Uncovering Burial Insurance Cost for 77 Year Olds: 2024 Update
Posted in Insurance By Age last updated on December 4, 2023
Burial insurance is a type of life insurance policy specifically designed to cover the costs associated with funeral expenses.
It’s an important consideration for anyone, but particularly so if you are over 77 years old and want to make sure your loved ones aren’t left with hefty bills after your passing.
But what does burial insurance cost for 77 year olds?
The answer depends on several factors such as gender, company selection, and more.
In this article we’ll explore sample rates by age and gender, discuss the best companies offering policies at competitive prices for seniors aged 77, and provide steps to buying a policy – all without breaking the bank.
Table of Contents
- What is Burial Insurance?
- Who Should Consider Buying Burial Insurance?
- How Much Does Burial Insurance Cost for 77 Year Olds?
- What Companies Offer Burial Insurance?
- How Can I Buy a Policy?
- Frequently Asked Questions
- Next Steps
What is Burial Insurance?
Burial insurance is a type of life insurance coverage that helps ease the financial burden on your loved ones when you pass away – by providing them with funds to pay for your end-of-life expenses.
Burial insurance usually pays out in a lump sum to your beneficiary. While the policy proceeds can be used in any way your loved ones see fit, they are designed to specifically cover:
- Price of a funeral.
- Cremation costs.
- Final medical bills.
- Transportation fees.
- Obituary notices.
- Flowers and other details for a memorial service.
The cost of a burial policy depends on several factors including age, health status, and amount of coverage desired.
Generally speaking, premiums are higher for older individuals due to their increased risk of death.
Key Takeaway: Burial insurance can provide financial protection for seniors over 50 and their families by covering end-of-life expenses. Premiums are typically higher for older individuals due to increased risk of death.
Who Should Consider Buying Burial Insurance?
Burial policies provide peace of mind for seniors who want to ensure their final expenses are taken care of without burdening family members or loved ones.
Age Requirements and Coverage Amount
Seniors over the age of 50 should consider buying burial insurance if they don’t have enough money saved up to cover their funeral and other related costs. Usually age requirements cap at 85 years old. However, certain policies do offer coverage up to age 90.
Burial insurance policies typically range from $2,000 – $50,000 in coverage and can be used to pay for things like funeral services, caskets or urns, flowers, obituaries, cemetery plots or headstones, cremation fees and more.
No Medical Exam Required
Another reason why seniors may want to purchase burial insurance is that it often comes with no medical exam requirement, which makes it easier for those who may not qualify for traditional life insurance due to health issues or advanced age.
Furthermore, some policies also offer guaranteed acceptance so you won’t be denied based on your health history or lifestyle choices, such as smoking cigarettes or drinking alcohol.
Living Benefits
Finally, many burial policies come with an accelerated death benefit rider, which allows you access up to 75% of your death benefit while still alive – if you are diagnosed with a terminal illness.
This feature provides financial relief during difficult times when money might otherwise be tight due to medical bills and other expenses associated with long-term illnesses.
Permanent Coverage
Almost always, burial policies are permanent. Also referred to as whole life, permanent life insurance does not expire, as long as you make your premium payments.
Since burial insurance is designed to pay for costs incurred at the time of your passing, such as the price of a funeral, it is ideal to have the policy last your entire life without worrying about outliving the contract.
Key Takeaways
Purchasing burial insurance for seniors offers financial protection against unexpected end-of-life costs, while providing peace of mind knowing that their families will not have any additional financial burden after they pass away.
Burial insurance can be a great way to ensure that your loved ones are taken care of financially in the event of your passing.
For 77 year olds, it is important to understand the costs associated with this type of coverage before making any decisions. Let’s take a closer look at how much burial insurance typically costs for those aged 77 and over.
In summary, burial insurance can provide financial relief and peace of mind for seniors. It typically comes with no medical exam requirement, and sometimes beneficial riders to allow access to funds if diagnosed with a terminal illness.
How Much Does Burial Insurance Cost for 77 Year Olds?
For seniors over the age of 77, burial insurance can be an important part of their overall financial plan.
The cost of burial insurance varies depending on several factors such as age, health status, coverage amount chosen and company offering the policy.
Generally speaking, premiums range from $25 – to hundreds of dollars per month for those aged 77 and older.
Let’s consider a few specific examples. A healthy 77 year old male can expect to pay about $115 per month for a $10,000 burial policy.
In comparison, a healthy 77 year old female will pay around $85 per month for the same $10,000 policy.
Use our free burial insurance quoting tool to receive your unique quote based on your needs.
Burial insurance costs for 77 year olds vary depending on the policy, but there are a number of reputable companies that offer burial insurance policies to seniors. The next heading will discuss what companies offer burial insurance.
Key Takeaway: The cost of burial insurance for a 77 year old depends on your gender, health status, coverage amount, life insurance carrier and any optional living benefits you add on to the policy.
What Companies Offer Burial Insurance?
There are many companies that offer burial insurance policies, each with their own unique features and benefits.
American Amicable Senior Choice
American Amicable offers a highly-rated burial insurance plan. As a form of whole life (permanent) insurance, the policies provide guaranteed death benefit amounts and fixed premiums throughout the life of the policyholder. Up to $50,000 in death benefit coverage is available.
SBLI Living Legacy
SBLI also offers burial insurance as a form of permanent coverage. Premiums are fixed with up to $35,000 in death benefits. Included with your policy is access to LegacyShield, an online subscription to estate planning tools, as well as enrollment into the Sequoia Funeral Concierge Plan.
Mutual of Omaha Living Promise
Mutual of Omaha provides two different kinds of burial insurance: level benefit and modified benefit, depending on your health status. You may purchase up to $40,000 in coverage and an accelerated death benefit rider is included.
CICA
CICA Life offers a plan called Superior Choice. Up to $30,000 in coverage is available with the following riders: terminal illness, accidental death and dismemberment.
Coverage is easy to qualify for. You will not be asked about your height, weight or tobacco use. Common health conditions, such as current oxygen use or physician-supervised kidney dialysis, qualify for Standard rates.
Guarantee Trust Life Heritage Plan
Finally, Guarantee Trust Life (GTL) also offers a great option when it comes to purchasing a burial expense policy. Coverage is permanent and up $25,000 in death benefits is available.
GTL also issue policies up to age 90, so the carrier is a great option for burial insurance for the elderly.
Key Takeaways
Overall, there are numerous companies offering quality burial insurance for seniors who are looking for reliable financial protection against rising funeral costs down the line.
Work with an independent agent. They will act as an advocate for you and compare multiple carriers to find the best policy to fit your needs.
Before deciding on one particular provider, always compare quotes from multiple sources to ensure the best possible deal that fits individual needs and budget requirements now and for future planning purposes alike.
By understanding what companies offer burial insurance, you can make an informed decision on the best policy for your needs and budget.
In summary, burial insurance is an important form of protection for seniors over 50, and there are many companies offering various types of plans with different features and benefits. Compare quotes from multiple sources and work with an independent agent.
Now let’s look at how to purchase a policy.
How Can I Buy a Policy?
Buying a burial insurance policy is an important decision, especially for seniors over the age of 50. It’s important to understand what you are buying and how much it will cost before making a purchase.
To recap, burial insurance is a type of life insurance that provides coverage for funeral expenses and other end-of-life costs. The amount of coverage varies from company to company, but typically ranges from $2,000 to $50,000 in coverage.
Step One: Work with an Expert
To buy a policy, you should first contact an expert independent agent who specializes in burial policies.
You can also use our online comparison tools to help find the best rate for your needs. That way, you have access to multiple top-rated carriers.
Each burial insurance company offers unique features and pricing. It is in your best interest to compare and contrast your needs with multiple companies and policies.
Step Two: Select a Carrier
Once you have chosen a provider, you will need to fill out an application and provide proof of identity before purchasing the policy.
It’s important to note that most policies require a health questionnaire in order to qualify for coverage.
Expect simple questions about your health, including whether you have been diagnosed with major health conditions, and if you are a smoker. Always answer honestly.
However, if you are experiencing serious health complications, and will not qualify for coverage, guaranteed issue life insurance plans are always an option – as no health questions are asked.
Keep in mind, no burial insurance policies will require a medical exam. You can purchase a policy from the comfort of your home.
Step Three: Select Coverage Amount and Fill out Application
During the application process, be sure to clearly communicate your information, including Social Security number, full name, address, date of birth, health information, and beneficiary information.
Be sure to choose a coverage amount that will meet all of your anticipated end-of-life financial obligations.
77 year olds should assess the following:
- Anticipated final medical bills.
- Price of funeral.
- Minor debts.
- Other modest financial goals or obligations.
Many seniors opt for the following coverage amounts:
Once you have been approved for coverage, you will make your first premium payment in order for your policy to be in force. Pay your premiums regularly to keep your policy active.
A copy of your policy will be sent to you, either electronically or in the mail. Store your life insurance contract in a safe spot, review it regularly and make sure you beneficiary knows where to find it.
Key Takeaway: To get the best rate, contact an independent agent to compare quotes and fill out an application with proof of identity. Be aware that health questions may be required.
Frequently Asked Questions
Can you get burial insurance for seniors?
Yes, you can buy burial insurance for insurance for seniors.
Burial insurance, also called final expense insurance, is a type of life insurance policy specifically designed to cover the price of a funeral and other costs related to end-of-life care.
These policies are typically smaller in coverage amount than traditional life insurance policies, but they are also more affordable for seniors on a fixed income.
Can a 77 year old get life insurance?
Yes, a 77 year old can get life insurance.
Most insurers offer coverage for seniors over age 80 and some even offer policies up to age 90.
Coverage amounts may be lower than those offered to younger individuals, but the policyholder is still able to purchase a policy that meets their needs.
It’s important for seniors over 50 to shop around and compare rates from different providers in order to find the best coverage at an affordable price.
What is the cost of a burial policy?
The cost of burial insurance depends on several factors, such as the type of coverage you choose and your age.
Generally speaking, final expense policies for seniors over 50 can range from $2,000 to $50,000 in coverage. Premiums will vary depending on the amount of coverage selected and other factors like health history or lifestyle habits.
It is important to shop around and compare quotes from different providers before making a decision. Be sure to work with an expert agent.
Ultimately, it is up to you to decide how much protection you need at an affordable price – that fits within your budget.
Next Steps
Burial insurance is an important consideration for seniors over the age of 50. It can provide financial security and peace of mind to those who are looking to ensure their final expenses are taken care of.
For 77 year olds, burial insurance cost will vary depending on factors such as gender and health status, and coverage amount.
Researching different companies that offer burial insurance policies can help you find the best rates available for your situation.
Once you have found a policy that meets your needs, it’s important to understand all the steps necessary in order to purchase a policy so that you can make sure everything is done correctly and efficiently.
iSeniorBenefits specializes in helping seniors find affordable insurance coverage. Contact us today to secure your financial protection.