Understanding Burial Insurance Cost for 66 Year Olds in 2024
Posted in Insurance By Age last updated on December 4, 2023
When it comes to preparing for the future, burial insurance cost for 66 year olds should not be overlooked.
As you age and your financial needs change, understanding what type of coverage is best suited to meet those needs becomes increasingly important.
Burial insurance provides a unique solution that can provide peace of mind in later life but knowing how much this type of policy costs at age 66 is essential before making any decisions.
In this article, we will explore the various types of burial insurance available as well as their associated costs, pros and cons and finally how to buy the right policy for you at age 66.
Table of Contents
- Overview of Burial Insurance
- Cost of Burial Insurance for 66 Year Olds
- Pros and Cons of Buying Burial Insurance at Age 66
- How to Buy the Right Policy at Age 66
- Frequently Asked Questions
- Next Steps
Overview of Burial Insurance
Burial insurance is a type of life insurance policy that pays out a lump sum upon the death of the insured. It is designed to help cover funeral and burial expenses, as well as any other debts or obligations left behind by the deceased.
What is Burial Insurance?
Burial insurance provides coverage for final expenses such as funeral costs, medical bills, and other debts incurred before death. The amount of coverage varies depending on the policy chosen but typically ranges from $2,000 to $50,000 in coverage.
Some policies also offer additional benefits such as living benefits or accelerated death benefit riders which can provide cash advances in certain situations while you are still alive.
Who Needs Burial Insurance?
Anyone who wants to ensure their family will not be burdened with financial stress after they pass away should consider purchasing burial insurance.
This type of policy can be especially beneficial for seniors over 50 years old, who may have limited income and assets available to pay for end-of-life expenses.
Additionally, those with pre-existing health conditions may find it difficult to qualify for traditional life insurance policies due to higher premiums associated with increased risk factors.
However, burial insurance for seniors often has more lenient underwriting guidelines making it easier for people in this situation to obtain coverage at an affordable rate.
Benefits of Burial Insurance
The primary benefit of having a burial insurance policy is having peace of mind knowing your loved ones won’t have financial difficulties when you’re gone.
Related – Avoid making your loved ones search for free places for burial after your passing.
Further, many policies come with flexible payment options so you can choose how much you want your premium payments to be each month without worrying about increasing rates later on down the line like some other types of life insurance products do.
Finally, since most plans don’t require a medical exam or extensive paperwork during application process, they are relatively easy and quick way to get coverage fast.
Burial insurance is an important option for seniors to consider when planning for the future. In the next section, we will look at the cost of burial insurance for 66 year olds.
Key Takeaway: Burial insurance provides peace of mind that your loved ones won’t be burdened with financial stress after you pass away.
Cost of Burial Insurance for 66 Year Olds
For seniors over the age of 66, a burial policy can provide financial security and peace of mind for their families.
The cost of burial insurance for 66 year olds is dependent on a number of factors including, but not limited to the following:
- Gender
- Residence
- Health
- Coverage amount
- Carrier
- Riders
Average Cost for 66 Year Olds
Unsurprisingly, premiums tend to increase with age due to increased risk associated with older individuals. Someone in their 60s will generally pay less for coverage that someone over 80 years old.
For a 66 year old male in good health seeking $10,000 in coverage from a reputable insurer, monthly premiums may range from around $50-$70 per month depending on the company chosen.
A female of the same age and health status would pay about $30 – $50 for the same $10,000 policy.
In addition to age being an important factor when determining premium rates for seniors over the age of 66 looking into burial insurance policies, there are several other factors which can influence how much you will pay each month.
- Overall health status (including any pre-existing conditions such as diabetes).
- Lifestyle habits (such as smoking or drinking alcohol).
- Gender (as females typically have lower rates than males).
When shopping around for burial insurance it is important to compare different companies’ policies side-by-side in order to ensure you get the best deal possible.
Make sure you look at all aspects such as premium amounts, but also read through what is covered under each policy carefully so that there are no surprises down the line if something unexpected happens after purchase.
Additionally, it is always wise to speak with an independent agent who specializes in life insurance products; they can help guide you towards making an informed decision about which plan works best for your needs and budget constraints before signing up.
Comparing the cost of burial insurance for 66 year olds can be a daunting task, but understanding the different types of policies available and shopping around for the best rates will help you find the right policy to meet your needs.
Key Takeaway: The cost of burial insurance varies depending on factors such as age, health status, and coverage amount.
Pros and Cons of Buying Burial Insurance at Age 66
At age 66, seniors may be considering purchasing burial insurance to cover the price of a funeral and other end-of-life expenses, such as cremation costs or final medical bills.
Before making a decision, it’s important to understand the pros and cons of buying burial insurance at this age.
Pros of Buying at Age 66
One major benefit of buying burial insurance at age 66 is that premiums tend to be lower than for younger policyholders. In contrast, burial insurance for elderly people tends to cost more. This can make it easier for seniors on a fixed income to afford coverage, if they buy coverage at a younger age.
Additionally, many policies offer guaranteed acceptance without medical underwriting or health questions, which makes them easy to obtain even if you have serious pre-existing health conditions.
While there are some advantages to buying burial insurance later in life, there are also drawbacks that should be considered before making a purchase.
Cons of Buying at Age 66
In addition, death benefits from these types of policies do not increase as you get older, so if inflation increases over time your beneficiaries may receive less money than expected after your passing due to devaluation of the dollar amount received upon payout by the insurer.
Further, coverage amounts are modest with burial insurance. You policy will likely cover end-of-life expenses, but not much more.
For example, the average burial policy size hovers around $25,000 in coverage. If you are looking to leave a substantial financial gift to your loved ones, burial insurance will not accomplish that goal.
Key takeaway: It’s important to weigh the pros and cons of buying burial insurance at age 66 before making a decision. By researching different companies, considering your financial situation, and comparing rates and coverage options, you can make an informed decision.
How to Buy the Right Policy for You at Age 66
At age 66, it is important to consider the right burial insurance policy for you. There are a few important steps you can take to buy the right policy.
Step One: Research Different Companies and Plans
It is important to research various companies that offer burial insurance policies so that you can compare their offerings. Work with an independent agent to access the top-rated burial companies.
Be sure to work with your independent agent to evaluate the following carriers who specialize in burial policies:
Look at customer reviews of each company as well as their plan features such as premiums, death benefits, eligibility requirements, exclusions or limitations on coverage, waiting periods before a claim can be made after purchasing a policy.
This will help you make an informed decision about which company offers the best plan for your individual needs.
Step Two: Consider Your Financial Situation and Needs
Before selecting a burial insurance policy it is essential to assess your current financial situation. Evaluate any debts or other obligations that may need to be covered by the death benefit from an insurance policy.
Additionally consider what kind of funeral arrangements would suit both yourself and/or your family’s wishes when making this decision.
That way, you will have a good idea of what amount of coverage makes sense for your needs. Many seniors opt for the following policy sizes:
Keep in mind, however, everyone’s situation is unique and you will want to buy an amount that makes sense for your specific needs.
Step Four: Simple Purchasing Process
Once you have determined which life insurance company offers the best burial policy to fit your needs, it is time to apply for coverage.
The application process is quick and straight forward. Gather your important documents, including your Social Security number, residence, date of birth, basic health information, and beneficiary information.
With the help of your agent who specializes in burial insurance for seniors, complete the application either online or over the phone. Be sure to answer each question carefully and honestly so that there are no delays in your approval.
Right away, you will receive an application response. Make your first premium payment to allow your policy to be in force.
A copy of your policy will be sent to you electronically or mailed to you. Be sure to keep it in a safe place so that you can reference it later. Let you beneficiaries know where the policy is stored, as well, so that there are no delays when it comes time to file a life insurance death claim.
Key Takeaway: When selecting a burial insurance policy at age 66, it is important to research different companies and plans, consider your financial situation and needs, and compare rates and coverage options.
Frequently Asked Questions for 66 Year Olds
Can a 66 year old get life insurance?
Yes, a 66 year old can get life insurance.
Depending on the type of policy and insurer, there may be certain restrictions or qualifications that need to be met in order for the individual to qualify.
Generally speaking, most insurers will offer term life insurance policies up to age 80 or 85 with no medical exam required.
Permanent life insurance policies are also available. Premiums depend on the individual’s health and lifestyle factors. And, guaranteed issue plans do not ask health questions.
It is important to compare different types of coverage and shop around for the best rates before making a decision.
How much does a burial policy cost?
The cost of a burial policy will vary depending on the type of coverage you choose, your age, and other factors. Generally speaking, final expense policies for seniors over 50 can range from $10 to hundreds of dollars per month.
Ultimately, the cost of any burial policy depends on individual circumstances and should be discussed with your agent before making a purchase decision.
Can my 66 year old parent get burial insurance?
Yes, a 66 year old parent can buy burial insurance. Burial insurance is a form of whole life insurance and provides lifelong coverage and builds cash value over time.
It is typically more expensive than term life insurance but offers additional benefits such as guaranteed death benefit amounts and the ability to borrow against the policy’s cash value.
Depending on the insurer, there may be age restrictions or health requirements that need to be met in order for an individual to qualify for this type of policy.
Next Steps
It’s important to weigh the pros and cons before making a purchase, as well as research how to buy a policy that meets your needs.
Burial insurance cost for 66 year olds varies depending on factors such as gender, health history, and type of coverage desired. Taking these into account will ensure that you get the best value from your investment in burial insurance at age 66.
Are you a senior age 66 or older looking for insurance coverage to help with the costs of burial expenses?
iSeniorBenefits provides comprehensive final expense, Medicare, health and cancer plans tailored specifically to your needs.
With our competitive rates and knowledgeable customer service representatives ready to answer all your questions, we are sure that you will find the right plan for yourself or loved one. Don’t wait – contact us today so we can start helping you secure peace of mind about your financial future.