ArcaMax

Hi Toni:

Recently, you wrote an article explaining hospice. Please let readers of your column know that there are other ways hospice comforts the caregiver when a loved one passes. My mother’s hospice case manager and also her social worker made sure that I knew exactly what to do for her final needs when she finally peacefully passed away.

Going through a well-known funeral home in my area, I would have had to pay over $3,000 for cremation plus $7,000 to bury my mother’s urn on top of my father’s casket. To my amazement, I instead only had to pay a preapproved price of $995 with a funeral facility that was on this specific hospice company’s approved funeral home list. My mother passed away with no life insurance, and our family had to pay for all of the funeral cost out of pocket.

I have turned 65, am retired with high blood pressure and do not have a life insurance policy for my end-of-life issues. I do not want my adult kids to experience what I did when my mother passed away. Please explain which life policy I should consider. Thanks, Toni, looking forward to your answer.

—Eva from Boston

Hello Eva:

I would be honored to help you explore your life insurance options after what you have experienced with your mother. Many Americans wait too long to purchase a life policy. They do not realize how their health situations can affect applying for an insurance plan and then fail to qualify due to their health issues.

Eva, a life insurance policy can help cover your end-of-life costs, and this plan will help to give peace of mind knowing there will not be a financial strain caused by unforeseen debt that the family may be responsible for paying.

Let’s explore the different life insurance plans available for those age 65 and older and whether underwriting— a comprehensive evaluation of various factors that determines your overall risk profile, eligibility and premium rates — may be required for you to be accepted and qualify for a lower premium.

—Term life insurance: a life policy that offers a 10-, 15-, 20- or 30-year policy period. Term life insurance premiums are lower and do not increase during the plan’s specific policy period. These plans can be converted to a permanent whole life plan while the policy is in force. Purchasing term insurance at a younger age and converting to whole life past 65 is an option for one to consider.

—Whole life insurance: a permanent life insurance policy that combines a death benefit, level premiums and cash value growth that can be used for any reason during your lifetime. Whole life policies cost more past 65. Choosing a lower death benefit may control the price and be a good option.

—Final expense/burial insurance: a small whole life policy that is designed to help the insured’s family pay for funeral, burial, and other expenses, such as outstanding medical bills, after the insured’s death. Plans typically range from $5,000 to $25,000 in death benefits, depending on which insurance company is chosen.

—Guaranteed-issue whole life insurance: a whole life policy for those with serious health issues who cannot pass medical underwriting for a typical life insurance plan. The policies range from $2,000-$25,000 in death benefits with no medical exam or health questions to answer. If you die within the first two years from natural causes (other than accidental), your beneficiaries will only receive premiums paid, plus interest. After the two-year waiting period, the full benefit is paid for death due to all causes.

Eva, with a variety of life insurance and final expense plans to meet health and financial needs of those past 65, it is important to take time exploring which option is right for you and your family.

America is accustomed to underwriting while working, and for those who are new to Medicare the evaluation process can be an eye-opening experience. Please take your time when retiring and applying for past-65 life insurance plans. Remember, it’s what you don’t know that will hurt you!

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Toni King is an author and columnist on Medicare, Social Security and long-term care issues. She has spent nearly 30 years as a top sales leader in the field. If you have a Medicare question, email info@tonisays.com or call 832-519-8664. Sign up for the Toni Says newsletter at www.tonisays.com to keep up to date on Medicare changes.

©2025 Toni King. Distributed by Tribune Content Agency, LLC.

Copyright 2025 Toni King, Distributed by Counterpoint Media