As you age, it’s important to consider the cost of burial insurance for 67 year olds. Burial insurance is an essential form of protection that helps your loved ones pay for funeral costs and other expenses when you pass away.
In this article, we will provide an overview of burial insurance as well as discuss its cost specifically for those who are 67 years old.
We will also explain how to apply and look at additional coverage options available to seniors over the age of 67 before concluding with a summary of key points.
Table of Contents
- Overview of Burial Insurance
- Cost of Burial Insurance for 67 Year Olds
- How to Apply for Burial Insurance
- Key Points
- Next Steps
Overview of Burial Insurance
Burial insurance is a type of life insurance that provides financial protection for your loved ones in the event of your death.
It pays out a lump sum to cover funeral expenses, medical bills, and other costs associated with end-of-life arrangements. Burial insurance is typically purchased from an independent agent.
What is Burial Insurance?
Burial insurance is designed to provide financial assistance to those who have passed away and their families – typically to help pay for the price of a funeral.
The policyholder pays premiums to their policy over time. The death benefit is then used to pay for burial expenses upon their death.
These policies typically offer amounts ranging from $2,000 up to $35,000 in coverage – or more -depending on the provider and the individual’s age at purchase.
In addition to covering funeral costs such as cremations, caskets and flowers, burial insurance may also cover additional costs like medical bills or unpaid debts left behind by the deceased person.
Benefits of Burial Insurance
The primary benefit of burial insurance is peace of mind knowing that your family will not be burdened with expensive funeral costs when you pass away.
This type of life insurance also offers flexibility in terms of payment options. Some providers allow you to make monthly payments while others require annual payments instead.
Additionally, many companies offer discounts if multiple people purchase policies together or if they are veteran or member of a fraternal society.
Finally, since most policies do not require any sort of medical exam prior to approval, burial insurance for seniors is easy to qualify for.
For seniors who may have difficulty obtaining traditional life insurance due to health issues related with aging process, burial insurance is a great option.
Burial Insurance is Permanent
Burial insurance is a type of permanent, or whole life insurance plan. Aptly named, as long as you make your premium payments, your policy will last your whole life.
Whole life plans usually cost more upfront but guarantee coverage until death regardless of age, so these tend to be the better option for those looking for longer lasting protection.
In addition, permanent policies offer a cash value accumulation feature, which can be accessed during an emergency.
Burial insurance can provide seniors with the financial security and peace of mind they need to cover end-of-life expenses.
Key Takeaway: Burial insurance provides financial protection for your loved ones in the event of death, covering funeral expenses and other costs associated with end-of-life arrangements.
Cost of Burial Insurance for 67 Year Olds
For 67 year olds, the cost of this coverage can vary depending on several factors.
Average Cost for Male and Female 67 Year Olds
The average cost for burial insurance policies for males aged 67 years old ranges from $30 to $150 per month, while females may pay slightly less at around $20 to $140 per month. These rates are based on policies with face values between $5,000 and $10,000 in coverage.
Factors That Affect Cost
There are many factors that can affect the cost of burial insurance premiums including:
- Health history (including any pre-existing conditions).
- Lifestyle habits such as smoking or drinking alcohol.
- Where you live.
- Coverage amount.
- Carrier you apply with.
Additionally, some companies offer discounts if you purchase multiple policies or have other family members insured under the same plan. Special circumstances may also affect cost. For example, if you are disabled, it will need to be disclosed on your burial insurance application.
When shopping around for burial insurance it’s important to compare quotes from different companies in order to find the best rate available.
Burial insurance can be an important part of a senior’s financial plan. Knowing the average cost and which companies offer the lowest rates is essential to finding an affordable policy.
Next, we will discuss how to apply for burial insurance coverage.
How to Apply for Burial Insurance
Applying for burial insurance is a simple and straightforward process.
Qualifying Criteria for Eligibility
To qualify for burial insurance, applicants typically need to be at least 50 years old.
Companies usually require a simple health interview to determine eligibility. The interview is not invasive and most seniors qualify for traditional coverage.
If, by chance, you have been diagnosed with serious medical conditions, such as a terminal illness, look to a guaranteed issue life insurance plan for your burial insurance needs.
Other factors that can affect eligibility include age, gender, lifestyle habits such as smoking or excessive drinking.
Required Documentation Needed to Apply
When applying for burial insurance, you will need to provide proof of identity such as a driver’s license or passport, proof of address, and any other documentation requested by the insurer.
The process is typically completed online or over the phone.
Alternatively, if you prefer face-to-face contact with an agent in person, then this option is also available.
Simply make an appointment with your independent life insurance agent, who specializes in burial insurance for seniors.
Your independent agent will guide you through the application process step-by-step until completion.
Burial Insurance Companies
Before submitting an application with a specific carrier, be sure to familiarize yourself with the top-rated life insurance companies offering burial insurance.
You will want to compare and contrast your specific needs with the policies each carrier offers.
To start, research the following companies:
Related – For those who are over 67 years old, there are additional coverage options available, in addition to burial policies, such as:
Key takeaway: Applying for burial insurance can be a simple process if you understand the eligibility criteria, have the necessary documents and know how to apply online or in-person.
Conclusion and Summary of Key Points
Burial insurance is an important form of coverage for seniors over the age of 67. It provides financial protection to cover the price of a funeral and in the event of death.
The last thing you want to do is leave loved ones looking for free places for burial after your passing.
Keep in mind, premiums are affordable. The average cost for a male or female 67 year old can range from $20 to $150 per month depending on factors such as health, lifestyle, and location, gender, and coverage amount.
When applying for burial insurance, there are certain criteria that must be met in order to qualify for coverage.
These include usually being at least 50 years old, and being able to provide documentation, such as proof of identity, before you apply online or in person with an agent.
In addition to burial insurance, there are other types of coverage available specifically designed for seniors over 67 years old including Medicare supplement plans, health insurance, and cancer plans.
Key Takeaway: Burial insurance is an important form of coverage for seniors over the age of 67, providing financial protection to cover funeral and burial costs in the event of death.
Burial insurance cost for 67 year olds can vary greatly depending on the type of coverage chosen and the company offering it.
It is important to research all available options in order to find the best policy for your needs. While there are a variety of additional coverage options available for seniors over 67 years old, it is important to understand that these may not be necessary or beneficial in every situation.
Ultimately, understanding what you need and researching different companies will help you make an informed decision about which burial insurance plan is right for you.
Are you a 67 year old senior looking for coverage? iSeniorBenefits offers burial insurance plans that can help provide financial security and peace of mind during this difficult time.
We also offer Medicare, health, and cancer plans to ensure your medical needs are taken care of. Get the protection you need today with our flexible policies designed specifically for seniors like yourself.
Don’t wait any longer – contact us now to find out how we can get started helping you plan for tomorrow.