For many seniors over the age of 65, burial insurance cost is a pressing concern. With rising prices for funerals and burials, it’s important to plan ahead in order to protect your loved ones from financial hardship after you pass away.
Burial insurance cost for 65 year olds can vary greatly depending on what company you choose and which policy fits your needs best.
In this article, we’ll discuss what burial insurance is, how much it typically costs at age 65, who offers these policies and how to apply – plus sample rates based on gender so that you can make an informed decision when selecting coverage.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 65 Year Olds?
- What Companies Offer Burial Insurance?
- How Do I Apply For Burial Insurance?
- What Are Sample Rates For Male And Female 65 Year Olds?
- FAQs in Relation to Burial Insurance Cost for 65 Year Olds
- 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 typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with the financial responsibility of their funeral costs.
The amount covered by burial insurance varies depending on the policy and can range from $2,000 up to $50,000 in coverage. Premiums for these policies are generally low because coverage amounts are modest.
They do not require medical exams in order to be approved. This makes them an attractive option for seniors who may have pre-existing conditions that would make it difficult for them to qualify for other types of life insurance coverage.
Benefits of Burial Insurance
One benefit of purchasing burial insurance for seniors is that it provides peace of mind knowing your family will not be left with a large financial burden after you pass away.
With this type of policy, you can choose how much coverage you need based on your estimated funeral expenses and any other debts you may leave behind such as credit card bills or medical bills.
Additionally, many policies offer flexible payment options so you can pay monthly instead of yearly, if needed.
Another advantage is that some policies offer guaranteed acceptance, which means that everyone qualifies regardless of their health status. Just be sure to verify you don’t qualify for other forms of burial insurance first, as guaranteed issue plans are more expensive.
It is also worth noting that some companies also offer additional riders such as accidental death protection which pays out double the face value if death occurs due to an accident rather than natural causes, providing extra security against unexpected events.
To recap, burial insurance offers seniors peace of mind knowing their families will not be left with a large financial burden when they pass away. It also provides flexibility in terms of payment options and additional riders like accidental death protection should anything happen unexpectedly during one’s lifetime.
Key Takeaway: Burial insurance is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses. It is typically purchased by seniors who want to ensure that their loved ones are not burdened with the financial responsibility of their funeral costs.
How Much Does Burial Insurance Cost for 65 Year Olds?
The cost of burial insurance for 65 year olds will vary depending on several factors such as gender, health history and the amount of coverage desired.
Generally speaking, a $10,000 burial policy would cost a healthy 65 year old male around $55 per month, while premiums for a healthy 65 year old female would be approximately $40 per month.
Premiums are typically lower for women because they tend to live longer than men do and therefore pose less risk to insurers.
Additionally, those with pre-existing health conditions may pay higher rates due to their increased likelihood of early death.
The amount of coverage you choose also affects how much you pay in premiums; larger policies come with higher monthly payments but provide more financial protection should something happen unexpectedly.
Typical burial policy amounts include:
When shopping around for burial insurance it’s important to compare quotes from multiple companies in order to find the best deal available – some companies offer discounts if you belong to certain organizations, such as previously serving in the military.
In addition, if have special circumstances, such as being disabled, the cost of your burial policy may be affected.
It is important to understand all aspects involved when considering burial insurance before signing up. Make sure you read through all documentation carefully so there are no surprises down the line.
Taking out this type of policy can help ensure peace-of-mind knowing that your loved ones won’t be burdened financially after your passing, even if it’s years away, making it an invaluable investment worth considering today.
Key Takeaway: Key points to consider when looking into burial insurance cost include: age, gender, health history and the amount of coverage desired.
What Companies Offer Burial Insurance?
There are many companies that offer burial insurance policies, so it’s important to do your research and find one that fits your needs.
SBLI has been helping people secure financial security since 1907 through its various offerings including burial insurance plans for seniors over 50 years old. SBLI offers free access to the Sequoia Funeral Concierge Plan with a burial insurance policy purchase.
Mutual of Omaha
Mutual of Omaha has been providing quality products since 1909 and their burial insurance options are no exception. They offer burial coverage of up to $40,000 with an accelerated death benefit included.
Guarantee Trust Life
Finally Guarantee Trust Life brings its expertise from nearly 90 years in business offering financial solutions tailored towards individuals’ unique needs and goals. Their burial insurance plan only requires you answer five simple health questions with up to $25,000 in coverage available.
For seniors who do not qualify for traditional burial insurance AIG offers a guaranteed issue whole life insurance product. Guaranteed issue burial insurance means you do not need to answer any health questions during the application process.
Burial insurance is offered by a variety of highly-rated companies, so it’s important to compare policies and rates to find the best coverage for your needs.
Understand your financial needs, budget, and health status in order to make an informed choice on which burial insurance carrier will meet your needs.
Key Takeaway: Burial insurance is specifically designed to help seniors who are age 65 cover the costs associated with funeral and burial expenses. There are many companies that offer different types of policies and it is a good idea to compare and contrast features.
How Do I Apply For Burial Insurance?
Applying for burial insurance is relatively simple.
Most applications require basic information about yourself such as:
- Date of birth.
- Physical address.
- Contact details.
- Any relevant medical history.
Your basic information which helps determine what kind (and how much) of coverage you qualify for at what price point.
Once approved by an insurer your policy will take effect immediately and remain active until either cancelled or expired (depending on the terms).
If approved for coverage, you may be required to pay an initial premium before your policy can become active. This amount can vary based on factors like age and gender but typically ranges from $50 – $100 per month for those over 65 years old.
Remember, if your health complications prevent you from being approved for traditional burial insurance, look to guaranteed issue life insurance plans. As long as you meet the age requirements, approval is guaranteed.
Some companies also offer discounts if you pay annually instead of monthly premiums so it’s worth looking into that option as well.
It’s important to keep up with payments since missing them could result in cancellation of coverage.
Once your policy is active, there are several ways to make payments including online banking transfers or debit cards through the insurer’s website or app.
Applying for burial insurance is a simple process that should be done through an agent. That way, you will have an advocate working on your behalf to assist in selecting the best carrier, and walking you through the purchasing process step-by-step.
Be sure to store your policy in a safe place. You will want to review it yearly to verify it meets your financial needs. Also, be sure to let loved ones know where you keep your policy so that it can be easily accessed when it comes time to file a life insurance death claim.
Key Takeaway: Burial insurance is an important way to ensure that final expenses are taken care of and can be easily applied for. To buy a policy, work with an independent agent who will work on your behalf and walk you through each step of the purchasing process.
What Are Sample Rates For Male And Female 65 Year Olds?
The cost of burial insurance varies depending on several factors, including age, health history, and amount of coverage desired.
For those aged 65 and over buying a $10,000 burial policy, healthy males will pay about $55 per month while healthy female rates are generally lower at around $40 per month.
Rates may be higher if you have pre-existing conditions, such as diabetes, or are considered high risk due to lifestyle choices such as smoking or drinking alcohol excessively.
In addition to age and health status, other factors can affect your rate for burial insurance. For example, some companies offer discounts if you purchase multiple policies (such as life insurance) with them or if you’re married couples who both need coverage.
You may also qualify for discounted rates if you are a veteran or belong to certain organizations.
When shopping around for burial insurance it is important to compare quotes from different providers so that you can find the best deal possible based on your individual circumstances.
It is essential to read all terms carefully before signing up in order to avoid any surprises when making a claim against your policy should something happen unexpectedly during retirement years ahead.
Key Takeaway: Rates for burial insurance vary based on age, health history, amount of coverage desired, and other factors such as discounts for purchasing multiple policies.
FAQs in Relation to Burial Insurance Cost for 65 Year Olds
How much does a burial policy cost?
The cost of burial insurance varies depending on the type of coverage you choose. Generally, final expense policies are more affordable than other types of insurance and can range from $15 to hundreds of dollars per month.
Ultimately, your age, gender, health history, lifestyle and coverage amount will all play a role in determining how much your burial policy costs.
How much is term life insurance for a 65 year old?
The cost of term life insurance for a 65 year old will depend on several factors, such as the individual’s health and lifestyle.
Generally speaking, term life insurance premiums increase with age.
However, seniors may be able to find more affordable coverage through specialized products designed specifically for their needs. For example, burial insurance for seniors is often available at lower rates than traditional term life policies and provide coverage up to $35,000 or more.
Should you have insurance after 65?
Yes, insurance is an important part of financial planning for seniors over the age of 65.
It can provide a much-needed safety net in case of unexpected expenses or to help cover funeral costs and medical costs.
Final expense policies are designed specifically for seniors and can be used to pay off debts, medical bills, and other final expenses.
Medicare plans offer coverage for hospital stays and doctor visits while health and cancer plans provide additional protection against major illnesses. If you are younger than 65, look to health insurance plans.
And if cancer runs in your family, you may want to consider a cancer plan.
Insurance provides peace of mind while you are living – and also so that your loved ones will not have to worry about financial burdens after you pass away.
Are burial policies worth it?
Burial policies can be worthwhile for seniors over the age of 50. They provide financial protection to cover the costs associated with funeral and burial expenses, which can often be quite expensive.
Additionally, these policies may also offer coverage for other end-of-life expenses such as medical bills or unpaid debts.
At the end of the day, whether or not a burial policy is worth it depends on an individual’s specific needs and budget. It is important to carefully consider all options before making any decisions regarding insurance products.
Burial insurance is an important financial product for seniors who are 65. It can provide peace of mind and financial security in the event of death.
Knowing how much burial insurance costs for 65 year olds is essential to making a decision on which plan best fits your needs.
Sample rates vary by company, so it’s important to compare different companies and their offerings before applying for coverage.
With the right information and research, you can find the perfect policy that meets your budget and provides adequate protection against unexpected funeral expenses.
Senior citizens should not have to worry about the cost of burial insurance. iSeniorBenefits offers a comprehensive range of products that provide seniors with protection and peace of mind when it comes to final expenses, Medicare, health and cancer plans.
With our coverage options tailored specifically for seniors, you can be sure your loved ones will be taken care of in their time of need without breaking the bank.