Burial Insurance Cost for 71 Year Olds: What You Need to Know
Posted in Insurance By Age last updated on October 31, 2023
Are you looking for burial insurance cost information specifically tailored to 71 year olds?
It’s important to understand the various factors that affect these rates, as well as what companies offer the best coverage.
Whether you’re considering a final expense policy or some other type of life insurance plan designed for seniors, it’s critical to know what your options are and how much they will cost before making any decisions.
We’ll take an in-depth look at burial insurance costs for 71 year olds, including sample rates by gender, which companies provide the best policies and services, and steps needed to buy a policy.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 71 Year Olds?
- What Are The Best Companies For Burial Insurance?
- What Are The Steps To Buy Burial Insurance?
- Frequently Asked Questions
- Next Steps
What is Burial Insurance?
Burial insurance, also known as final expense insurance, is a type of life insurance policy designed to cover the costs associated with end-of-life expenses such as funeral and burial costs.
It is typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with the financial responsibility of the price of a funeral.
The coverage amount for a burial insurance policy can range from $2,000 up to $50,000 depending on the individual’s needs and budget.
Premiums for these policies tend to be affordable because coverage amounts are modest.
Benefits of Burial Insurance
One major benefit of purchasing a burial insurance policy is that it provides peace of mind knowing that your family will not have to worry about covering your end-of-life expenses, in addition to other bills they may already be dealing with after you pass away.
Additionally, some policies offer additional benefits such as cash advances which can help pay for immediate funeral arrangements if needed before death benefits are paid out.
Further, most policies do not require any medical underwriting or exams so even those who have pre-existing health conditions can qualify for coverage at an affordable rate.
Burial insurance for seniors is an excellent option for who may otherwise struggle to find adequate life insurance coverage due to their age or health status.
Key Takeaway: Burial insurance is a type of life insurance policy designed to cover end-of-life expenses such as funeral and burial costs. It offers peace of mind knowing that loved ones will not have to worry about covering these expenses and does not require any medical exams.
How Much Does Burial Insurance Cost for 71 Year Olds?
Burial insurance is an important consideration for seniors, as the cost of funerals can be quite expensive. For those aged 71 or older, you will want to understand how much burial insurance costs in order to make an informed decision about their coverage needs.
The cost of burial insurance for 71 year olds will vary depending on several factors such as gender, health history, and the amount of coverage desired.
Generally speaking, males can expect to pay slightly more than females due to higher mortality rates among men.
On average, a healthy 71 year old male can expect to pay around $80 per month for a $10,000 policy while a healthy female may pay around $60 per month for the same coverage amount.
Face Amount
Unsurprisingly, premium rates rises with larger coverage amounts and fall with smaller coverage amounts. A $40,000 burial policy will cost more than a $15,000 burial policy, for example.
Health Status
In addition, your health status matters. Rates increase if you have been diagnosed with serious health conditions, such as uncontrolled diabetes.
Individuals with pre-existing medical conditions may have difficulty finding affordable traditional policies or even qualifying at all due to increased risk associated with their condition(s).
That is why burial insurance can be ideal for someone with less-than-perfect health, as underwriting is lenient. Further, a guaranteed issue life insurance plan is always an option for seniors who do not qualify for traditional burial insurance.
Final Thoughts
In conclusion, when looking into purchasing burial insurance at age 71 it is wise to look into various factors such as gender, health history, and lifestyle choices.
Be sure to utilize an expert agent who specializes in burial insurance for elderly individuals.
Your independent agent will help to shop around and compare quotes from different companies so that you find what fits in your budget – along with providing adequate protection against future rising funeral costs.
Key Takeaway: When looking into burial insurance at age 71, it is important to consider factors such as gender, health history and lifestyle choices, as these factors affect cost.
What Are The Best Companies For Burial Insurance?
When it comes to finding the best companies for burial insurance, there are a few key factors that should be taken into consideration.
Remember to work with an expert agent to compare quotes from multiple providers in order to find the best rate and coverage options available.
American Amicable
American Amicable Life Insurance Company was founded in 1910 and is one of the top-rated companies for burial insurance policies. They offer competitive rates, provide flexible payment plans, as well as a terminal illness rider.
Mutual of Omaha
Mutual of Omaha Life Insurance Company is another great option when looking for burial insurance policies. They have been providing quality life insurance products since 1909 and they offer policies no medical exam required.
CICA
CICA Life offers coverage for up to a $30,000 face amount. They are an excellent option for those with common health concerns, such as obesity or tobacco use.
You will not be asked about your height, weight or smoking status. Applicants can be between the ages of 0 – 85 years old.
SBLI
The SBLI Company has been providing quality life insurance products since 1907 and they offer burial plans for seniors.
An SBLI burial policy includes free enrollment into LegacyShield (online tools for estate planning) and the Sequoia Funeral Concierge Plan (helpful funeral services).
Guarantee Trust Life
Guarantee Trust Life Insurance Company, founded in 1936, is another excellent choice when searching for burial insurance policies. Guarantee Trust Life offers policies for seniors up to age 90, with only five health questions on the application.
Corebridge Financial
Finally, the Corebridge GIWL (formerly called AIG) policy should be evaluated if you are a senior with serious medical complications. As a form of guaranteed issue life insurance, you do not need to answer health questions to qualify for coverage.
Final Thoughts
Overall, these five companies are some of the top rated providers when it comes to purchasing burial insurance policies at affordable prices, while still receiving high-quality coverage options tailored specifically towards senior citizens over fifty years old.
When shopping around for burial insurance for seniors, make sure you compare quotes from all four providers in order to ensure that you receive the best rate possible along with the most comprehensive coverage available.
The best companies for burial insurance depend on a variety of factors, such as coverage amounts and cost. Now let’s look at the steps to buy burial insurance so you can make an informed decision about which policy is right for you.
Key Takeaway: The four top rated providers for burial insurance policies tailored to seniors over 50 years old are American Amicable Life Insurance Company, Mutual of Omaha Life Insurance Company, SBLI Company and Guarantee Trust Life Insurance Company.
What Are The Steps To Buy Burial Insurance?
The process of buying burial insurance is relatively straightforward and can be completed in a few simple steps.
By working with an independent agent, you do not need to go through the buying process alone. They will help you compare and contrast your unique needs with the best burial policies available.
Step One: Choose Policy
First, you will need to decide which type of burial policy best suits your needs. For example, do you qualify for simplified underwriting (some health questions) or do you need guaranteed issue coverage (no health questions)?
Remember to evaluate the top-rated burial insurance carriers to find a good fit for your requirements.
Step Two: Compare Rates
Next, you will need to compare rates from different providers to find the most competitive rate for your chosen policy type. This can be done by speaking with an agent who will access multiple burial insurance companies.
Typical burial insurance face amounts to compare rates for:
It is important to consider not only the cost of premiums but also any additional benefits that may be included.
For example, an accelerated death benefit rider allow you access some portion of your death benefit if diagnosed with a terminal illness before passing away.
Step Three: Submit Application
Once you have selected a provider and policy, it’s time to complete an application form either online or over the phone with your agent.
The application form should include information about yourself such as age, health history, and lifestyle habits, so make sure all answers are accurate and honest when completing this step.
Inaccurate information could result in denial of coverage or increased premiums down the line.
You will also communicate who your beneficiary will be. Be sure to let your beneficiary know of their important role so that there is no confusion when it comes time to file a life insurance death claim.
Step Four: Pay Premium
Finally, once approved for coverage you will be required to make regular premium payments in order to keep your policy active until death benefits are paid out upon passing away.
Premium payments can usually be made monthly via direct debit or credit card payment depending on what option is available through your chosen provider.
It is important to remember that failure to pay premiums on time could result in cancellation of coverage so always ensure these payments are up-to-date.
Key Takeaway: Key takeaway: Burial insurance policies come in two main types (simplified issue or guaranteed issue). Compare rates from different providers, consider any additional benefits that may be included, complete an application form accurately, and make regular premium payments on time.
FAQs in Relation to Burial Insurance Cost for 71 Year Olds
Can a 71 year old get life insurance?
Yes, a 71 year old can get life insurance.
Depending on the type of policy and the insurer, there may be certain restrictions or qualifications that need to be met in order for coverage to be granted.
Generally speaking, many insurers offer policies specifically designed for seniors over age 50 which provide coverage designed for end-of-life expenses.
Called burial insurance, these policies often have lower premiums than traditional life insurance plans – due to their modest coverage amounts – and may also include additional benefits such as an accelerated death benefit rider.
Is it worth getting life insurance at 70?
Yes, it is worth getting life insurance at 70. In particular, burial insurance is worth it in most cases.
These policies provide financial protection for your family in the event of an unexpected death or illness. Additionally, they can help cover final expense, such as the cost of cremation.
Ultimately, life insurance provides peace of mind knowing that you have taken steps to ensure your loved ones are financially secure after you pass away.
What is the best insurance for seniors over 70?
The best insurance for seniors over 70 depends on their individual needs and budget.
Final expense (burial) policies are designed to cover the price of a funeral.
Medicare plans are designed for seniors over the age of 65 and provide coverage for medical expenses. Be sure to also evaluate Dental, Vision and Hearing plans as they are not typically covered under Medicare.
Health insurance can help with preventive care and hospital stays, while cancer plans offer additional protection against the financial burden of a diagnosis.
Ultimately, it’s important to compare different options to find the right plan that fits your specific situation. An experienced independent agent or broker can help you make an informed decision about which policy is best for you.
What is the cost of a burial policy?
The cost of burial insurance can vary greatly depending on the type of coverage and provider.
Generally, final expense policies are more affordable than traditional life insurance policies because they provide limited coverage amounts.
The average cost for a burial policy is typically between $25 to $150 per month, although this amount can be higher or lower depending on factors such as age, health status, and other personal information.
Additionally, some providers may offer discounts or special rates based on certain criteria, like having a veteran status.
It’s important to shop around and compare quotes from different insurers in order to find the best rate for your needs.
Next Steps
Burial insurance is an important form of financial protection for seniors over the age of 50.
Knowing the cost of burial insurance for 71 year olds is essential in order to make informed decisions about your finances and ensure that you have enough coverage to meet your needs.
Factors such as gender, health status, and lifestyle can all affect burial insurance rates. It’s important to research different companies and compare their offerings before making a decision on which one best meets your needs.
By following these steps, you can be sure that you are getting the most out of your investment in burial insurance cost for 71 year olds.
Seniors should not have to worry about the cost of burial insurance when they reach retirement age.
With iSeniorBenefits, seniors can get access to a variety of affordable plans that will help cover final expenses and provide peace-of-mind in their golden years.
Our products are designed with 71 year olds in mind, so you know your coverage is tailored specifically for your needs.
Don’t wait – contact us today and start exploring our options for the best protection at an unbeatable price.