Burial Insurance Cost for 58 Year Olds: How to Buy in 2024
Posted in Insurance By Age last updated on December 4, 2023
Burial insurance cost for 58 year olds can be an intimidating topic, especially when trying to decide the best policy and provider.
If you’re a 58-year old considering purchasing burial insurance, it’s important to understand what it is, who should consider buying it, how much coverage will cost at your age range, and how to go about getting the right plan for you.
Burial Insurance provides peace of mind that your loved ones won’t have financial stress after you pass away – but understanding burial insurance cost for 58 year olds can help ensure that this protection doesn’t come with too high a price tag.
In this article, we’ll look into all aspects of burial insurance so that you can make an informed decision on whether or not it’s something worth investing in.
Table of Contents
- What is Burial Insurance?
- Who Should Consider Buying Burial Insurance?
- How Much Does Burial Insurance Cost for a 58 Year Old?
- How to Buy Burial Insurance at 58 Years Old?
- 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 funeral and burial expenses.
It is usually 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.
Definition of Burial Insurance
Burial insurance is a form of life insurance that pays out upon death in order to cover the cost of funeral and burial expenses. The amount paid out varies depending on the policy, but it typically ranges from $2,000 – $50,000 burial policy.
The policyholder pays premiums throughout their lifetime until they die. Upon death, the insurer will pay out typically a lump sum.
Benefits of Burial Insurance
The primary benefit of purchasing burial insurance is peace-of-mind knowing that the price of your funeral is covered and your family won’t be left with financial burden upon your death.
Additionally, many policies offer additional benefits, such as:
- Living benefits which can help pay for medical bills while you are still alive.
- Accelerated death benefits which allow you access some funds before passing away.
- Accidental death coverage which pays double if your cause of death was due to an accident rather than natural causes.
Key Takeaway: Burial insurance is a form of life insurance designed to cover the costs associated with funeral and burial expenses. It offers peace-of-mind knowing that your family won’t be left with financial burden should something happen to you.
Who Should Consider Buying Burial Insurance?
Burial insurance is a type of life insurance policy that provides financial protection for your family in the event of your death.
It can help cover a memorial service, cremation costs, medical bills, and other expenses associated with end-of-life planning.
Seniors over the age of 50 should consider buying burial insurance to ensure their loved ones are taken care of after they pass away.
Age Requirements for Buying Burial Insurance
Most insurers require applicants to be at least 40 – 50 years old before they can purchase a burial insurance policy.
And, elderly seniors have coverage options. Most carriers allow seniors to be over age 80 (sometimes up to age 90) to buy coverage.
Reasons to Buy Burial Insurance at 58 Years Old
There are several reasons why someone who is 58 years old might want to consider purchasing burial insurance.
First, it can provide peace of mind knowing that you have provided financial protection for your family in case something happens to you unexpectedly.
Additionally, burial insurance for seniors can help cover unexpected costs such as funeral arrangements and medical bills so that your loved ones don’t have to worry about these expenses during an already difficult time.
Finally, many policies offer cash value benefits which means you could access funds in the case of a minor financial emergency.
Key Takeaway: Seniors over the age of 50 should consider buying burial insurance to ensure their loved ones are taken care of after they pass away.
How Much Does Burial Insurance Cost for a 58 Year Old?
The cost of burial insurance for a 58 year old can vary greatly depending on several factors.
Factors affecting cost include:
- Gender.
- Coverage amount.
- Carrier selected.
- Amount of coverage purchased.
- Additional riders or benefits.
Coverage Amount
The amount of coverage purchased greatly affects the cost of burial insurance for a 58 year old. Generally speaking, larger amounts will result in higher premiums due to increased risk associated with providing such large sums upon death or disability.
Typical burial insurance face amounts include:
However, smaller amounts may be available depending on individual circumstances and needs so it’s important to shop around for different quotes before making a decision.
Riders and Benefits
Finally, certain riders or benefits may be added onto policies which could increase their overall cost but also provide additional protection should something unexpected happen during one’s lifetime such as long-term care expenses or accidental death benefit payments.
Compare Options
It’s important to consider these options carefully when shopping for burial insurance since they can make all the difference between having adequate protection and not enough if something were to occur down the line after purchasing a policy without them initially included in it.
Comparison shopping is key when looking into buying burial insurance since prices can vary significantly among providers.
Taking time to compare different companies is essential in order to find the best deal possible that meets individual needs most effectively while still staying within budget constraints set forth by purchaser prior to searching process beginning.
Key Takeaway: When shopping for burial insurance, it is important to consider several factors in order to find the best deal. These include: type of policy, amount of coverage purchased, and any additional riders or benefits that may be included.
How to Buy Burial Insurance at 58 Years Old?
Before purchasing a burial insurance policy at 58 years old, be sure to understand the different types of policies available and how they can benefit you.
Remember, burial insurance, also known as final expense life insurance, is designed to cover funeral costs and other end-of-life expenses.
It typically provides coverage for individuals between 50 and 85 years old with death benefits ranging from $2,000 to $50,000.
When buying coverage at 58 years old, there are several questions that should be asked in order to find the best policy for your needs.
Utilize an expert life insurance agent who specializes in burial insurance for seniors.
Step One
First, ask about any age restrictions or health requirements that may affect eligibility. Also inquire about what type of premiums are offered – they should be fixed – as well as any discounts available based on military service, your current health status or lifestyle habits such as non-smoking.
Step Two
Additionally, make sure you understand what type of death benefit will be provided by the policy – it typically pays as a lump sum.
Determine if there are any additional riders included such as accidental death protection or accelerated benefits in case of terminal illness diagnosis.
Step Three
Finally, consider where you want to purchase your coverage from when deciding how to buy burial insurance at 58 years old.
There are many reputable companies offering these policies online which makes it easy to compare rates and features side by side before making a decision.
To start, assess the following highly-rated burial insurance carriers:
An independent agent who specializes in this type of product will help guide you through the process and answer any questions you may have along the way.
Key Takeaway: When shopping for burial insurance at 58 years old, it is important to consider the type of policy available, any age restrictions or health requirements that may affect eligibility, and the premiums available based on your current health status or lifestyle habits.
Frequently Asked Questions for 58 Year Olds
How much does a burial policy cost?
The cost of a burial policy will vary depending on the type of policy and coverage you choose. Generally, final expense policies are designed to cover funeral costs, and can range from $2,000 to $50,000 in coverage.
Are burial policies worth it?
Yes, burial policies are worth it for seniors over the age of 50. Burial policies provide a way to cover funeral costs and other related expenses that can be expensive and difficult to pay out-of-pocket.
They also offer peace of mind knowing that your loved ones won’t have to worry about covering these costs after you’re gone.
Additionally, some burial policies may even include additional benefits such as coverage for medical bills in the event of a terminal illness, or access to an increased death benefit in the event of an accidental death.
Is it better to get life insurance or burial insurance?
It depends on your individual needs and goals.
Life insurance provides a lump sum payment to your beneficiaries upon death, while burial insurance is designed to cover the costs associated with funeral expenses.
If you want to ensure that your loved ones are taken care of financially after you pass away, life insurance may be the better option as it can provide more financial security than burial insurance.
However, if you’re looking for a way to help cover funeral costs without having to leave behind an inheritance or other assets, then burial insurance might be the right choice for you.
Ultimately, it’s important to consider all of your options before making a decision about which type of policy is best for you.
Next Steps
In conclusion, burial insurance is an important consideration for those over the age of 50. It can provide financial security and peace of mind in the event of a loved one’s death. For 58 year olds, understanding burial insurance cost is essential to making an informed decision about coverage.
Sample rates vary depending on gender and other factors, so it’s best to shop around for the best company that offers the most competitive rates.
Knowing how to buy burial insurance at 58 years old is also important when considering this type of policy; make sure you understand all your options before signing up for any plan.
As we age, the costs associated with our health care and burial expenses can become daunting. That’s why iSeniorBenefits is here to help.
We offer a range of insurance products tailored for seniors such as final expense, Medicare, health and cancer plans that are designed to meet your needs at an affordable cost.