Burial Insurance Cost for 59 Year Olds: How to Buy in 2024

At age 59, the cost of burial insurance can be an important consideration when planning for end-of-life expenses.

With so many different companies and policies to choose from, it is best to understand what factors determine your rate and how you can find the best option at this stage in life.

Here, we will discuss burial insurance cost for 59 year olds, including sample rates for male and female customers as well as the best companies offering coverage in this age group.

We’ll also cover how to buy a policy at age 59. Read on if you want more information about finding affordable protection against unexpected costs associated with funerals or other final expenses incurred by loved ones after death.

Table of Contents

1. Overview of Burial Insurance Cost for 59 Year Olds
2. Sample Rates for Male and Female 59 Year Olds
3. Best Companies Offering Burial Insurance for 59 Year Olds
4. How to Buy a Policy at Age 59
5. Frequently Asked Questions
   1. How much does a burial policy cost?
   2. How much does term life insurance cost for a 59 year old?
   3. What type of life insurance is best for a 59 year old?
   4. Is it better to get life insurance or burial insurance?
6. Next Steps

Overview of Burial Insurance Cost for 59 Year Olds

Burial insurance is a type of life insurance policy that provides coverage for funeral and burial expenses. It is designed to help cover the costs associated with end-of-life arrangements, such as cremation or interment in a cemetery plot.

For those aged 59, burial insurance can be an important way to ensure that loved ones are not left with the financial burden of these expenses.

How Much Does Burial Insurance Cost?

The cost of burial insurance varies depending on several factors, including age and gender. Generally speaking, premiums increase as you get older due to increased risk of death.

For those aged 59, average rates for a $10,000 policy range from $30-$50 per month for males and $15-$40 per month for females.

Additionally, some companies may offer discounts based on occupation or other criteria such as military service or membership in certain organizations which could affect the cost of burial insurance premiums at age 59.

Burial insurance is an important financial consideration for seniors over the age of 50. It’s important to understand how much burial insurance costs and what factors can affect those costs.

In this article, we will explore sample rates for male and female 59 year olds to help you make an informed decision about your burial insurance needs.

Sample Rates for Male and Female 59 Year Olds

The cost of burial insurance for 59 year olds varies depending on the gender and age of the policyholder. On average, males aged 59 pay slightly more than females in this age group due to differences in mortality rates.

Average Cost of Burial Insurance for Males Aged 59

The average cost of a burial insurance policy for a male aged 59 is around $40 per month for a policy worth $10,000 in coverage.

This rate can vary based on the type and amount of coverage purchased, as well as any additional riders that may be included with the policy.

Health status and lifestyle factors also influence premium rates.

Average Cost of Burial Insurance for Females Aged 59

For females aged 59, the average cost is slightly lower at around $30 per month for a $10,000 policy.

Again, this rate can vary based on factors such as coverage amounts and additional riders added to the policy – as well has whether you have been diagnosed with a medical condition, such as cancer.

The cost of burial insurance varies based on gender and age, with males aged 59 typically paying more than females.

However, there are many reputable companies offering burial insurance to 59 year olds that provide different levels of coverage and benefits at varying costs.

Best Companies Offering Burial Insurance for 59 Year Olds

When it comes to burial insurance for 59 year olds, there are several companies that offer competitive rates and coverage. It is important to compare the different options available in order to find the best policy for your needs.

Top Rated Companies Offering Burial Insurance to 59 Year Olds

There are a number of top-rated companies offering burial insurance policies for those aged 59 or older.

Some of these include:

1. American Amicable
2. SBLI
3. Mutual of Omaha
4. CICA
5. Guarantee Trust Life
6. AIG

Each company offers different levels of coverage and benefits so it is important to compare and contrast them carefully before making a decision.

Comparison of Coverage and Benefits Between Companies

When comparing burial insurance policies from different companies, look at both the coverage offered as well as any additional benefits included with each policy.

For example, some policies may cover funeral expenses while others may provide cash benefits in addition to covering the price of a funeral.

Additionally, some policies may also provide living benefits such as accelerated death benefit riders, which can be used if you become terminally ill prior to passing away.

Before selecting burial insurance for seniors from a specific company, check their financial strength ratings. This will give an indication of how reliable they are when it comes time for paying out claims on your behalf should something happen.

The higher the rating given by independent agencies such as A.M. Best Company, the more likely they will be able to pay out claims promptly without having any problems.

Key Takeaway: When looking for burial insurance at age 59, compare coverage and benefits between different companies. Additionally, check the financial strength ratings of each company to ensure they can pay out claims promptly.

How to Buy a Policy at Age 59

Buying a policy at age 59 seems like an overwhelming task. But in reality, the process is fairly simple and straightforward, as long you have a general idea of what to expect.

Here are some steps, questions, and tips for finding the right policy at this age.

Needs Analysis

The first step in buying burial insurance is understanding your needs and budget.

Determine:

• Price of a funeral
• Cremation costs
• Special last wishes
• Final medical bills

Common coverage amounts include:

1. $15,000 burial policy
2. $25,000 burial policy
3. $35,000 burial policy

Compare and Contrast Policies

Once you have determined how much coverage you need, it’s time to shop around for policies that meet those requirements.

With the help of an expert agent, compare quotes from different companies to find the best rates and benefits available.

When comparing quotes, make sure you look at all of the factors such as premiums, deductibles, and annual policy fees, that you get an accurate picture of what each policy offers.

Carrier Selection

Finally, select the best carrier, specific policy, and coverage amount that best fits your needs. Be sure to have important documents at hand, such as proof of residence, Social Security number, and beneficiary information.

Expect the application process to take place online or over the phone. Depending on the policy you apply for, you likely will answer a few health questions. But, burial policies do not require a medical exam.

Application Decision

After the application process, you will receive an underwriting decision quickly, often within minutes.

Once you have made your first premium payment, your policy is in force. A copy of your policy will be emailed or mailed to you through the postal service. Be sure to keep it somewhere safe, so that you can have easy access to it.

Communicate to your beneficiary where you policy is stored. That way, there are no delays when it comes time to file a life insurance death claim.

Questions to Ask Before Purchasing a Policy at Age 59

When shopping for burial insurance policies, make sure to ask questions about coverage limits and exclusions as well as any additional fees or costs associated with the policy.

Additionally, inquire about any discounts or special programs offered by insurers which may help reduce your overall cost of coverage over time. For example burial insurance for veterans often comes with special pricing.

Finally, research customer service ratings from other customers who have purchased similar policies in order to ensure that you will receive quality service if something goes wrong with your plan down the road.

Tips for Finding the Right Policy at Age 59

Lastly, remember that no two people are alike. So, don’t hesitate to reach out to experts who specialize in helping seniors select appropriate life insurance plans based on individual needs, goals, and budgets.

Independent agents who specialize in burial insurance for elderly individuals can provide valuable insight into various carriers and the different riders available for certain plans.

Additionally, when researching potential providers take into account their financial strength ratings since these will give insight into how reliable they are likely going to be in paying out claims should anything happen during your term of coverage with them.

Buying burial insurance at age 59 may seem like a daunting task, but with the right resources and information it can become easier.

Key Takeaway: When shopping for burial insurance at age 59, it’s important to understand your needs and budget, compare quotes from different companies to find the best rates and benefits available, ask questions about coverage limits and exclusions.

Frequently Asked Questions for 59 Year Olds

How much does a burial policy cost?

The cost of burial insurance varies depending on the type of coverage you choose and your age. Generally, final expense policies for seniors over 50 are more affordable than traditional life insurance policies.

These policies typically range from $25 to $100 per month, with some companies offering discounts for larger amounts of coverage.

Additionally, many insurers offer special rates for seniors that can lower the monthly premium even further. Ultimately, it is important to shop around and compare quotes in order to find the best deal available.

How much does term life insurance cost for a 59 year old?

The cost of term life insurance for a 59 year old will depend on several factors, such as the amount of coverage desired, the length of the policy term, and any health conditions or lifestyle choices that may affect premiums.

Generally speaking, a healthy 59 year old can expect to pay an average premium of $35-$50 per month for a 10-year level term policy with $100,000 in coverage. This rate is based on non-smoker rates; smokers may be charged up to double this amount.

Keep in mind, however, that term policies are typically not recommended for burial insurance. Why? There is a strong possibility that you will outlive your term policy.

Burial insurance is intended to cover end-of-life costs. If you outlive your coverage, there will be not death benefit for your loved ones.

What type of life insurance is best for a 59 year old?

The best type of life insurance for a 59 year old is typically a whole life policy, such as burial insurance for seniors. Burial policies policies provide coverage that lasts your entire lifetime, and they also build cash value over time.

This makes them an ideal choice for seniors who want to ensure their loved ones are taken care of after they pass away.

Additionally, some whole life policies offer additional benefits such as long-term care riders or accelerated death benefit riders which can help cover medical expenses in the event of an illness or injury.

Ultimately, the best type of life insurance for a 59 year old will depend on their individual needs and budget.

Is it better to get life insurance or burial insurance?

It depends on your individual needs and circumstances. Life insurance provides financial protection for your family in the event of your untimely death, while burial insurance is designed to cover funeral costs and other related expenses.

If you are looking for a way to provide financial security for your loved ones after you pass away, life insurance may be the better option as it can provide a larger payout than burial insurance.

However, if you want to ensure that your final expenses are taken care of without burdening your family with those costs, then burial insurance may be more suitable.

Utilize an independent agent to assess what type of coverage best meets your needs before making a decision.

Next Steps

Burial insurance cost for 59 year olds varies depending on the company and type of policy. Be sure to compare sample rates for male and female 59 year olds from different companies in order to find the best deal.

Make sure you understand how to buy a policy at age 59 before making any decisions. With this knowledge, you can make an informed decision when purchasing burial insurance at age 59.

Seniors, you deserve to have peace of mind and financial security. Don’t be caught off guard by the costs associated with burial expenses.

Invest in a quality insurance plan that covers your needs now and into the future. With iSeniorBenefits, we offer affordable rates for our final expense, Medicare, Health and Cancer plans tailored specifically for those aged 50 or older.