor health issues but are still in reasonably good shape.
3. Level vs. Graded Benefit Policies
These terms refer to how the death benefit is paid out.
- Level benefit means the policy pays the full amount from day one. This is usually available to those who qualify based on their answers to the health questions (Simplified Issue).
- Graded benefit policies have a two- or three-year waiting period before the full payout kicks in (common in Guaranteed Issue plans). If death occurs during the graded period, the payout may be partial or limited to premiums paid in.
So, which should you choose?
That depends on your current health and how urgently you need the coverage. If you want something that kicks in immediately and you’re in fair health, simplified issue is usually the better route. If health is a concern and you simply want peace of mind that something is in place, guaranteed issue offers a path forward with no questions asked.
At Liberty Financial Group, we help you compare both options and figure out what’s best for your situation, without the sales pressure. It’s about making a confident, clear decision that fits your life, not someone else’s quota.
How Much Does Final Expense Insurance Cost for Seniors Over 70?
One of the most common questions seniors ask is, “Can I even afford this at my age?” And it’s a fair question. After all, many people over 70 are living on a fixed income, trying to make sure every dollar counts. The good news? Final expense insurance is one of the more affordable types of life insurance out there, especially when compared to traditional term or whole life plans.
Let’s talk numbers.
For a healthy 70-year-old non-smoker, a $10,000 final expense policy might cost around $50 to $80 per month. For someone in their upper 70s, or for those with health issues, it might be closer to $90 to $150 per month, depending on the company and the type of policy.
Here are a few key factors that influence your rate:
1. Age
It’s simple, insurance costs go up as you get older. That’s why locking in a policy sooner rather than later can save you money long-term.
2. Gender
Women tend to pay slightly lower premiums than men, simply because they statistically live longer. It’s one of the few times being a woman saves you money in insurance.
3. Tobacco Use
If you smoke or use tobacco, expect to pay noticeably more. Tobacco rates are typically 25–50% higher than non-tobacco rates. Some policies even ask how recently you’ve quit.
4. Health History
If you’re applying for a simplified issue policy, your answers to health questions will play a big role. Conditions like cancer, heart disease, or recent hospital stays could affect your eligibility or price.
5. Coverage Amount
Final expense policies usually range from $5,000 to $25,000. The more coverage you want, the higher your monthly premium, but the jump isn’t always dramatic. Sometimes, adding an extra $5,000 in coverage only increases your monthly payment by a few dollars.
At Liberty Financial Group, we work with a wide network of trusted insurance carriers, so we can help you compare rates side-by-side, without making you dig through confusing fine print. We know that this isn’t just about finding the lowest price. It’s about getting the right coverage at the right value, with no surprises later on.
We’ll help you find a plan that makes sense, not just for your wallet today, but for your family’s peace of mind tomorrow.
What Final Expense Insurance Covers
One of the best things about final expense insurance is how clear-cut it is. You’re not paying into some mysterious fund or complicated policy that requires a lawyer to explain. The money goes to your beneficiary, usually a family member, who can use it to take care of the immediate costs that come after a death.
But what exactly does that include?
1. Funeral and Burial or Cremation Costs
This is the most common reason people buy final expense insurance. Funerals in the U.S. can range anywhere from $7,000 to $12,000, and that’s without anything extravagant. You’ve got the casket or urn, the funeral home services, the viewing or ceremony, the burial plot or cremation fees, and even transportation and flowers. It adds up quickly.
For those who choose cremation, the costs can be a little lower, but there are still expenses involved, especially if there’s a memorial service, urn selection, or travel involved for family members.
Whether you want to be buried or cremated, a final expense policy can help make sure those costs aren’t coming out of your family’s pocket.
2. Unpaid Medical Bills
Even with Medicare, there are often leftover medical expenses, copays, deductibles, or treatments that weren’t fully covered. A hospital stay, prescriptions, or even hospice care in your final months can leave behind a balance. Final expense insurance can help take care of that so your family doesn’t inherit any surprise bills.
3. Legal and Administrative Fees
Settling someone’s estate, even a simple one, can come with legal costs. There may be probate fees, document filing costs, or even small debts to close out. These aren’t huge expenses, but they can be time-sensitive. Having quick access to funds makes handling them much easier.
4. Personal Debts
Maybe you have a credit card balance, a small loan, or even just some unpaid utility bills. While final expense insurance isn’t designed to cover major debt, it’s more than enough to wipe out these smaller items so they don’t create a headache for your family later.
5. Family Travel or Emergency Costs
Sometimes people forget that death affects more than just the person who’s passed, it puts everything on pause for those left behind. Loved ones might need to book last-minute travel, take time off work, or cover costs tied to organizing the service. The benefit payout from your policy can give them some breathing room during a tough time.
Every family is different. Some policies are used entirely for a funeral. Others help an adult child take a few weeks off work to settle affairs. Whatever your priorities, a final expense policy gives your family options, and that’s what really matters.
At Liberty Financial Group, we help you think through these choices so your plan reflects your values. Whether you prefer a simple cremation or a traditional burial, your policy should match how you want to be remembered.
Common Questions Seniors Ask About Final Expense Insurance
Making decisions about end-of-life planning can feel overwhelming, especially with so many unfamiliar terms and options. At Liberty Financial Group, we’ve spoken with countless seniors in their 70s and beyond, and while every situation is different, the same handful of questions come up again and again.
If you’re thinking about final expense insurance, chances are you’ve wondered about these, too:
“Is it too late for me to get this?”
Absolutely not. In fact, final expense insurance is specifically made for people in your age group. Many companies offer plans to seniors well into their 80s, and you can often qualify even if you’ve been declined for other types of insurance. You don’t need perfect health, and in some cases, you don’t even need to answer health questions at all.
“What if I pass away just a few months after buying the policy?”
It depends on the type of plan. If you qualify for a level benefit policy, your full death benefit is usually available right away. If you go with a guaranteed issue plan that doesn’t ask any health questions, there’s often a waiting period of two years before the full benefit kicks in. In that case, if you pass from natural causes during that period, your loved ones would still receive all the premiums you paid plus interest.
Accidental deaths, however, are usually covered in full from day one, even with a waiting period.
“What happens if I live to 95 or beyond?”
Nothing changes. Once your policy is in place and you’ve locked in your rate, it won’t go up just because you’re living longer. That’s one of the great benefits of final expense insurance, it’s guaranteed coverage for life as long as you continue paying your premiums.
“Will my kids or spouse be left with any bills?”
Not if your policy covers the necessary expenses. That’s the whole point of final expense insurance. When set up properly, it ensures there’s money available to pay for cremation or burial, outstanding medical bills, and any other loose ends, so your family doesn’t have to scramble or take on debt.
“Can I name anyone I want as my beneficiary?”
Yes. You choose who receives the benefit when you pass. Most people choose a spouse or adult child, but you can name anyone you trust. What matters is that they’ll use the funds the way you intend, to handle final expenses, honor your wishes, and avoid financial stress.
“Can the money be used for something else?”
Technically, yes. The payout is tax-free and goes directly to your beneficiary. They can use it however they see fit. That’s why choosing the right person matters. Some people even include written instructions or pre-arrangements with a funeral home to make sure things go as planned.
These kinds of questions are normal. Planning for the end of life isn’t easy, but having clear answers helps take away some of the anxiety. We’ve seen firsthand how powerful it is when families don’t have to worry about money in the middle of grief. And that’s why Liberty Financial Group is here, to guide you through the process with patience, honesty, and respect.
How to Choose the Right Final Expense Insurance Policy
Choosing a final expense policy isn’t just about picking the cheapest option or the one with the biggest number on the front. It’s about finding a plan that fits you, your health, your goals, your budget, and your family situation.
Here are a few things to think through when comparing plans:
1. Do You Want Immediate Coverage or Guaranteed Approval?
If you’re in decent health for your age and can answer some basic health questions, a simplified issue policy will usually give you more value. It typically costs less per month and offers full coverage right away. But if your health isn’t where it used to be, or you just want to skip the hassle, then a guaranteed issue plan offers peace of mind, no questions asked. Just be aware of the waiting period.
2. Is the Premium Locked In for Life?
This is important. A good final expense policy will have a fixed premium, meaning the monthly cost never increases as you age or if your health changes. You want to avoid policies that go up over time, that can quickly become unmanageable on a fixed income.
3. Who Are You Naming as the Beneficiary?
Make sure your beneficiary is someone who understands your wishes and can be trusted to follow through with them. It’s a good idea to have a conversation with them ahead of time so they know what the policy is for, funeral costs, cremation, unpaid bills, etc.
4. What Does the Company’s Reputation Look Like?
All insurance companies are not created equal. Some have better customer service, faster payouts, and clearer policy terms. Others may look good on the surface but leave families waiting weeks, or even months, for the death benefit. That’s where working with an experienced advisor can make a real difference.
5. What Is Your Actual End-of-Life Plan?
Are you planning a traditional burial or a cremation? Will there be a service? Do you have any debts you’d want to clear for your family? These choices impact how much coverage you’ll need, and your policy should match.
At Liberty Financial Group, we don’t believe in one-size-fits-all policies. We take the time to walk you through your options, answer your questions honestly, and help you compare plans from different providers. Because at the end of the day, it’s not just about signing up for insurance, it’s about putting a plan in place that reflects who you are and what you care about.
9. Final Expense Insurance vs. Prepaid Funeral Plans
When thinking about how to prepare for end-of-life costs, you might come across another option: prepaid funeral plans. They sound similar, and in some ways, they serve the same purpose, making sure your loved ones aren’t left scrambling to cover expenses. But they work very differently.
Let’s look at how they compare, so you can decide which one fits your needs.
What Is a Prepaid Funeral Plan?
A prepaid funeral plan is exactly what it sounds like, you make arrangements and pay in advance for your funeral, cremation, or burial services. This is typically done directly through a funeral home. You choose the details of the service, and the money is either held in trust or used to purchase a life insurance policy tied to the funeral home.
How It Differs from Final Expense Insurance
1. Flexibility
Final expense insurance gives your beneficiary a cash benefit they can use for anything: funeral costs, travel, medical bills, or even legal fees. It’s not tied to any specific service provider. Prepaid plans, on the other hand, lock you into one funeral home, which can limit your family’s options later, especially if you move or that business closes.
2. Accessibility
With final expense insurance, applying is simple, often with no medical exams, and your policy stays with you, no matter where you live. Prepaid plans require planning everything in advance, down to the casket or urn, and may not transfer easily if your situation changes.
3. Payment Structure
Final expense insurance is paid monthly or annually for life (or a set number of years), and the benefit doesn’t expire. With prepaid plans, you often pay a lump sum or a short-term payment plan. If you pass away before it’s fully paid off, there could be complications.
4. Use of Funds
Final expense insurance allows your family to adjust plans if needed. For example, if cremation ends up being the more affordable or preferred option, they can make that call. Prepaid plans are locked into the choices you made at the time of purchase, and may not offer refunds for changes.
Which One Is Right for You?
There’s no one answer. If you want full control over your final arrangements and don’t mind committing to a specific provider, a prepaid plan might offer peace of mind. But if flexibility, portability, and simplicity matter more, final expense insurance usually makes more sense, especially for seniors over 70 who want a solution that works wherever life takes them.
At Liberty Financial Group, we’ve helped families navigate both options. In most cases, we recommend final expense insurance because it allows for more freedom and adaptability, especially when things don’t go exactly as planned. And in real life, they rarely do.
Why Choose Liberty Financial Group
When it comes to something as personal as planning for your final expenses, who you work with matters just as much as the plan you choose. At Liberty Financial Group, we don’t treat you like a policy number, we treat you like family.
We understand that this kind of decision can be emotional. You’re not just buying insurance, you’re making a plan to take care of the people you love, long after you’re gone. That deserves more than a sales pitch or a rushed phone call.
Here’s what makes Liberty Financial different:
1. We take our time with you.
There’s no pressure, no fast-talking. We walk you through your options at your pace, answer every question, and make sure you understand exactly what you’re signing up for.
2. We represent multiple carriers.
We’re not tied to just one insurance company. That means we can compare policies across the board and find the one that’s the best fit for your age, health, and budget, not someone else’s commission goals.
3. We focus on seniors.
We specialize in helping people over 70. We know the market. We know which policies get approved quickly, which ones offer the best value, and how to avoid the ones with fine print that could leave your family stuck.
4. We stick with you after the sale.
If your family needs help filing a claim, if your situation changes, or if you have a question down the road, we’re still here. Our relationship doesn’t end once the paperwork is signed.
Planning for final expenses isn’t always easy. But with the right partner, it doesn’t have to be stressful. Liberty Financial Group is here to help you make smart, honest decisions that give you and your family confidence for the future.
Conclusion and Next Steps
Planning for what happens after you’re gone isn’t the easiest thing to think about, but it might be one of the kindest things you ever do for your family.
Final expense insurance isn’t about numbers. It’s about making sure your loved ones don’t have to worry about how to pay for a cremation, funeral, or medical bills when they’re already grieving. It’s about giving them time to mourn, not scramble. And it’s about taking that quiet, responsible step to leave things in order, on your terms.
If you’re over 70, you still have options. Good ones. You can get coverage without going through a long process or medical exams. You can choose a plan that fits your budget and gives your family peace of mind. You can make decisions now that make life easier later for the people you care about most.
At Liberty Financial Group, we’re here to help you do just that. We’ll walk you through the process, explain everything clearly, and help you find the right plan from a trusted provider. No pushy sales calls. No confusing fine print. Just honest guidance and people who care.
If you’re ready to take the next step, reach out for a free consultation. Whether you’re ready to buy or just want to talk through your options, we’re here to help, today, and when it matters most.
