Are you 64 years old and looking for burial insurance? As a senior, it is important to plan ahead financially so that your loved ones are not burdened with funeral costs.
Burial insurance cost for 64 year olds can vary depending on factors such as gender and health condition, but the good news is there are many options available.
In this article, we’ll look at what burial insurance is, how much it typically costs for those aged 64, which factors influence rates and some of the best companies offering these policies. We will also discuss how to purchase a policy in order to get started planning your financial future today.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 64 Year Olds?
- What Factors Affect Burial Insurance Rates?
- What Are Some Popular Companies Offering Burial Insurance?
- How Can I Buy Burial Insurance?
- Frequently Asked Questions in Relation
- Next Steps
What is Burial Insurance?
Also known as final expense insurance, burial insurance is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses.
Typically purchased by individuals over the age of 50, burial insurance is meant for individuals who want to ensure that their loved ones are not burdened with the financial responsibility of their funeral and burial costs.
The price of a funeral can range from $5,000 to more than $10,000, depending on factors such as location, services requested and other arrangements. Burial insurance helps families prepare for these expenses in advance so they don’t have to worry about them at an already difficult time.
When purchasing burial insurance, it’s important to consider your individual needs and budget. Most policies offer between $2,000 and $50,000 in burial coverage – depending on the provider you choose.
Premiums vary based on age and health status but generally start around $20 per month for those aged 64 years old or older.
Buying burial insurance is relatively easy. Most companies allow you to apply online or over the phone in just minutes without having a medical exam. Plan to only answer basic health questions, such as height, weight, smoking status, and any major medical diagnoses.
Note – Guaranteed issue plans offer burial coverage without health questions.
Once approved, you will receive your policy documents via mail or online, which outlines all details regarding your coverage including premiums and due dates.
Key Takeaway: Burial insurance is an important way to help families prepare for funeral and burial expenses. Policies typically offer coverage ranging from $2,500 up to $50,000 or more and premiums start around $20 per month for those aged 64 years old or older.
How Much Does Burial Insurance Cost for 64 Year Olds?
The cost of burial insurance for 64 year olds will vary depending on the type of policy chosen, the amount of coverage desired, and other factors such as gender and health history.
Generally speaking, premiums for a 64 year old can range from $20 to hundreds per month depending on these factors.
For example, if you are looking for a basic final expense policy with coverage up to $10,000 then you may expect your monthly premium to be around $30-$40 per month.
On the other hand, if you want more comprehensive coverage up to $25,000 then your premium could increase by an additional 10%-15%.
In addition to age and amount of coverage desired, there are several other factors that can affect how much you pay in premiums each month.
Gender (women tend to have lower rates than men), health history (smokers typically have higher rates) and lifestyle habits (such as alcohol consumption) all affect premium rates.
It is important to keep all these things in mind when shopping around for burial insurance for seniors so that you get the best rate possible.
Key Takeaway: The cost of burial insurance for 64 year olds will vary depending on factors such as the type and amount of coverage desired, gender, health history and lifestyle habits.
What Factors Affect Burial Insurance Rates?
When determining burial insurance rates for a 64 year old, there are several factors that will be taken into consideration.
Gender is one of the primary factors in determining burial insurance rates. Generally speaking, women tend to have lower premiums than men due to their longer life expectancy.
Health history is another important factor when it comes to burial insurance rates. Those with pre-existing medical conditions, such as diabetes, may pay higher premiums as they are considered higher risk by insurers.
It’s important to disclose any and all health issues when applying for coverage so you can get an accurate quote on your policy.
Lifestyle habits such as smoking can also affect your premium rate significantly. Smokers typically pay more than non-smokers due to the increased risks associated with tobacco use.
If you quit smoking prior to applying for coverage, this could help reduce your premium costs substantially.
The amount of coverage desired will also play a role in determining how much you’ll pay for burial insurance each month or annually depending on which payment option you choose at the time of purchase.
The more coverage needed, the higher the cost will likely be since there is greater financial responsibility assumed by the insurer should something happen and a claim needs to be filed against the policyholder’s death benefit payout amount later down the line.
Finally, some companies offer discounts based on age or other criteria such as military service or membership in certain organizations.
Ask about any available discounts before committing to a particular provider so that you can maximize savings while still maintaining quality protection.
Key Takeaway: When determining burial insurance rates for a 64 year old, there are several factors that will be taken into consideration including gender, health history, lifestyle habits such as smoking, the amount of coverage desired and discounts offered by certain providers.
What Are Some Popular Companies Offering Burial Insurance?
For those over 64 years old, burial insurance can be an important part of their estate planning. When it comes to choosing a company for burial insurance, there are many options available.
Mutual of Omaha
CICA Life offers coverage that is easy to qualify for. You can purchase up to $30,000 in coverage and will never be asked about your height, weight or tobacco use. Common health conditions, such as a heart attack, qualify for Standard rates.
Guarantee Trust Life
Guarantee Trust Life is another popular choice when it comes to purchasing burial insurance due to simple application process that only includes five health questions. Up to $25,000 in coverage is available.
Corebridge Financial, formerly AIG, offers a guaranteed issue whole life insurance plan for seniors who do not qualify for traditional burial insurance. There are no health questions and the policy is guaranteed to be issued , offering up to $25,000 in coverage.
It is important to compare different companies before making a decision about which burial insurance for elderly people is best – based on your individual needs and budget constraints.
Additionally, consider any additional benefits such as accelerated death benefit riders which allow policyholders access funds if they become terminally ill prior to passing away, in order to cover medical bills or other final expenses related costs incurred during their illness.
Key Takeaway: When choosing a company, compare rates and consider any additional benefits such as accelerated death benefit riders.
How Can I Buy Burial Insurance?
Buying burial insurance is a straightforward process that purchased from the comfort of your home.
Regardless of the carrier and specific burial policy, expect steps similar to the following when you are ready to buy your coverage, and be sure to work with an independent agent who specializes in burial insurance for seniors.
Step One: Needs Analysis
Conduct a needs analysis so you can understand how much money you need for end-of-life expenses.
To start, write down the anticipated price of your funeral.
Then, tally additional costs such as, final medical bills, outstanding minor debts, and any other financial obligations or goals you may have.
That way, you will have a general understanding of how much burial insurance you need. Common coverage amounts include:
Step Two: Health Evaluation
Evaluate your health status and list any serious diagnoses you have. This is to help your agent determine what type of burial insurance is right for you.
Because burial insurance is easy to qualify for, and no medical exam is required, many seniors are able to purchase traditional burial coverage.
However, serious health complications may create a barrier to standard burial insurance approval. For example, the following conditions will create an obstacle during underwriting:
- Cancer (some forms)
- Kidney disease (some forms)
- Stroke (some forms)
- Heart disease (some forms)
- Heart failure
If a physician has diagnosed you with any of the above, let your independent agent know. You will likely want to evaluate guaranteed issue life insurance plans for your burial insurance needs.
Guaranteed issue policies ask zero health questions during the application process. Everyone qualifies as long as you meet the age requirements. Just confirm that you do not qualify for traditional burial insurance underwriting, first.
Step Three: Compare Carriers
Compare and contrast your unique needs with the policies available from top-rated carriers.
Remember, the top-rated carriers offering burial policies include:
Step Four: Gather Information
Gather important information, such as your Social Security number, full name, address, date of birth, basic health status, beneficiary information.
Preparation is key to a smooth application process.
Step Five: Application
Submit your application, either online or over the phone. Receive application decision.
Make your first premium payment, either electronically or by mail.
Step Six: Policy Issuance
Receive a copy of your policy. Be sure to store it in a safe spot.
Let your beneficiary know where you policy is stored so that there are no delays when it comes time to file a life insurance death claim.
It’s important to understand all terms and conditions associated with the policy before signing any paperwork or making any payments.
This includes coverage limits (such as $35,000), payment schedules and exclusions which could affect your ability to make claims in the future if needed.
Be sure to read customer reviews of different companies offering burial insurance so you can make an informed decision about who you want to purchase from.
Key Takeaway: When shopping for burial insurance, it’s important to compare rates from multiple companies and consider factors such as age, health history and lifestyle habits.
FAQs in Relation to Burial Insurance Cost for 64 Year Olds
How much is life insurance for 64 year old?
The cost of life insurance for a 64 year old will depend on several factors, such as the type of policy, the amount of coverage desired, and any health conditions that may affect eligibility.
Generally speaking, term life insurance policies are typically more affordable than permanent life insurance policies.
Additionally, policies tend to cost more with age due to increased risk associated with older applicants.
For an exact quote tailored to your individual needs and circumstances it is best to speak with an experienced agent.
An independent agent who specializes in coverage for elderly individuals can provide you with accurate information about available options and pricing.
You can also utilize our free quoting tool to compare and contrast different carriers.
Can I get life insurance at 64 years old?
Yes, you can get life insurance at 64 years old.
Many insurers offer burial insurance designed for seniors over the age of 50. These policies typically provide coverage for final expenses, such as medical bills, memorial services, cremation costs and other final wishes.
Depending on your individual circumstances and needs, there are a variety of options available to meet your specific requirements.
It is important to compare different plans from multiple providers in order to find the best policy that fits your budget and provides adequate coverage for you and your family.
Is it better to get life insurance or burial insurance?
It depends on your individual needs and circumstances.
Life insurance is typically used to provide financial protection for dependents in the event of a policyholder’s death, while burial insurance is designed to cover funeral costs and other end-of-life expenses.
If you are looking for coverage that will help pay for final expenses, then burial insurance may be the best option.
However, if you want to ensure that your loved ones have access to funds after you pass away, life insurance may be more suitable.
Burial insurance is an important product for seniors over the age of 50. It provides financial protection to cover funeral and other end-of-life expenses.
The cost of burial insurance for 64 year olds can vary depending on a variety of factors such as gender, health status, and coverage amount.
By researching your options carefully you can ensure that you get the right policy at a price that fits within your budget when it comes to covering your final expenses with burial insurance cost for 64 year olds.
Seniors need protection from unexpected medical and burial costs. iSeniorBenefits provides a comprehensive range of insurance products tailored to meet the unique needs of seniors, including final expense, Medicare, health and cancer plans.
With competitive rates for 64 year olds, we make it easy to find the coverage you need at an affordable price.