What are your life insurance options beyond age 65?

Dear Toni: My mother passed away with no life insurance, and our family had to pay for all of the funeral cost out of pocket.

I’m 65 with high blood pressure and do not have an 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. — Eva, Boston

Dear Eva: Many Americans wait too long to purchase a life insurance policy. They do not realize how their health issues can factor into their application for an insurance plan and then fail to qualify because of them.

A life insurance policy can help cover end-of-life costs, and give a person peace of mind knowing their family will not have to contend with financial strain caused by unforeseen debt.

Let’s explore the different life insurance plans available for those 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.

Term life insurance: This type of life policy 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: This is 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 age 65. Choosing a lower death benefit may control the price and be a good option.

Final expense/burial insurance: This is a small whole life policy 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.

Guaranteed-issue whole life insurance: This is 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 to $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 from any cause.

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

Toni King is an author and columnist on Medicare and health insurance issues. If you have a Medicare question, email info@tonisays.com or call 832-519-8664.