Burial Insurance Cost for 57 Year Olds: FAQs + 2024 Update
Posted in Insurance By Age last updated on December 4, 2023
For seniors over the age of 50, burial insurance is a crucial way to protect their families from financial burden in the event of death.
It’s important for those in this age group to understand how much it costs and what factors are at play when determining rates so they can make an informed decision on which policy works best for them.
When looking into burial insurance cost for 57 year olds, there are sample rates based on gender, popular companies offering coverage, and specific steps one should take when purchasing a plan that all need to be taken into consideration.
This article will provide you with helpful information about burial insurance cost for 57 year olds as well as cover topics such as what factors affect rates, recommended companies and how to buy.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 57 Year Olds?
- What Other Factors Affect Burial Insurance Rates?
- What Are Some Popular Companies Offering Burial Insurance?
- How Can I 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 individuals over the age of 50 who want to ensure that their loved ones are not burdened with these costs after they pass away.
Burial insurance policies usually provide amounts ranging from $2,000 to $50,000 in coverage depending on the individual’s needs and budget. The premiums for these policies can vary greatly based on factors such as age, health status, gender and lifestyle habits.
Benefits of Burial Insurance
The main benefit of purchasing burial insurance is that it provides peace of mind knowing that your family will not be financially burdened in case something happens to you.
This type of policy can help cover funeral or cremation expenses including casket or urn purchases, transportation fees and other related services like flowers or obituaries.
Additionally, some policies may even offer additional benefits such as cash advances for immediate financial assistance during difficult times or living benefits which allow you access up some of your death benefit while still alive, if diagnosed with a terminal illness.
Key Factors
When shopping for burial insurance it’s important to compare different companies and plans in order to find one that best fits your needs at an affordable price point.
To recap, burial insurance is a type of life insurance policy that provides financial coverage to help pay for the price of a funeral and other related costs. It can be an important part of your financial planning, especially if you are 50 years old or older.
Let’s take a look at how much burial insurance typically costs for this age group.
Key Takeaway: Burial insurance provides peace of mind knowing that your family will not be financially burdened in case something happens to you. It is important to compare different companies and plans in order to find one that best fits your needs at an affordable price point.
How Much Does Burial Insurance Cost for 57 Year Olds?
The cost of burial insurance for 57 year olds will vary depending on several factors such as gender, health history, and amount of coverage desired. Generally speaking, premiums can range from $25 to hundreds of dollars per month depending on the company and policy chosen.
Gender
For example, if a 57 year old female was looking for a $10,000 policy with an A+ rated insurer like Mutual of Omaha, she could expect to pay around $30 per month in premiums while a male would likely pay closer to $40 per month, due to higher risk factors associated with males at this age.
Health History
In addition to gender differences in premium rates, there are also other factors that affect how much you will pay each month.
For example, your overall health history – and any pre-existing conditions you may have such as diabetes or heart disease – could increase your monthly rate significantly due to increased risk levels associated with these conditions.
Coverage Amount
In addition to your gender and health status, the size of your policy affects how much it will cost.
Ideally, you will want to purchase a policy that will cover all of your final expenses and ensure that your loved ones are not burdened financially.
Common burial insurance coverage amounts include:
Compare your budget to the monthly premium cost of an ideal policy amount for your financial needs. At the end of the day, remember, some burial insurance is better than no burial insurance. The last thing you want is for loved ones to be searching for free burial places for you.
Unsurprisingly, the more coverage you purchase, the higher your premium will be since there’s a greater financial risk involved for the insurer if something were to happen to you.
Policy Details
Finally it’s important to consider what type of policy you choose when determining how much burial insurance will cost for 57 year olds.
Different policies offer varying levels of coverage, ranging from basic plans up through more comprehensive ones that include additional benefits such as an accelerated death benefit rider, which allow beneficiaries access funds earlier than they normally would be able to.
When shopping for burial insurance, with the help of an expert agent who specializes in burial insurance for seniors, do research on all available options before making any decisions.
This will ensure that you find the best plan at the most affordable price point given your individual circumstances and needs.
The cost of burial insurance for 57 year olds can vary greatly depending on a number of factors. To better understand how these factors affect the cost, let’s look at what affects burial insurance rates.
Key Takeaway: When shopping for burial insurance, it is important to do research on all available options and consider factors such as gender, health history, amount of coverage desired and type of policy chosen.
What Other Factors Affect Burial Insurance Rates?
Burial insurance rates for 57 year olds vary depending on a number of factors.
Clearly, gender and health history are two primary factors that affect burial insurance rates, with women typically receiving lower premiums than men due to their longer life expectancy.
Lifestyle
Lifestyle habits are also taken into consideration when calculating most burial insurance rates.
For example, smokers will likely pay more in premiums than non-smokers as they are considered a greater risk by insurers due to the increased likelihood of developing serious medical conditions and dying at an earlier age.
Serious Medical Conditions
Sometimes, seniors have been diagnosed with one or more serious medical conditions that prevent them from buying traditional burial insurance.
For example, a terminal illness, COPD, multiple cardiac events, and some forms of cancer will create obstacles to securing coverage.
Not to worry, though. There are, guaranteed issue life insurance plans for burial coverage that do not ask health questions whatsoever. These plans should only be evaluated when other burial insurance options have been exhausted.
It is always advisable to compare different policies from various providers before making any decisions about which plan would be most suitable for your needs and budget. Be sure to work with an independent agent.
What Are Some Popular Companies Offering Burial Insurance?
When it comes to choosing an insurer, there are many companies offering burial insurance policies.
First and foremost, enlist the help of an independent agent who focuses on burial insurance for seniors. That way, you have access to the top-rated burial insurance companies to compare and contrast policy features with your unique needs.
American Amicable
American Amicable offers several different types of coverage, including whole life burial policies, as well as riders that can be added on for additional protection.
You can purchase up to a $50,000 burial policy, and coverage is offered to seniors between the ages of 50 – 85 years old.
Mutual of Omaha
Mutual of Omaha also provides high-quality burial plans, along with optional riders like an accidental death benefit.
Up to $40,000 in coverage is available for seniors between 45 – 85 years old. An accelerated death benefit is included with a policy purchase.
CICA
CICA Life offers up to $30,000 in coverage via their Superior Choice products. Underwriting is kept to a minimum and applicants can be between the ages of 0 – 85 years old.
SBLI
SBLI has a range of burial insurance products available. They also provide free enrollment into the Sequoia Funeral Concierge Plan with a purchase of a burial policy.
The death benefit ranges from $2,500 to a $35,000 burial policy. Policies are issued to seniors between 50 – 85 years old. Further, SBLI offers LegacyShield, which provides a free subscription to online estate-planning tools.
Guarantee Trust Life
Guarantee Trust Life offers simplified issue policies designed specifically for seniors over 40 years old, with an easy application process.
Seniors only need to answer five health questions in order to secure up to $25,000 in coverage. You must be between 40 – 90 years old.
AIG
AIG is a top-rated carrier who offers guaranteed issue burial insurance. Seniors should look to AIG’s burial policy only after other forms of final expense insurance have been evaluation.
If you do not qualify for traditional burial insurance underwriting, AIG offers up to $25,000 in coverage with no health questions asked. You must between age 50 and age 80.
Final Thoughts
You will want to compare different insurers before making a decision in order to find the best fit for your needs and budget. The best way to accomplish the task of comparing and contrasting carriers is to work with an independent agent who has access to multiple top-rated life insurance companies.
Each company will have its own set of rates based on factors such as age, gender, health history, lifestyle habits (such as smoking), and amount of coverage desired.
It is essential to understand all the details before signing any paperwork or paying any premiums.
Additionally, some insurers may offer discounts if you purchase multiple types of insurance from them or if you are a military veteran buying burial insurance. Therefore, it is worth looking into these options when shopping around for burial insurance providers.
Popular companies offering burial insurance vary in their offerings and benefits, so do your research before making a purchase. Now let’s look at how you can buy burial insurance.
Key Takeaway: Burial insurance is a type of life insurance policy that pays out a lump sum to cover funeral and burial expenses. It is important to compare different insurers before making a decision in order to find the best fit for your needs and budget.
How Can I Buy Burial Insurance?
Buying burial insurance is a relatively simple process that can be done online or over the phone. Just be sure to have an independent agent working on your behalf, first.
Compare and Contrast
It’s important to research different companies and policies before making a purchase in order to find the best rate for your needs.
Comparing rates from multiple providers will help you make an informed decision about which policy is right for you.
When shopping around, consider factors such as coverage amount, monthly premiums, waiting periods and any additional benefits offered by the provider.
Research different companies and compare their rates to get the best deal that will provide enough coverage for unexpected costs related to death, such as funeral services or medical bills not covered by regular health plans.
Apply for Coverage
Once you have chosen a policy that meets your needs, it’s time to apply for coverage.
In order to determine eligibility and premium rates, most insurers require applicants to fill out an application form and provide information such as:
- Age (date of birth).
- Gender.
- Physical address.
- Health history.
- Other personal details.
- Beneficiary information.
Doing your homework beforehand can make purchasing burial insurance much simpler and less intimidating.
Policy Issuance
Many burial insurance carriers offer same-day policy issuance. This means you can secure coverage on the same day that you apply.
After you make your first premium payment, you policy is considered in-force. You will be sent a copy of your new life insurance contract, either electronically or in the mail.
Store you policy in a safe play and let your beneficiary know where to find it. That way, when it comes time to file a life insurance death claim, there are no delays.
Key Takeaway: Buying burial insurance is an important step in preparing for end-of-life expenses. Researching different companies and policies beforehand can help you make an informed decision about which plan is best suited to your individual needs.
Frequently Asked Questions for 57 Year Olds
How much does a burial policy cost?
The cost of a burial policy varies depending on the type of coverage you choose and your age.
Generally, final expense policies are less expensive than traditional life insurance policies, with premiums starting as low as $10 per month for seniors over 50 years old.
However, if you opt for more comprehensive coverage, the premiums can be higher. Ultimately, it is important to shop around and compare different options to find the best plan for your needs at an affordable price.
What kind of insurance covers burial?
Final expense insurance, or burial insurance, is a type of life insurance policy specifically designed to cover burial and funeral costs.
It can provide coverage for the cost of cremations, caskets, headstones, flowers, obituaries, and other related expenses.
The death benefit from this type of policy is typically paid out within 24 hours after filing a death claim with the insurer. This makes it an ideal option for those who want to ensure their loved ones are not burdened with financial stress during a difficult time.
Are burial policies worth it?
Burial policies can be a valuable tool for seniors over the age of 50. They provide financial security and peace of mind in the event of death, covering funeral costs and other expenses associated with end-of-life arrangements.
Additionally, they are typically less expensive than traditional life insurance policies, making them an attractive option for those on a budget.
Ultimately, whether or not burial policies are worth it depends on individual circumstances. However, keep in mind that they can provide invaluable protection to those who need it most.
Next Steps
The cost of burial insurance for 57 year olds will vary depending on factors such as gender, health status, and type of policy chosen.
To purchase a policy that meets your needs at a price you can afford, it’s best to compare rates from multiple providers before making a decision.
Burial insurance cost for 57 year olds should be considered carefully when choosing coverage to ensure that you have adequate protection in place if needed.
Are you a 57-year old looking for reliable burial insurance coverage? Look no further than iSeniorBenefits.
Our affordable and comprehensive plans offer the protection you need, including final expense, Medicare, health and cancer policies.
With us on your side, you can rest assured that your loved ones will be taken care of in the event of an unexpected death or illness. Don’t wait any longer – get peace of mind with our secure burial insurance today.