Burial Insurance Cost for 68 Year Olds: FAQs + 2024 Update
Posted in Insurance By Age last updated on December 4, 2023
Burial insurance is an important consideration for anyone over the age of 68, regardless of their financial situation.
But how much does it cost?
As you get older, burial insurance costs will increase due to your increased risk profile. If you’re a 68 year old looking into purchasing burial insurance, understanding what factors determine your premium and what kind of coverage is available are essential questions to ask yourself.
In this article, we’ll explore the topic in detail; from types of policies available to sample rates for male and female 68 year olds – so that you can make an informed decision when it comes time to purchase burial insurance at age 68.
Table of Contents
- Overview of Burial Insurance Cost for 68 Year Olds
- Benefits of Buying Burial Insurance at Age 68
- How to Buy Burial Insurance at Age 68
- Sample Rates for Male and Female 68 Year Olds
- Frequently Asked Questions
- Next Steps
Overview of Burial Insurance Cost for 68 Year Olds
Burial insurance is an important financial tool for seniors over the age of 68, as it can help protect their families from having to pay out-of-pocket for these expenses.
The average cost of burial insurance for a 68 year old will vary depending on factors such as gender, health history, lifestyle habits, and more.
What is Burial Insurance?
Burial insurance provides coverage in the event of death so that your family does not have to worry about paying for funeral or burial expenses.
This type of policy typically pays out a lump sum benefit upon death which can be used by your loved ones to cover any related costs, such as the price of a funeral.
Most policies are permanent and do not expire unless you choose to cancel them or fail to make payments on time.
Average Cost of Burial Insurance for 68 Year Olds
The average cost of burial insurance depends largely on factors such as gender, health history, lifestyle habits, and other personal information provided when applying for coverage.
Generally speaking though, premiums tend to increase with age due to increased risk associated with older individuals.
For example, a healthy male aged 68 may pay around $65 per month for a $10,000 policy, while a female at the same age could expect her premium rate closer towards $50 per month depending on her individual circumstances.
Additionally, some companies offer discounts based on certain criteria such belonging to certain organizations, like previous service in the military.
Burial insurance is an important consideration for seniors over the age of 68, as it can help to ensure that final expenses are covered. It’s important to understand the average cost and factors that affect this cost when considering a burial insurance policy.
Key Takeaway: Burial insurance is an important financial tool for seniors over the age of 68, as it can help protect their families from having to pay out-of-pocket for funeral and burial expenses.
Benefits of Buying Burial Insurance at Age 68
Buying burial insurance at age 68 can provide peace of mind for your family and loved ones. Knowing that you have taken the necessary steps to ensure that your final expenses are covered, regardless of what happens in the future, can be a great comfort.
In addition to providing peace of mind, burial insurance also offers tax benefits and cash value accumulation potential.
Peace of Mind for Your Family and Loved Ones
Burial insurance provides financial protection for your family when you pass away.
Having this coverage gives them one less thing to worry about during a difficult time.
It ensures that they won’t have to bear the burden of covering the price of a funeral or other end-of-life costs such as medical bills or legal fees associated with settling an estate.
Additional Features of Burial Policies
Many types of burial insurance policies offer tax advantages such as tax-free death benefits.
Further, accelerated death benefit riders which allow policyholders to access their death benefit while still alive if they become terminally ill such as a serious cancer or heart disease diagnosis.
Also, some whole life policies accumulate cash value over time which can be used as collateral against modest loans or withdrawn in the case of an emergency.
Flexible Payment Options
Most burial insurance policies come with flexible payment options so you can choose the amount of coverage that is right for you based on budget constraints and personal needs.
Sometimes, you have the option to adjust the amount of coverage over time as circumstances change, without having to reapply for new coverage each time there is an adjustment made in premiums paid or death benefit amounts desired by policyholders.
Burial insurance for seniors offers financial security and peace of mind for their families. To ensure you get the best policy for your needs, it is important to understand how to buy burial insurance at age 68.
Key Takeaway: Burial insurance at age 68 provides peace of mind for your family and loved ones, tax benefits, and cash value accumulation potential.
How to Buy Burial Insurance at Age 68
At age 68, it is important to consider purchasing burial insurance. Burial insurance provides financial protection for your loved ones in the event of your death and can help cover funeral and cremation costs, medical bills, or other expenses.
To ensure you are getting the best coverage at a reasonable rate, there are several steps you should take when buying burial insurance.
First and foremost, always work with an independent agent who specializes in burial insurance for elderly individuals. That way, you will have someone working on your behalf to access the top-rated carriers to compare and contrast their policies with your needs.
Research Different Companies and Compare Rates
With the help of your agent, research different companies that offer burial insurance policies and compare their rates.
Look for companies with good customer service ratings and check out online reviews from customers who have purchased similar policies in the past.
To start, look at the following top-tier burial insurance companies:
Make sure to read through all of the policy terms and conditions carefully before making any decisions so that you understand what is covered by each policy.
Understand the Policy Terms and Conditions
Before signing up for a policy, make sure that you fully understand all of its terms and conditions including deductibles, premiums, exclusions, limitations on coverage amounts or types of living benefits covered under certain plans.
Pertaining to the face amount of the policy, be sure to verify the coverage will meet your financial needs. Typical burial insurance face amounts include:
Be aware that some policies may require additional fees such as administrative charges or cancellation fees if you decide to terminate your policy early.
Knowing exactly what is included in your plan will help ensure that you get adequate coverage at an affordable price point without any hidden surprises down the line.
Check Out Customer Reviews
When selecting a company to purchase burial insurance from, be sure to choose one with excellent customer service ratings so that they can provide assistance if needed throughout the life of your policy.
Check out online reviews from customers who have purchased similar policies in order to determine which company has consistently provided quality service over time before committing to one provider over another.
Once you have researched different companies and compared rates, understand the policy terms and conditions, and chosen a reputable company with good customer service, it’s time to look at sample rates for male and female 68 year olds.
Steps to Buy
Once you have decided the specific policy and coverage amount you would like to buy, plan on a simple straightforward process to buy a policy.
- Gather important information including Social Security number, date of birth, full name, address, basic health history, and beneficiary information.
- Submit your application, typically over the phone or online. Plan to communicate basic health information (unless you are buying a guaranteed issue plan).
- Wait for an application decision. This often only takes minutes.
- Make your first premium payment, typically electronically.
- Receive a copy of your policy, either in the mail or online.
Be sure to store you policy in a safe spot and let your beneficiaries know where they can access your policy, as well. That way, there are no delays when it comes time to file a life insurance death claim.
Review your coverage on an annual basis, or when a major life even happens, to confirm that your coverage amount is in alignment with your end-of-life financial needs.
Key Takeaway: When purchasing burial insurance at age 68, it is important to research different companies and compare their rates. Make sure to read through all of the policy terms and conditions carefully before making any decisions.
Sample Rates for Male and Female 68 Year Olds
For 68 year olds, the cost of burial insurance varies depending on factors such as gender, state, health history, lifestyle habits, and more.
Sample Rates by Gender
The average cost for a 68-year-old healthy male is about $100 per month for a $15,000 policy while the average cost for a healthy female is slightly lower at $70 per month.
However, the rates are lower for a smaller coverage amount, unsurprisingly. For a $5,000 burial policy, the average monthly rate of $35 for healthy males and $25 for healthy females.
Rates vary from company to company, so be sure to compare different companies before making a decision.
You should consider customer service ratings as well as any additional benefits or discounts offered by each company in addition to the price.
Ultimately, it is up to you to decide which option best meets your needs both financially and emotionally when selecting a policy provider. Just be sure to have an expert agent working on your behalf.
Frequently Asked Questions for 68 Year Olds
Can a 68 year old get life insurance?
Yes, a 68 year old can get life insurance.
Most life insurance companies offer burial policies to seniors. The type of policy available and the cost will depend on factors such as health, lifestyle, medical history, and coverage amount.
Seniors may be able to purchase burial insurance policies with coverage amounts ranging from $2,000 up to $50,000 in coverage, depending on their needs.
It is important for 68 year olds to compare different carriers in order to find one that meets their specific requirements at an affordable price.
How much does a burial policy cost?
The cost of burial insurance varies depending on the type of policy and the coverage amount.
Generally, final expense policies are more affordable than other types of life insurance policies and can range from $25 to hundreds of dollars per month for seniors over 50.
These policies provide death benefit amounts that typically range from $2,000 to $50,000.
The exact cost will depend on factors such as age, health history, gender and lifestyle habits.
Is it worth getting life insurance at 68?
Yes, almost always, it is worth getting life insurance at 68. Life insurance can provide financial security for your loved ones after you pass away.
Specifically, burial insurance is worth it for most seniors. It can also help cover funeral costs and other expenses that may arise in the event of death.
Additionally, some policies offer living benefits such as accelerated death benefit riders which allow policyholders to access a portion of their death benefit while they are still alive.
Is it better to get life insurance or burial insurance?
It depends on your individual needs and circumstances.
Life insurance is designed to provide financial protection for your family in the event of your death, while burial insurance is specifically intended to cover funeral costs.
If you are looking for a way to protect your loved ones from having to pay out-of-pocket expenses after you pass away, life insurance may be the better option as it can provide more comprehensive coverage than burial insurance.
However, if you are primarily concerned with covering funeral costs, then burial insurance may be the right choice for you. Ultimately, it’s important that you evaluate both options carefully before making a decision so that you can choose the best policy for your needs.
Next Steps
Burial insurance cost for 68 year olds can be an important part of planning for the future. Knowing what types of policies are available and understanding the benefits that come with buying at age 68 can help you make a more informed decision.
Additionally, researching sample rates from different companies is key to finding the best policy for your needs. By taking these steps, you will be able to find a burial insurance policy that meets your needs and budget.
Seniors should not have to worry about the costs associated with burial and other final expenses. With iSeniorBenefits, we provide a range of insurance products tailored specifically for seniors that can help cover those costs.
Our plans are designed to give peace of mind by providing coverage options such as Medicare, Health Insurance and Cancer Plans at an affordable price point for 68 year olds.