Burial insurance is a type of life insurance that can provide financial protection for your family in the event of your death.
For those aged 55 and over, burial insurance cost varies depending on factors such as gender and health history.
It’s important to understand how much you could expect to pay when considering buying burial insurance at this age, so we’ve put together some information about the costs associated with it along with other types of coverage you should consider if you’re looking for financial security after retirement.
We’ll explore what affects the price tag attached to burial insurance cost for 55 year olds and outline different ways in which they can purchase it from reputable companies.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 55 Year Olds?
- How Can I Buy Burial Insurance?
- Best Burial Insurance Companies
- What Other Types of Insurance Should I Consider?
- FAQs in Relation to Burial Insurance Cost for 55 Year Olds
- 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 funeral and burial expenses. It typically has a low face value and can be purchased by individuals over the age of 50.
The purpose of this type of policy is to provide financial protection for loved ones in case something happens to you. This way, your family won’t have to worry about paying for your funeral or other related expenses out-of-pocket.
It’s important to note that burial insurance isn’t meant to replace traditional life insurance policies like term or whole life coverage; it’s simply an additional layer of protection that can help ease the burden on those left behind if something were to happen unexpectedly.
Unlike other types of life insurance policies, burial insurance doesn’t require medical exams or extensive paperwork before being approved – making it ideal for seniors who may not qualify for more comprehensive coverage due to health issues or age restrictions.
Additionally, policies don’t require any premium payments after death so there’s no need for beneficiaries to worry about repayment when filing claims.
When shopping around for burial insurance for seniors, it is important to compare different companies and their offerings carefully in order to ensure you are getting the best deal possible while still providing adequate coverage.
Make sure you understand what benefits are included in each plan (such as cash value) and how much they will cost overall before committing yourself financially; this way, you will know exactly what kind of protection your money is buying into ahead of time.
Burial policies help cover funeral costs and other end-of-life expenses. That way, your loved ones are not searching for free burial places for you.
So, it’s important to understand how much burial insurance will cost for 55 year olds.
Key Takeaway: Burial insurance, also known as final expense insurance, is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses. It typically has a low face value and can be purchased by individuals over the age of 50.
How Much Does Burial Insurance Cost for 55 Year Olds?
The cost of burial insurance for 55 year olds will vary depending on several factors such as gender, health history, lifestyle choices and more.
Generally speaking, males tend to pay slightly more than females due to higher mortality rates associated with men at this age range.
Additionally, individuals who are considered high risk may have higher premiums due to their increased likelihood of passing away sooner than someone in good health. For example, diabetic seniors may be charged more for coverage.
When it comes to lifestyle choices like smoking or drinking alcohol regularly, these habits could also affect the price you pay for burial insurance coverage.
Smokers typically face significantly higher premiums compared to non-smokers because they’re seen as having a greater chance of dying prematurely from smoking related illnesses such as cancer or heart disease.
If you’re looking into buying burial insurance but aren’t sure where to start, the first step you should take is to collaborate with an independent life insurance agent, who specializes in this type of coverage.
An expert agent has access to top-rated carriers offering competitive rates. With their help, you can compare quotes before making any decisions about which policy is right for you and your budget needs.
Finally, be sure to consider not only burial insurance when planning ahead financially, but also other types of policies that could benefit both yourself and your family members in times of need.
These can include health insurance plans designed specifically for seniors aged 50 years and older.
Taking all these things into account now, especially if you are still relatively healthy and active, means that whatever happens down the line – whether it be unexpected illness or injury – you will have some form of security knowing that potential financial burdens are taken care off.
Key Takeaway: Burial insurance is an affordable way to provide peace of mind for you and your family in the event of death. The cost of burial insurance for 55 year olds will vary depending on factors such as gender, health history, lifestyle choices and more.
How Can I Buy Burial Insurance?
Buying burial insurance is a straightforward process that can be done online or through an agent or broker.
An independent agent who specializes in burial insurance for seniors will assist you, step-by-step.
Provide Your Information
When shopping for burial insurance, you will need to provide information about yourself such as age, gender and health history.
This information helps determine how much coverage you qualify for and what type of policy would best suit your needs.
Determine Coverage Amount
Your premium payments may also vary depending on the amount of coverage you choose and any additional riders that are included in the policy.
Typical coverage amounts include:
If you decide to purchase a burial insurance policy online, make sure that the website is secure before entering any personal information.
Understand Policy Details
Additionally, read all terms and conditions carefully so that there are no surprises down the road when it comes time to file a claim or make changes to your policy.
When selecting an agent or broker, which is highly recommended, look for someone who has experience working with seniors specifically and ask questions about their qualifications and expertise in this area of insurance products.
iSeniorBenefits specializes in finding the best insurance coverage available for the senior population.
It’s also important to review their customer service policies before signing up with them as well as asking if they offer any discounts based on age or other factors, like military service.
Keep Paperwork Secure
Finally, once you have chosen a provider it is essential that you keep track of all paperwork related to your policy including payment records so that everything is up-to-date should something happen unexpectedly where filing a claim becomes necessary.
Let your beneficiary know where your policy is stored so that there are no delays when it comes time to file a life insurance death claim.
Buying burial insurance is a great way to ensure that your loved ones are taken care of after you pass away. Now let’s look at the best burial insurance companies available for those aged 55 and over.
Key Takeaway: When shopping for burial insurance, it is important to compare quotes from multiple providers and provide information such as age, gender and health history.
Best Burial Insurance Companies
When choosing a burial insurance company, there are several factors to consider. The most important factor is the cost – you want to make sure you’re getting the best coverage at an affordable price.
Other things to look for include customer service, ease of application process, and whether or not they offer additional benefits such as accelerated death benefit riders or living benefits options.
They also have no medical exam requirements which makes them ideal for those who may not qualify due to pre-existing conditions or other health issues.
Mutual of Omaha
Another great option is Mutual of Omaha Burial Insurance which offers flexible plans tailored specifically towards seniors aged 50+.
Their plans range from $2,000 up to $40,000 in coverage amount and come with features like level premiums (which remain unchanged throughout the policy) as well as guaranteed no medical exams required.
CICA Life offers coverage for individuals between 0 – 85 years old. You will not be asked questions about your height, weight or tobacco status on the application. Many common health conditions qualify for Standard rates.
Up to $30,000 in death benefits is available with the following riders available: terminal illness, dismemberment and accidental death.
Finally SBLI Burial Insurance should also be considered when looking into burial insurance companies; they offer competitive rates on their whole life policies. Coverage amounts range from $2,500 – $35,000 depending on age and health status.
Unique to SBLI, with the purchase of a burial policy, you gain free access to the Sequoia Funeral Concierge Plan, a service that assists in all aspects of funeral planning.
AIG provides a burial insurance option for seniors who do not qualify for traditional burial insurance due to serious health complications. As a guaranteed issue life insurance plan, AIG’s burial policy application process will not ask any health questions.
Only apply for a guaranteed issue policy once you have confirmed you are ineligible for other forms of final expense coverage. AIG offers up to $25,000 in coverage and includes an accelerated death benefit.
Guarantee Trust Life
Guarantee Trust Life offers up to a $25,000 burial policy for applicants between the ages of 40 and 90 years old. Only five health questions are asked during underwriting.
For the first two policy years, while the policy is graded, an accidental death benefit is included at no extra charge.
Key Takeaway: Burial insurance is an important part of end-of-life planning and there are many companies offering different plans for seniors over 55. It is important to shop around for the best coverage at an affordable price.
What Other Types of Insurance Should I Consider?
Seniors over the age of 50 should consider other types of life insurance in addition to burial insurance.
Health insurance plans are a popular option for seniors, as they provide coverage for medical expenses. These plans can help cover co-pays and deductibles, as well as certain prescription drugs and services.
Note – for seniors over 65, look to Medicare enrollment.
Cancer plans are another type of life insurance policy designed specifically for seniors who may be at risk for developing serious illnesses such as cancer or heart disease.
These policies typically offer higher levels of protection than standard health insurance policies, including coverage for treatments like chemotherapy or radiation therapy. They also often include financial assistance with out-of-pocket costs associated with these treatments.
Dental Vision and Hearing
Dental, Vision and Hearing coverage needs to be evaluated as these specific coverage areas are often not included in health insurance plans.
As seniors age, their teeth, eyes and ears usually need extra care. A proper insurance plan will help mitigate the costs associated with doctor’s appointments to keep you smiling, seeing, and listening.
No matter what type of life insurance policy you choose, it is important to do your research before making any decisions. This will ensure that you understand all the details involved and make sure the plan meets your needs now and into the future.
It is also essential to compare different companies’ rates carefully before committing to one particular plan in order to get the best deal possible while still getting adequate coverage from a reputable provider.
Key Takeaway: Seniors over the age of 50 should consider other types of life insurance beyond burial insurance, such as health and cancer plans. It is important to do research before making any decisions in order to get the best deal possible while still getting adequate coverage from a reputable provider.
FAQs in Relation to Burial Insurance Cost for 55 Year Olds
Are burial policies worth it?
Yes, burial insurance is worth it in most circumstances.
Burial policies can be a valuable tool for seniors over the age of 50 who are looking to ensure that their final expenses are taken care of.
They provide peace of mind knowing that loved ones will not have to worry about covering funeral costs, and can help reduce financial stress during an already difficult time. While burial policies may not be necessary for everyone, they can offer important coverage for those who need it.
Is it better to get life insurance or burial insurance?
It depends on the individual’s needs and preferences.
Life insurance provides a death benefit to beneficiaries in the event of an insured person’s passing, while burial insurance is specifically designed to cover funeral costs.
If you are looking for coverage that will provide financial security for your family after you pass away, life insurance may be the better option as it can help with more than just funeral expenses.
On the other hand, if you want to ensure that your final expenses are taken care of without burdening your loved ones, then burial insurance may be a better choice.
Ultimately, it comes down to what works best for each individual situation, and type of coverage you can qualify for.
What kind of insurance covers burial?
Burial insurance, also known as final expense insurance, is a type of life insurance policy specifically designed to cover the costs associated with end-of-life expenses.
It typically pays out a lump sum upon death that can be used to cover the price of a funeral and burial, medical bills, outstanding debts or other financial obligations.
Burial insurance policies are generally available for seniors over the age of 50 and provide coverage regardless of health status.
When should you buy burial insurance?
It is important to consider purchasing burial insurance as soon as possible, especially for seniors over the age of 50.
Burial insurance can provide financial protection in the event of an unexpected death, and help cover costs associated with funeral expenses and other end-of-life costs.
The sooner you buy coverage, the less it will likely cost, as premiums increase with age. A policy will cost a 55 year old significantly less than it would for a 75 year old to buy the same coverage.
Ultimately, it’s wise to speak with an experienced agent who can review your needs and provide advice on which type of policy would be most beneficial for you.
With the help of an expert agent who specializes in burial policies, be sure to compare rates from different companies and consider the coverage options that best fit your needs.
When shopping for burial insurance, it is also wise to consider other types of insurance such as Medicare or health plans that may be beneficial in providing additional financial protection.
Through careful research and consideration, you can find the right policy at an affordable price to provide peace of mind for yourself and your loved ones.
Are you 55 years or older and looking for an affordable burial insurance plan? Look no further. iSeniorBenefits offers comprehensive final expense, Medicare, health and cancer plans tailored to meet your needs.
With a range of options available, we can help you find the perfect coverage at an unbeatable price. Don’t wait – contact us today and get started on finding the best solution for all your senior-related financial planning needs.