Burial insurance is a critical part of any senior’s financial plan, and for those aged 63 it is especially important to consider the cost.
Burial insurance policies provide coverage that helps cover funeral expenses as well as other related costs such as medical bills or debts left behind after death.
Knowing how much burial insurance will cost at age 63 can help seniors budget accordingly and ensure they have adequate protection in place when needed most.
Here, we’ll explore burial insurance costs for 63 year olds, types of available policies, and tips on how to buy the best policy possible so you can be prepared should something happen unexpectedly.
Table of Contents:
- Overview of Burial Insurance
- Cost of Burial Insurance for 63 Year Olds
- How to Buy Burial Insurance for 63 Year Olds
- FAQs in Relation to Burial Insurance Cost for 63 Year Olds
- Next Steps
Overview of Burial Insurance
Burial insurance is a type of life insurance policy designed to provide financial protection for your loved ones in the event of your death. It pays out a lump sum benefit that can be used to cover funeral expenses, medical bills, and other final costs associated with passing away.
What is Burial Insurance?
Burial insurance is an affordable form of life insurance that provides coverage up to a predetermined amount.
The policyholder pays premiums on a regular basis, typically monthly or annually, and upon their death, the beneficiary receives the full face value of the policy as payment.
This money can then be used to pay for any outstanding debts or final expenses such as funeral costs and medical bills.
Who Needs Burial Insurance?
Anyone who wants to ensure their family has enough funds available after they pass away should consider purchasing burial insurance.
Burial insurance for seniors is especially important, since this age group often needs to evaluate end-of-care.
Additionally, seniors may have more difficulty qualifying for traditional life insurance policies due to their age and health status, so burial insurance offers them an alternative way to protect their families financially in the event of their passing.
Benefits of Burial Insurance
The primary benefit of having burial insurance is peace-of-mind knowing that you’ve taken steps towards protecting your family from financial hardship if something were ever to happen should you.
Other benefits include flexible premium payments tailored specifically around your budget and no physical exams required when applying for coverage.
Plus, many companies offer additional riders that allow you to customize your plan even further by adding features like accidental death coverage or a terminal illness rider, depending on what fits best with your needs and budget constraints.
Key Takeaway: Burial insurance is an affordable form of life insurance that can provide financial protection for your loved ones in the event of your death. It is especially important for seniors over 50 years old, as traditional life insurance policies may be difficult to qualify for due to age and health status.
Cost of Burial Insurance for 63 Year Olds
The average cost of burial insurance for 63 year olds is dependent on several factors, such as the type of policy purchased and any pre-existing medical conditions.
Generally speaking, burial insurance policies cost less than traditional life insurance, primarily due to the modest coverage amounts.
Average Cost for 63 Year Olds
The average cost for a 63 year old to purchase a burial insurance policy will vary depending on the type of policy chosen.
Let’s consider a few common policies for 63 year olds:
- $50 per month – $10,000 burial policy for healthy male.
- $40 per month – $10,000 burial policy for healthy female.
- $130 per month – $15,000 burial policy for male tobacco user.
- $100 per month – $15,000 burial policy for female tobacco user.
Factors That Affect Cost For 63 Year Olds
Several factors can affect the cost of burial insurance for 63 year olds including:
- Health history.
- Lifestyle habits (such as smoking).
- Driving record.
- Other personal information provided during the application process.
Additionally, some companies may offer discounts based on certain criteria such as being a U.S. veteran or having multiple family members insured through them at once.
Shopping around is key when looking for the best price on burial insurance for a senior citizen like yourself.
Collaborate with an expert agent who specializes in burial insurance, so that you have access to the top-rated life insurance companies.
It is important to compare different companies offering similar plans so you can find one that fits your budget while still providing adequate coverage should something happen to you unexpectedly.
Key Takeaway: The cost of burial insurance for 63 year olds can vary depending on the type of policy chosen, as well as other factors such as age, gender, health history and lifestyle habits.
How to Buy Burial Insurance for 63 Year Olds
Buying burial insurance for 63 year olds is an important decision that should not be taken lightly. It’s important to understand the different types of policies available, as well as the cost and coverage options associated with each policy.
First and foremost, be sure to work with an independent agent. Captive agents can only represent one specific life insurance company. You will want to compare and contrast multiple carriers.
Online vs Offline Purchasing Options
When it comes to buying burial insurance for 63 year olds, there are two main purchasing options – online or offline. Online purchases can often be completed quickly and easily from the comfort of your own home.
However, if you prefer more personalized service or need help understanding all of your options, working with a licensed agent in-person, or via Zoom, may be a better option.
Comparing Different Companies and Plans
Before committing to any plan, it’s important to compare different companies and plans in order to find the best option for you.
Make sure you read through all of the fine print carefully so that you know exactly what type of coverage is included in each policy before making a purchase decision.
Working with an Agent
Working with an experienced agent or broker can provide valuable insight into which policies are best suited for your individual needs and budget constraints.
They will also be able to answer any questions you have about specific policies and help guide you through the entire process from start to finish.
Steps to Buy a Policy
Regardless of the carrier and specific burial policy you apply for, you can expect steps similar to the following when you buy coverage.
Again, work with an expert agent for a seamless process:
- Conduct a needs assessment to determine how much coverage you need.
- Compare your needs with multiple carriers and policies.
- Gather important documentation, such as beneficiary information, Social Security number, full name, date of birth, address, and (usually) basic medical information.
- Submit your application, usually online or over the phone. Expect a quick straightforward process.
- Wait for an underwriting answer. Most burial policies are approved as applied for – as long as you adequately prepared.
- Submit payment information.
- Receive a copy of your new burial insurance policy, either electronically or through the mail.
Be sure to store your life insurance policy in a safe spot. Remember to review it periodically to verify that it still meets your end-of-life financial needs.
Key Takeaway: When purchasing burial insurance for 63 year olds, it’s important to compare different companies and plans in order to find the best option. Work with a licensed agent for personalized service and help in understanding all of your options.
FAQs in Relation to Burial Insurance Cost for 63 Year Olds
How much does a burial policy cost?
The cost of burial insurance varies depending on the type of policy and coverage you choose.
Generally, final expense policies are more affordable than other types of insurance, such traditional life insurance.
The amount you pay for your burial policy will depend on factors like age, gender, health status, and coverage limits. Premiums can range from a few hundred dollars to several thousand dollars per year.
It is important to compare quotes from different providers in order to find the best rate for your needs.
Is it better to get term life insurance or burial insurance?
It depends on your individual needs and goals.
Term life insurance provides financial protection for your family in the event of death, while burial insurance is designed to cover funeral costs and other end-of-life expenses.
If you are looking for a policy that will provide short-term coverage and financial security for your loved ones, term life insurance may be the better option.
However, if you want a policy specifically designed to pay for final expenses such as funeral costs or medical bills related to end-of-life care, then burial insurance might be more suitable.
Remember, burial policies are a form of whole life insurance. They will not expire and you can not outlive your coverage, as long as you make your premium payments.
Ultimately, it’s important to consider all available options before making a decision about which type of coverage is best suited for you and your family’s needs.
Are burial policies worth it?
Almost always, burial policies are worth it for seniors over the age of 50. They provide financial protection to cover funeral costs and other end-of-life expenses, which can help relieve stress on family members during an already difficult time.
Additionally, burial policies are typically less expensive than traditional life insurance plans, due to their modest face amounts.
They may also offer additional benefits such as cash value accumulation or accelerated death benefit options. Whether a burial policy is worth it depends on individual needs and budget constraints.
Can you get life insurance at 63?
Yes, you can get life insurance at 63.
Most companies offer policies to seniors over the age of 50, and some even specialize in providing coverage for this demographic.
Depending on your health and lifestyle factors, you may be able to qualify for a traditional term or whole life policy with competitive rates.
Additionally, there are special products designed specifically for the older population, such as burial insurance for seniors.
Speak with an experienced agent to learn about all of the available options so that you can make an informed decision about which type of policy is best suited for your needs.
Burial insurance cost for 63 year olds can vary depending on the type of policy and company you choose.
Compare rates from different companies and find a policy that fits your budget, with the help of an agent who specializes in burial coverage.
Be sure to read all the details of any policy before making a purchase so you know exactly what coverage you are getting. With some research and careful consideration, it is possible to find an affordable burial insurance plan that meets your needs as a 63 year old.
Seniors deserve the best possible care and coverage for their future. iSeniorBenefits offers a range of insurance products to help seniors get the most out of their retirement years.
From burial insurance, Medicare plans, health plans and cancer coverages, we are here to provide solutions that meet your needs at an affordable price point. Don’t let age be a barrier – take control today by researching our options in order to find what is right for you.