Uncovering the True Cost of Burial Insurance for 62 Year Olds
Posted in Insurance By Age last updated on October 31, 2023
Are you a 62 year old wondering about the cost of burial insurance?
It’s important to understand what goes into pricing and how it differs for men and women. Knowing where to look for sample rates, which companies offer the best deals, and what benefits are associated with buying now – can help make sure your policy meets your needs while also saving you money.
In this article, we’ll explore burial insurance costs for 62 year olds – including average prices, tips on finding the best rates and companies, as well as considerations when purchasing coverage at this age.
Table of Contents
- Overview
- Average Cost
- Best Rates and Companies
- Benefits of Buying Burial Insurance at Age 62
- Frequently Asked Questions
- Next Steps
Overview of Burial Insurance Cost for 62 Year Olds
Burial insurance is a type of life insurance policy designed to help cover the costs associated with funeral and burial expenses.
It is typically purchased by seniors over the age of 50, as it can provide financial protection in the event of death. The cost of burial insurance for a 62 year old will vary depending on several factors such as gender, health history, lifestyle habits, and coverage amount desired.
Gender
Generally speaking, women tend to pay lower premiums than men, due to their longer life expectancy. For example, a 62-year-old woman may pay an average monthly premium of $30-$40 while a man may pay closer to $40-$50 per month for the same $10,000 burial policy.
Health History
An individual’s health history can also affect their burial insurance rates.
If you have any pre-existing medical conditions or are taking certain medications that could potentially shorten your lifespan, you may be charged higher premiums than someone who does not have these issues.
Common health issues that cause premiums to rise include cancer, heart disease, stroke, lung disease, and diabetes.
Lifestyle Habits
Your lifestyle habits can also play a role in determining how much you will pay for burial insurance at age 62.
Those who lead healthy lifestyles (such as exercising regularly and eating nutritious foods) tend to receive better rates than those who do not take care of themselves properly.
For example, you may be considered high risk due to factors such as smoking or drinking alcohol, which can, in turn, increase your premium rates.
Key Takeaway: Burial insurance premiums for a 62 year old vary depending on gender, health history, lifestyle habits and coverage amount desired. Women tend to pay lower rates than men due to their longer life expectancy. Pre-existing medical conditions and risky activities can increase your premiums.
Average Cost of Burial Insurance for 62 Year Olds
Burial insurance is an important form of life insurance that can help cover the costs associated with end-of-life expenses. For those aged 62, understanding the average cost of burial insurance is essential for making informed decisions about their financial future.
On average, a healthy male aged 62 can expect to pay around $70 per month for a $15,000 burial policy while a healthy female aged 62 can expect to pay around $55 per month for the same coverage amount.
This discrepancy in cost between genders is due to higher risk factors associated with males such as increased likelihood of developing certain medical conditions or engaging in risky activities.
When considering burial insurance policies at age 62, it’s important to take into account any existing health conditions and lifestyle choices that could affect your premium rate.
If you have any pre-existing medical conditions or engage in dangerous activities, these will likely increase your premiums significantly – more than someone without such risks would be charged.
For seniors who have substantial health complications, a guaranteed issue life insurance plan is always an option. Only look to guaranteed issue policies as a last resort for your burial insurance needs, however.
In addition to gender and health history, other factors that influence the cost of burial insurance include location (some states don’t offer all forms of burial policies), type of policy, and whether riders are included on the policy (such as accidental death benefit).
Before purchasing a policy, it’s wise to consider all these elements when determining which plan offers the most value for money given your individual circumstances.
Finally, make sure to check a life insurance company’s customer service ratings and ensure they provide clear information about what types of claims they will accept – and how long it takes them to process payments after filing a death claim.
This will save time should you ever need access funds from your policy during difficult times down the line.
Key Takeaway: The cost of a burial policy varies depending on factors such as gender, health history, location, type of policy, and coverage amount.
How to Find the Best Rates and Companies
When shopping for burial insurance, it’s important to compare rates from multiple companies in order to find the best deal.
Seniors who are 50 years old and over should look at a variety of factors when selecting an insurer such as customer service ratings and financial stability. It is also beneficial to research any company before signing up for coverage, including reading through their policies carefully.
To start, the following carriers offers top-notch options for burial insurance for seniors:
The internet can be a great resource for finding out more information about different insurers and comparing rates. iSeniorBenefits offers side-by-side comparisons of various plans and prices, so seniors can easily see which option offers the most value for their money.
The best way to compare rates and carriers is to work with an independent agent who specializes in burial insurance.
It’s also important to consider other features when looking at burial insurance plans such as whether or not they cover pre-existing conditions or if they have additional riders available that may be beneficial depending on individual needs.
Some companies may even offer discounts based on veteran status, so seniors should always ask about these options when shopping around for coverage.
Finally, read through all policy documents thoroughly – before signing – up in order to make sure you understand what is covered under your plan and any exclusions that apply.
This will help ensure that you get the right type of protection without any surprises down the line due to unexpected costs or restrictions on benefits due to a lack of understanding regarding terms and conditions associated with your policy.
Key Takeaway: When shopping for burial insurance, seniors over 50 should compare rates from multiple companies and read reviews to ensure they are getting the best deal. It is also important to consider additional features such as pre-existing condition coverage or discounts based on age or health status.
Benefits of Buying Burial Insurance at Age 62
At age 62, buying burial insurance can be a wise decision. It provides peace of mind knowing that your loved ones won’t have to worry about covering the price of a funeral if something were to happen to you unexpectedly.
Burial insurance typically has fewer restrictions on eligibility than other types of life insurance policies. As long as an individual meets certain basic criteria, such as being between the ages of 50-85 and having no major health issues, they should be able to qualify for coverage without any problem.
Note – All seniors can qualify for guaranteed issue plans, regardless of their health status.
In addition, many insurers will allow policyholders to customize their plans according to their specific needs and budget constraints.
For instance, some companies may offer flexible payment options such as monthly installments or lump sum payments so customers can choose what works best for them financially speaking.
Buying burial insurance at age 62 can provide peace of mind for seniors and their families, ensuring that the costs associated with end-of-life expenses are covered.
Key Takeaway: Burial insurance for those 62 and older can be a great way to ensure that funeral costs are covered in the event of an unexpected death. Benefits include fewer restrictions on eligibility, and customizable plans with flexible payment options.
FAQs in Relation to Burial Insurance Cost for 62 Year Olds
How much does a burial policy cost?
The cost of a burial policy varies depending on the type of coverage and provider.
Generally, final expense policies are less expensive than other types of insurance, because the coverage amounts are modest.
The amount you pay for a burial policy will depend on factors like your age, gender, health history and the death benefit amount you choose.
Premiums can range from $15 to $50 per month for smaller amounts of coverage ($10,000), and up to several hundred dollars per month for larger death benefits ($50,000).
Is it better to get life insurance or burial insurance?
It depends on your individual needs and goals.
Life insurance is typically used to provide financial security for your loved ones in the event of your death, while burial insurance is specifically designed to cover the price of a funeral.
Both types of insurance can be beneficial depending on what you are looking for.
If you want a policy that will pay out regardless of when you die, burial insurance may be the better option as it provides permanent coverage.
What type of life insurance is best for a 62 year old?
The best type of life insurance for a 62 year old is typically a permanent policy such as burial insurance. These policies offer lifelong coverage and can accumulate a modest amount of cash value over time, providing financial security in the event of death.
Additionally, they may provide living benefits that can be used to cover medical expenses or other costs associated with aging.
For seniors looking for more affordable options, term life insurance may also be an option; however it only provides coverage for a limited period of time and does not build cash value.
Does AARP have burial insurance?
Yes and no. AARP is not a life insurance company. But, they do market burial insurance policies that are sold through New York Life.
You will want to do your homework here. AARP’s burial insurance program includes premiums that increase as you age, often making the policy cost-prohibitive at some point.
Next Steps
Burial insurance cost for 62 year olds is an important consideration when planning for the future.
It can provide peace of mind knowing that your loved ones will not be burdened with the financial responsibility of a funeral or other end-of-life expenses.
With careful research and comparison shopping, you can find the best rates and companies to meet your needs. Understanding the benefits of buying burial insurance at age 62 as well as any considerations associated with it will help ensure that you make an informed decision about this type of coverage.
Are you a 62-year old looking for burial insurance? Let iSeniorBenefits help.
Our comprehensive coverage plans offer the best value and peace of mind when it comes to final expenses, Medicare, health and cancer plans.
With our team of experienced professionals ready to answer your questions and provide advice on the right plan for you, we can ensure that all your needs are met with confidence.