You have spent a lifetime taking care of your family. Now make sure your final chapter does not leave them with a financial burden. Affordable, easy-to-get coverage designed for your stage of life.
Many people believe life insurance is only for working-age adults. Here is why that thinking can leave your family unprotected.
The average funeral costs $7,848. Without coverage, your family pays out of pocket during their most difficult time.
If your pension or Social Security reduces upon your death, life insurance replaces that lost income for your spouse.
For larger estates, life insurance provides liquid funds to pay estate taxes without forcing the sale of property or assets.
Leave a meaningful gift for your children and grandchildren — a college fund, a down payment, or a lasting family legacy.
Most options available
Great options still available
Coverage always available
Small, affordable whole life designed specifically for end-of-life costs
Final expense covers funeral services, burial or cremation, outstanding medical bills, credit card debt, and estate settlement costs. Your family receives the benefit directly — usually within days — to use for any purpose.
10-minute phone or online application
$5,000 to $50,000 coverage
Same-day approval available
An Irrevocable Life Insurance Trust (ILIT) removes the death benefit from your taxable estate. For estates over the federal exemption, this can save your heirs hundreds of thousands in estate taxes.
Life insurance provides a tax-free lump sum to your children or grandchildren. It is one of the most efficient ways to transfer wealth across generations without the delays of probate.
Name a charity as your policy beneficiary for a meaningful legacy gift. Some seniors purchase a policy specifically for charitable giving, creating a larger impact than they could through donations alone.
Monthly premiums for non-smokers, simplified issue.
| Your Age | $10,000 | $25,000 | $50,000 |
|---|---|---|---|
| Age 55 | $26/mo | $56/mo | $105/mo |
| Age 60 | $33/mo | $72/mo | $138/mo |
| Age 65 | $42/mo | $93/mo | $178/mo |
| Age 70 | $56/mo | $124/mo | $240/mo |
| Age 75 | $74/mo | $165/mo | $320/mo |
| Age 80 | $98/mo | $221/mo | $428/mo |
* Simplified issue rates for non-smokers. Guaranteed issue rates are approximately 20–30% higher. Your actual rate may vary.
A common misconception is that Medicare or Medicaid will cover end-of-life expenses. They do not. Life insurance and health insurance serve completely different purposes.
Yes. Many policies are available to applicants ages 50–85. At age 70, both simplified issue (health questions, no exam) and guaranteed issue (no health questions at all) coverage are available.
Final expense insurance with simplified issue offers the lowest premiums. A healthy 65-year-old can get $10,000 coverage for about $42/month. Shopping through Palmwood ensures you see rates from multiple carriers.
Not necessarily. Simplified issue accepts many conditions including controlled diabetes, high blood pressure, and COPD. Guaranteed issue accepts everyone ages 50–85 with no health questions at all.
Yes. Even after retirement, coverage protects your family from funeral costs ($7,848 average), remaining debts, surviving spouse income loss, and estate settlement expenses. A small policy prevents significant financial burden.
No. Medicare is health insurance and does not cover funeral, burial, or cremation costs. Medicare does not pay any death benefit to your family. Life insurance is the only way to ensure these costs are covered.
Final expense is whole life with smaller amounts ($5K–$50K) designed for end-of-life costs. Regular life insurance offers larger amounts ($100K+) for income replacement. Final expense is easier to qualify for and requires no medical exam.
Yes. Many seniors with Type 2 diabetes qualify for simplified issue, especially if well-managed. For more severe cases, guaranteed issue accepts everyone with no health questions. Palmwood works with carriers experienced in covering diabetic applicants.
Our friendly senior coverage specialists are ready to help. No pressure, no obligation.