The Complete Guide to Burial Insurance Cost for 72 Year Olds
Posted in Insurance By Age last updated on October 31, 2023
The cost of burial insurance for 72 year olds is a serious and important topic to consider.
It can be difficult to know where to start when looking into this type of coverage, so it’s essential that you understand what your options are before making any decisions.
In this blog post, we will provide an overview of burial insurance cost for 72 year olds, including sample rates by gender, the best companies offering these policies and how you can purchase them.
By understanding all the details surrounding burial insurance costs at age 72, seniors can make an informed choice about their financial future.
Table of Contents
- Overview
- Sample Rates
- Best Companies for Burial Insurance
- How To Buy Burial Insurance
- Frequently Asked Questions
- Next Steps
Overview of Burial Insurance Cost for 72 Year Olds
Burial insurance is a type of life insurance policy that provides financial protection to cover the cost of funeral and burial expenses.
It is designed to provide peace of mind for seniors over the age of 50 who are looking for an affordable way to plan ahead and ensure their final expenses are taken care of.
When it comes to burial insurance costs, there are several factors that can affect how much you will pay in premiums.
These include your age, gender, health history, lifestyle habits such as smoking or drinking alcohol, and other factors. For example, 72 year olds may find they have higher rates than younger individuals due to their increased risk factor associated with aging.
Burial insurance for seniors is an important consideration when planning ahead financially, especially if one has dependents who would be responsible for covering funeral costs without this type of protection in place.
With careful comparison shopping between different providers, seniors over age 50 can easily find an affordable solution that meets their specific needs while providing peace-of-mind knowing their final expenses will be taken care of no matter what happens down the road.
Key Takeaway: Burial insurance is an important financial consideration for seniors, and with careful comparison shopping between different providers they can easily find an affordable policy that meets their specific needs. Key elements to consider include age, gender, health history, and lifestyle habits.
Sample Rates for Male and Female 72 Year Olds
When it comes to burial insurance costs, there are several factors that can affect the rate you pay.
Age
Age is one of the most important factors in determining your premium. Generally speaking, elderly individuals will pay higher premiums than those who are younger due to their shorter life expectancy.
For a 72 year old male or female in good health, sample rates can range from $50 – $80 per month for a $10,000 policy, depending on the company and policy chosen.
Gender
Gender also plays an important role when it comes to burial insurance for seniors. Generally speaking, males tend to pay slightly higher premiums than females due to their longer life expectancy.
Health
Health history is another factor that can influence your burial insurance cost for seniors over 50 years old. If you have any pre-existing medical conditions such as diabetes or cancer, you may be charged a higher premium than someone with no known health issues.
Health conditions increase your risk of death and therefore make it more likely that the insurer will need to pay out on your policy sooner rather than later.
Lifestyle
Lifestyle habits, like smoking and drinking alcohol, can also impact how much you’ll pay for burial insurance coverage at this age group, since they both increase your risk of premature death.
Smoking, drinking, and other risky behaviors can result in a higher premium being charged by some insurers if they are aware of them during the underwriting process.
Coverage Amount
The size of your burial policy, unsurprisingly, affects cost. All other things being equal, a larger face amount costs more than a modest face amount.
Consider the following typical burial policies:
Type of Policy
Finally, the type of policy chosen is another factor which affects what kind of rate you’ll receive when purchasing burial insurance coverage for those aged 72 or older.
The underwriting process is where insurers assess how risky insuring someone is, so it’s important to be honest about any lifestyle choices that may have an effect on your premiums.
Traditional burial insurance includes simplified underwriting (some health questions), while guaranteed issue burial insurance asks zero health questions and has virtually no underwriting.
It’s important to weigh up all options before making a decision about which type best suits your needs and budgeting constraints.
Burial insurance rates vary for males and females of the same age, so it’s important to compare the sample rates before deciding which company offers the best coverage. Next, let’s take a look at some of the top companies offering burial insurance for 72 year olds.
Key Takeaway: When purchasing burial insurance for seniors over 50 years old, factors such as age, gender, health history, lifestyle habits and type of policy chosen can all affect the cost.
Best Companies for Burial Insurance
Work with an independent life insurance agent who specializes in burial insurance for seniors. That way, you will have access to multiple companies and policies to compare and contrast with your unique needs.
To start, evaluate the following highly rated life insurance companies offering burial insurance.
American Amicable
American Amicable Life Insurance Company is one of the top rated providers for this type of policy. They offer a range of plans with varying levels of coverage, including final expense policies that can help cover funeral costs and other end-of-life expenses. Up to a $50,000 burial policy is available.
Mutual of Omaha
Mutual of Omaha Life Insurance Company also offers burial insurance policies that provide comprehensive protection at an affordable price. Up to a $40,000 burial policy is available.
CICA
CICA Life offers easy-to-qualify for coverage through their Superior Choice product. Up to $30,000 in coverage is available for applicants between the ages of 0 – 85 years old.
SBLI
The SBLI Company provides flexible term life insurance plans as well as whole life policies that can be used to cover funeral costs and other end-of-life expenses. Up to a $35,000 burial policy is available.
Guarantee Trust Life
Guarantee Trust Life Insurance Company another leading provider in the industry, offers permanent life insurance products designed specifically for seniors over 50 years old. Up to a $25,000 burial policy is available.
Corebridge Financial
For seniors who do not qualify for traditional burial insurance due to serious health complications, Corebridge Financial (formerly AIG) is an excellent option. Corebridge offers a guaranteed issue life insurance plan. Zero health questions are asked. Up to a $25,000 burial policy is available.
Key Points
No matter which company you choose when shopping for burial insurance, it is important to compare different quotes from multiple providers before making your decision. Be sure to work with an independent agent.
This will ensure that you get the best rate possible on your policy while still getting adequate coverage for your needs.
The best companies for burial insurance provide seniors with affordable and reliable coverage. In the next section, we’ll explore how to buy burial insurance so you can make an informed decision about your policy.
How To Buy Burial Insurance
Buying burial insurance is a simple and straightforward process that can be done online or over the phone with a licensed agent.
Be sure to have an independent life insurance agent working on your behalf.
Compare Carriers
Before making any purchases, it’s important to compare different companies in order to find the best coverage at an affordable price point.
Evaluate how much coverage you need to pay for the price of a funeral, as well as other outstanding minor debts, and financial goals you may have.
Compare your coverage needs with top-rated burial insurance carriers’ options.
Assess Rates
When comparing rates for burial insurance for seniors, make sure you understand all terms and conditions associated with each policy before signing any paperwork or making payments.
Consider factors such as premiums, deductibles, co-pays, exclusions and riders when evaluating your options. Additionally, consider how long the policy will last (almost all are permanent) for and if there are any renewal fees associated with it.
Read Reviews
Finally, don’t forget to check out customer reviews of each company before committing to a particular provider.
Reading through customer feedback can give you valuable insight into how well they handle claims processing times as well as their overall customer service experience, which could influence your decision on who to purchase from in the end.
Burial insurance is an important decision to make for seniors, so it’s important to research and compare different policies before making a purchase.
FAQs in Relation to Burial Insurance Cost for 72 Year Olds
Can you get burial insurance for seniors?
Yes, burial insurance for seniors is available. It is a type of life insurance policy that provides coverage specifically to cover the costs associated with funeral and burial expenses.
These policies are typically designed for individuals over the age of 50 and provide death benefits in amounts ranging from $2,000 to a $50,000 burial policy.
They can be purchased through an independent agent (highly recommended) or directly from an insurer. Premiums vary depending on factors such as age, health status, gender and amount of coverage desired.
Can a 72 year old get insurance?
Yes, a 72 year old can get insurance.
Burial insurance plans provide coverage for funeral costs, while Medicare offers health coverage for seniors over 65. There is also other health insurance plans to help cover medical expenses.
Cancer plans offer financial protection against the high cost of cancer treatments.
Depending on your individual needs, you can find an affordable policy that meets your requirements.
What is the cost of a burial policy?
The cost of a burial policy depends on several factors, such as the age and health of the insured, the amount of coverage desired, and any riders or additional benefits included in the policy.
Generally speaking, burial policies are less expensive than other types of life insurance due to their limited coverage amounts.
Premiums can range from $25 – $100 per month for a typical final expense policy of $10,000 in coverage.
Additional riders may increase this cost slightly. It is important to shop around and compare rates from different insurers before purchasing a burial policy.
Is it worth getting life insurance at 72?
Yes, burial insurance is worth it at 72.
Burial life insurance can provide financial security for your loved ones in the event of your passing. It can also help cover medical costs and other expenses associated with end-of-life care.
Additionally, some policies offer living benefits that allow you to access a portion of the death benefit while still alive if you are diagnosed with a terminal illness or become disabled.
Therefore, having life insurance coverage at age 72 can be beneficial both during life and after death.
Next Steps
Burial insurance cost for 72 year olds can be an important part of a senior’s financial plan. It is important to understand the different rates available and compare them to find the best coverage for your needs.
There are many companies that offer burial insurance policies and it is important to research each one before making a decision.
Finally, make sure you know how to buy burial insurance so that you get the most out of your policy. With careful planning and research, seniors over the age of 72 can secure their financial future with burial insurance cost for 72 year olds.
Seniors deserve to have access to insurance products that will provide them with the financial security they need in their golden years.
At iSeniorBenefits, we are committed to helping seniors find the right burial insurance plan at an affordable cost.
We understand that every individual’s needs and budget are different, so our experts take into account a variety of factors such as age, health condition and more when offering personalized plans for 72 year olds.