A lot of people assume you can’t buy life insurance for your parents. Or that it’s complicated, expensive, or not even allowed. The truth is, it’s completely doable!
At Horizon Senior Benefits, we help sons and daughters set this up every day for their elderly parents as old as 90. Here’s exactly how it works.
What You Need to Qualify
To get covered, your parent must:
- Have a Social Security Number or TIN
- Be physically in the U.S. when applying
- Be mentally capable of giving full consent
- Be able to answer basic health questions (if you want no waiting period)
- Sign the application (we make this easy — phone, email, or digital signature)
It’s important to keep in mind that these requirements cannot be bypassed – ever.
→ Power of attorney doesn’t give you a green light.
Even if you’re the POA, insurance companies still require your parent’s direct involvement. They all need your parent’s consent and involvement in the application process.
Who Should Own the Policy?
Every life insurance policy has four roles:
- Insured – This is your parent, the person the policy covers
- Owner – The one who controls the policy, makes changes, and owns any cash value
- Payer – The person paying the premiums (usually you)
- Beneficiary – The person or people who receive the death benefit when your parent passes
In most cases, you should be the owner, payer, and beneficiary. That gives you full control and ensures the payout goes exactly where it needs to.
Why it matters:
- You can make updates, change beneficiaries, and control billing
- The insurance company can talk to you directly — no runaround
- Medicaid won’t count the policy as your parent’s asset (because it’s not)
If you buy online through big-name companies like Colonial Penn or AAA, your parent automatically becomes the owner — and that locks you out of the policy. You won’t be able to make changes, even if you’re paying for it.
At Horizon Senior Benefits, we always set the policy up the right way — with you in control, and your parent protected.
How Much Does It Cost?
Pricing depends on your parent’s age, health, gender, and state of residence — but here’s what you can expect for non-smoker rates:
Age | Coverage | Female | Male |
|---|---|---|---|
80 | $5,000 | $50 | $69 |
$10,000 | $98 | $135 | |
$25,000 | $241 | $332 | |
85 | $5,000 | $68 | $95 |
$10,000 | $136 | $178 | |
$25,000 | $335 | $440 | |
90 | $5,000 | $150 | $177 |
$10,000 | $300 | $354 | |
$25,000 | N/A | N/A |
We shop across top-rated companies and run real quotes to make sure you’re getting the best rate available. That’s one of the big advantages of working with an independent broker — we’re not tied to one carrier. At Horizon Senior Benefits, we work for you — not the insurance companies.
Best Final Expense Insurance Options for Parents Over 80
We’ve helped plenty of clients over the age of 80 – and even up to age 90 — lock in policies with great carriers that still say yes.
These are the carriers we trust most when helping clients over 80 get insured — and yes, many go past 85. Just know that availability can vary by state, and most (except Transamerica) won’t offer coverage in New York:
Company | Coverage Range | Max Age | Payout Terms |
|---|---|---|---|
Mutual of Omaha | $2,000 – $50,000 | 85 | No waiting period |
Transamerica | $1,000 – $25,000 | 85 | No waiting period |
Aetna (Accendo) | $2,000 – $25,000 | 89 | No waiting period |
American Home Life | $2,500 – $25,000 | 89 | No waiting period |
Security National Life | $2,500 – $15,000 | 90 | No waiting period |
Guarantee Trust Life | $2,000 – $10,000 | 90 | Graded: refund year 1 +5%, 50% in year 2, full payout year 3+ |
Not every company will be a fit — it all depends on your parent’s health and where they live. But you don’t have to figure it out alone. At Horizon Senior Benefits, we take this personally. We’ll search every option, fight for the best chance, and walk with you every step of the way — because helping families like yours is why we do what we do.
Don’t Buy the Wrong Way
Not all final expense insurance policies are created equal. Prices vary. Health requirements vary. Some have waiting periods, some don’t. And depending on your parent’s age or medications, certain companies may not even be an option.
That’s why comparing plans matters — and why working with the right agent makes all the difference.
At Horizon Senior Benefits, we’re an independent agency. That means we’re not tied to one carrier. We shop across dozens of top-rated companies to find the one that actually fits your parent’s age, health, and budget.
When you work with a captive agency (like State Farm, for example), their agents can only offer their policies — even if a better option exists elsewhere. We’re not about that.
With us, it’s simple:
We find the best fit. You make the final call. And you never pay a dime for our help.
How Much Coverage Do You Actually Need?
Before you decide how much life insurance to buy, it helps to know what a funeral really costs.
According to the NFDA:
- A full funeral with viewing and burial averages $9,995
- Cremation runs around $6,280
Want to keep things simple? You can choose direct burial or direct cremation — no service, no extras — and save thousands. On average:
- Direct burial: $5,137
- Direct cremation: $2,202
→ Pro tip: Don’t take the funeral home’s first offer. You can shop around for burial plots, and even buy caskets online (yes, Costco sells them!). The more you plan now, the less your family has to stress later.
How Does Final Expense Insurance Work?
At Horizon Senior Benefits, we specialize in helping families set up final expense insurance — a whole life policy built to cover funeral costs and other end-of-life bills.
It’s designed to give peace of mind. When your parent passes away, the insurance company sends a tax-free check directly to you or whoever you name as the beneficiary. That money can be used for anything: funeral services, medical bills, credit card debt — whatever’s needed. If there’s money left over, it stays with the family.
No Exams. Simple Approval.
Final expense policies are easy to qualify for. There’s no medical exam, and the health questions (if any) are short and straightforward. Most companies offer coverage between $2,000 and $50,000, and it’s available to anyone up to age 90.
There are two types of plans:
- Policies with health questions – Lower monthly premiums, and no waiting period if approved.
- Guaranteed acceptance policies (no health questions) – Higher premiums and a two-year waiting period. If the insured passes from natural causes during that time, the insurer simply refunds what was paid in.
→ There’s no such thing as guaranteed coverage with no waiting period. If they don’t ask about health, they won’t offer immediate protection.
Why Whole Life Matters
Final expense is a permanent policy — it never expires, and it’s locked in for life.
- Premiums never go up
- Coverage never decreases
- Policy never cancels due to age
- It builds cash value that can be accessed if needed
People use different names — final expense, burial insurance, funeral insurance — but they all mean the same thing. And at Horizon Senior Benefits, we make sure you get the right kind of policy that actually works when it matters most.
Let’s Get It Done Right
You don’t need to navigate this alone. We’ve helped hundreds of families secure affordable coverage for their aging parents — without stress, without confusion, and without high-pressure sales tactics.
→ Call now or request a quote and we’ll show you exactly what your parent qualifies for, how much it’ll cost, and how to move forward. There’s no pressure, no hard pitch. Just straight answers from experts who’ve done this before.
“Our plans are…based on yours.”
Frequently Asked Questions
Can I buy burial insurance for my parents without their knowledge?
No — you can’t. Your parent has to be mentally capable and willing to sign off on the application. Even if you have power of attorney, insurance companies still require their direct consent. If they’re not involved, the policy won’t get approved.
What’s the best type of life insurance policy to cover final expenses?
For most seniors, final expense insurance (also called burial or funeral insurance) is the best fit. It’s a whole life policy — no expiration, no rate increases, and no medical exam required. It’s designed specifically to cover funeral costs and other end-of-life bills.
How much life insurance should I get for my parents?
It depends on how much you want to cover. A traditional funeral with burial costs around $10,000, and cremation averages $6,000–$7,000. Some families go with a $5,000 policy just to help a little, while others choose $15,000 or more to cover everything. We’ll help you figure out the right number based on your goals and budget.
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