As we age, the importance of having a financial plan in place to protect our loved ones after we pass away becomes more and more apparent. Burial insurance is one option that many seniors over 70 consider when planning for their final expenses.
But how much does burial insurance cost for 70 year olds?
The answer depends on several factors such as gender, health history, and coverage amount desired.
In this blog post, you will learn about what affects burial insurance rates for those aged 70 and older as well as which companies offer the best policies in order to make an informed decision about purchasing burial insurance for your particular situation.
We’ll also discuss steps to buy a policy so that you can start protecting your family today.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 70 Year Olds?
- What Factors Affect Burial Insurance Rates?
- What Are the Best Companies for Burial Insurance?
- How Can I Buy Burial Insurance?
- Frequently Asked Questions
- 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 end-of-life expenses such as funeral and burial costs.
It is typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with these costs after they pass away.
The price of a funeral can be quite expensive. According to the National Funeral Directors Association, the median cost for a traditional funeral in currently over $7,600.
Burial insurance helps alleviate this financial burden by providing funds to cover these expenses when needed.
When purchasing burial insurance, you will want to consider several factors such as your age and health status, since both will affect how much you pay for coverage.
Generally speaking, premiums increase with age due to increased risk. However, those in good health may qualify for lower rates than those who have existing medical conditions or take certain medications.
It’s also important to compare policies from different companies before making a decision since some may offer better terms than others depending on your individual needs and circumstances.
The best companies for burial insurance usually provide competitive rates along with flexible payment options and excellent customer service.
Burial insurance for seniors is an important form of protection, as it provides a lump sum to cover funeral costs. Knowing how much burial insurance costs for 70 year olds can help you make the right decision when planning ahead.
Key Takeaway: Burial insurance is a type of life insurance policy designed to cover end-of-life expenses such as funeral and burial costs. Factors that affect the cost of coverage include age, health status, payment options and customer service.
How Much Does Burial Insurance Cost for 70 Year Olds?
The cost of burial insurance for 70 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 can range from $50 – $75 per month for healthy individuals looking to buy a basic policy with a death benefit of $10,000.
When selecting an insurer for burial insurance, consider several factors including financial stability, customer service ratings, and death claim processing times.
Many companies offer riders or add-ons which allow you to customize your policy even further by adding features like accelerated benefits (which allows you access funds earlier in case you become terminally ill).
Finally, insurers offer discounts or special rates based on age or health status so it pays to shop around before making your decision. Or, special rates are often offered to those who belong to certain organizations, like having a military veteran status.
These options can help tailor your plan specifically towards your needs but may come at an additional cost so make sure they fit within your budget before committing.
Key Takeaway: Burial insurance costs vary depending on age, health, and other factors. It is important to understand these factors in order to make an informed decision when purchasing burial insurance for a 70 year old.
What Factors Affect Burial Insurance Rates?
When purchasing burial insurance for elderly individuals, it’s important to understand what factors may affect the cost of your policy.
For 70 year olds, several key elements can influence how much you pay for coverage:
Generally speaking, men tend to pay higher rates than women when it comes to burial insurance policies. This is because, statistically, women live longer on average and thus pose less risk for insurers.
If you have any pre-existing medical conditions or have been diagnosed with a serious illness such as cancer or heart disease, this could also lead to higher premiums.
Health conditions are equated to higher risk in the eyes of a life insurance underwriter.
You should know, however, that burial plans are still available even if you have serious health conditions. A guaranteed issue plan offers burial coverage with virtually no underwriting whatsoever.
Smoking has long been known as one of the most significant factors affecting life expectancy and therefore carries a hefty price tag when it comes to buying life insurance policies like burial coverage.
Smokers typically pay significantly more than non-smokers due to their increased risk profile.
Burial insurance cost is affected by a variety of factors such as age, gender, health history and coverage amount.
Knowing these factors can help you determine the best burial insurance plan for your needs. Now let’s take a look at which companies offer the best burial insurance plans.
What Are the Best Companies for Burial Insurance?
When shopping for burial insurance, it’s important to compare policies from multiple companies in order to find the best rate and coverage options available.
There are a number of different companies that offer burial insurance, so it can be difficult to know which one is right for you. Here, we will discuss some of the top companies offering burial insurance and what makes them stand out from the rest.
American Amicable is one of the most well-known providers of life insurance products in the United States. They offer a variety of plans, including burial insurance.
SBLI offers competitive rates on their burial policies as well as flexible payment options for seniors between the ages of 50 – 85. SBLI burial policies include free enrollment into the Sequoia Funeral Concierge Plan.
Mutual of Omaha
Mutual of Omaha is another popular provider with a wide range of products including burial policies. Mutual of Omaha also offers competitive rates, along with convenient online applications.
CICA Life offers policies of up to $30,000 in coverage. Underwriting is simplistic and you are not asked questions about your height, weight or tobacco status. Applicants can be between 0 – 85 years old.
Guarantee Trust Life
Guarantee Trust Life is offers burial policies in which you only need to answer five health questions in order to qualify for coverage. They also issue insurance up to age 90.
Finally, Corebridge, formerly called AIG, offers burial insurance with no underwriting required. As a form of guaranteed issue life insurance, all applicants are approved, as long as you are between the ages of 50 – 80 years old.
Burial insurance can provide financial protection for your family in the event of your death, and there are many companies offering competitive rates. The next step is to learn how you can purchase a burial insurance policy.
Key Takeaway: When shopping for burial insurance, it is important to compare policies from multiple companies in order to find the best rate and coverage options.
How Can I Buy Burial Insurance?
Buying burial insurance is a relatively simple and straightforward process. You can purchase coverage online or over the phone in just a few minutes.
To get started, partner up with an expert agent who is knowledgable of burial insurance for seniors, specifically.
Step One: Basic Information
First, you’ll need to provide some basic information about yourself such as your age, gender, health history, and lifestyle choices so that an accurate quote can be provided.
Step Two: Application
Next, you will submit your application. Expect a phone conversation (or online process) that will only take a matter of minute. You will communicate your basic details about yourself, beneficiary contact information, and coverage amount details.
Note – Underwriting is simple and straightforward. Plan to only need to answer basic health questions. If, however, you been diagnosed with serious medical complications, such as uncontrolled diabetes, your ability to be approved may be affected.
During the application process, be sure to confirm whether or not (most seniors do) you qualify for traditional burial insurance. And, know that you can always apply for a guaranteed issue life insurance plan for your burial needs, which does not ask any health questions.
Step Three: Premium Payment
Once you’ve been approved for a policy, you’ll need to make your first premium payment in order to activate your coverage.
Different payment modes are usually accepted: monthly, quarterly, or yearly. You can select the best type of payment schedule for your budget. Sometimes, discounts are offered if you opt to pay your premiums quarterly or yearly.
Step Four: Policy Delivery
Your policy will be delivered to you either electronically or by mail. Be sure to store your burial insurance policy in a safe spot, and let your beneficiaries know where to find it. That way, there are no delays when it comes time to file a life insurance death claim.
Review your coverage periodically, especially after a major life event, to confirm your insurance still meets your end-of-life financial needs.
Key Takeaway: The process to buy a burial policy is straightforward and is often accomplished in a matter of minutes. Have important information ready to be communicated so there are no delays.
FAQs in Relation to Burial Insurance Cost for 70 Year Olds
Can you get insurance on a 70 year old?
Yes, it is possible to get life insurance on a 70 year old.
Depending on the type of policy and the health of the individual, there are several options available.
Medicare and Health Insurance
On the other hand, seniors also need to evaluate their health coverage needs.
Cancer plans are worth consider as well, which offer coverage for medical expenses related to specifically to cancer, and sometimes heart attack and stroke.
It is important to speak with an experienced insurance professional who can help determine what type of policy best fits your needs.
What is the cost of a burial policy?
The cost of burial insurance will vary depending on the type of policy you choose.
Further, there are a few specific factors that underwriters consider when determining premiums on a burial policy – age, gender, location, health status, and coverage amount.
For quick reference, a healthy 70 year male can expect to pay about $110 per month for a $15,000 policy. The same policy amount would cost a healthy 70 year old female around $75 per month.
What is the best life insurance for unhealthy seniors over 70?
When it comes to life insurance for unhealthy seniors over 70, the best option is typically a guaranteed issue plan.
These policies do not require any medical exams or health questions and offer coverage up to age 120. They also provide a fixed death benefit that can be used to cover final expenses, such as the price of a funeral and medical bills.
Additionally, these policies often have an accelerated death benefit rider which allows the insured to access some of their benefits while they are still alive if they become terminally ill.
This makes them an ideal choice for seniors who want financial protection against unexpected end-of-life costs – especially if you have been diagnosed with a serious medical condition and do not qualify for other forms of life insurance.
Is it better to get life insurance or burial insurance?
It depends on your individual needs and goals.
Life insurance provides a death benefit to your beneficiaries upon your passing, while burial insurance is designed specifically to cover the costs associated with end-of-life expenses such as funeral services, cremation, and other related costs.
If you are looking for coverage that will provide financial protection for both yourself and your loved ones in the event of an untimely death, life insurance may be a better option.
However, if you simply want to ensure that there are funds available to cover final expenses without burdening family members or friends financially after you pass away, then burial insurance could be the right choice for you.
Burial insurance cost for 70 year olds can vary depending on factors such as coverage amount, gender and health history.
To get the best rates, be sure to work with an expert agent to compare different carriers offering burial policies. The best companies for burial insurance are those that offer competitive rates and comprehensive coverage options.
Finally, buying burial insurance is a simple process when you have all the necessary information ready beforehand. With this knowledge in hand, you can make an informed decision about your burial insurance needs at any age.
Are you a 70 year old who needs help with burial insurance costs?
Look no further than iSeniorBenefits. Our products are designed to provide financial security and peace of mind, giving you the assurance that your loved ones will be taken care of in the event of your passing.
With our wide range of final expense, Medicare, health and cancer plans tailored for seniors, we have solutions that can fit any budget or need.