Burial Insurance Cost for 73 Year Olds: FAQs + 2023 Update

burial insurance cost for 73 year olds

Burial insurance cost for 73 year olds is an important consideration when planning your financial future.

With rising funeral costs, the need to cover final expenses becomes increasingly necessary as we age. Knowing what burial insurance entails and how much it will cost at age 73 are essential steps in deciding whether or not this type of policy is right for you.

In this article, we’ll discuss what burial insurance is, provide sample rates for males and females at that age, examine pros and cons associated with purchasing a policy.

We will then outline the process of buying one, so you can make an informed decision about whether or not it’s worth investing in burial insurance.

Table of Contents

  1. What is Burial Insurance?
  2. How Much Does Burial Insurance Cost for 73 Year Olds?
  3. Pros and Cons of Buying Burial Insurance at Age 73
  4. Steps to Buy Burial Insurance at Age 73
  5. Sample Rates for Male and Female at Age 73
  6. FAQs in Relation to Burial Insurance Cost for 73 Year Olds
    1. Can you get burial insurance for seniors?
    2. Can I get life insurance at the age of 73?
    3. What is the cost of a burial policy?
  7. 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 funeral and burial expenses.

It is typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with the financial responsibility of their funeral and burial costs.

The amount of coverage provided by burial insurance can vary greatly depending on the provider, but they usually range from $2,000 to $50,000 in death benefit amounts.

The premiums for this type of policy are generally affordable and can be paid monthly or annually, depending on your preference.

In addition to covering the price of a funeral, some policies may also provide additional benefits such as paying off outstanding debts or providing money for living expenses during a period of illness or disability prior to death.

This makes them an attractive option for those looking for peace-of-mind protection against unexpected medical bills or other financial obligations in later life.

When it comes time to purchase a burial insurance policy at age 73 there are several factors you should consider before making your decision including: cost (premiums), coverage amount (death benefit) and any additional benefits offered by the provider.

It is important to compare rates between different providers before purchasing, so that you get the best deal possible based on your individual needs and budget constraints.

Additionally, it is wise to consult with an experienced agent who can help guide you through all aspects involved in buying burial insurance at this stage in life, so that you make an informed decision about what is right for you financially speaking now and into retirement years ahead.

Burial insurance is a type of life insurance that helps cover the cost of final expenses and can provide peace of mind to those who purchase it. Now let’s take a look at how much burial insurance costs for 73 year olds.

Key Takeaway: When purchasing burial insurance at age 73, it is important to consider cost (premiums), coverage amount (death benefit) and any additional benefits offered by the provider. It is wise to compare rates between different providers and consult with an experienced agent for guidance.

How Much Does Burial Insurance Cost for 73 Year Olds?

It can be purchased by individuals at any age, but it is particularly popular among seniors over the age of 50 who are looking for an affordable way to provide financial security for their families in case something happens to them.

When it comes to determining how much burial insurance will cost for 73 year olds, there are several factors that come into play.

Gender plays a role in premium rates, as males typically pay higher premiums than females due to increased risk factors associated with men’s health.

Health history also affects premiums; those with pre-existing conditions or chronic illnesses may pay more than those without such issues.

Note – if you have serious health complications, you may need to consider a guaranteed issue plan for your burial coverage needs.

Finally, coverage amount also impacts price; larger policies generally have higher monthly premiums than smaller ones do, unsurprisingly.

For example, a healthy 73 year old male can expect to pay an average monthly premium of $80-$100 for a $10,000 policy.

In comparison, a healthy 73 year old female can expect to pay an average monthly premium of $70-$90 for the same coverage amount.

The exact rate you receive will depend on your individual circumstances and should be discussed with your insurer prior to purchasing the policy.

It’s important to note that some insurers offer discounts based on lifestyle choices such as not smoking or having no dangerous lifestyle habits, which could reduce your overall cost significantly if applicable.

Additionally, many burial insurance companies offer additional benefits such as accelerated death benefit riders, depending on the plan chosen.

Finally, when shopping around for burial insurance it is important to compare quotes from multiple providers in order to get the best deal possible.

Be sure to read all terms and conditions before signing up so that you understand exactly what is covered under each policy option available.

Key Takeaway: Factors such as gender, health history and coverage amount affect the cost of a policy.

Pros and Cons of Buying Burial Insurance at Age 73

Buying burial insurance at age 73 can be a great way to ensure that you have the funds available to cover any end-of-life expenses.

There are both pros and cons associated with this type of policy, so it’s important to understand them before making a decision.

Pros of Burial Insurance

One of the biggest advantages of buying burial insurance at age 73 is that coverage amounts are typically low enough that premiums are affordable.

This makes it easier for seniors on fixed incomes to pay for their policies without breaking the bank.

Additionally, death benefits from these policies are paid out quickly, which means families don’t have to wait long after their loved one passes away in order to receive money from the policy.

Another benefit is that most burial insurance policies do not require medical exams when applying for coverage.

This makes it easier for seniors who may not be able to pass a medical exam due to existing health conditions or medications they take regularly.

Furthermore, premiums typically remain level throughout the life of the policy and can be used by beneficiaries however they choose—to cover funeral and cremation costs, unpaid debts or other end-of-life expenses like medical bills.

Cons of Burial Insurance

On the downside, coverage amounts may not be enough to cover all end-of-life expenses such as estate taxes or outstanding debts owed by your loved one upon passing away.

You also need to be careful when deciding which type of burial policy you buy. For example, a few carriers sell policies in which the premiums increase with age, which could make them unaffordable if you live past your expected lifespan.

Finally, some policies may also include restrictions on how benefits can be used. Be mindful to know the difference between a burial insurance policy and a pre-paid funeral plan.

For example, a pre-paid funeral plan – often bought through a specific funeral company – often only allows funds to go towards funeral costs, rather than paying off debt or covering other types of expenses related directly related with death.

Overall, there are both pros and cons associated with purchasing burial insurance at age 73. Understanding what each entails will help you decide whether this type of policy is right for you and your family’s needs now and in the future years ahead.

Key Takeaway: Pros include: affordable premiums, no medical exam, and typically level premiums. Cons include: coverage may not be enough for all expenses, sometimes increased premiums with age, and sometimes restrictions on how benefits can be used.

Steps to Buy Burial Insurance at Age 73

There are specific steps you can take to buy a burial policy with ease. The process is usually simple and straightforward.

First and foremost, partner with an independent life insurance agent who specializes in burial insurance. That way, you will have someone working on your behalf to compare and contrast your needs with the top-rated life insurance companies. Don’t go-it alone.

Step 1

Research different types of burial insurance policies available in your area and compare rates from multiple providers.

Before you purchase a policy, it is important to understand the various options available so that you can make an informed decision. Burial insurance typically comes in the form of whole life insurance.

Whole life policies provide coverage for the entire duration of your lifetime, making it ideal for end-of-life expenses, so you do not need to worry about outliving your coverage.

It is also important to consider any additional benefits such as cash value accumulation or accidental death protection when comparing policies.

Step 2

Choose a policy that meets your needs and budget requirements.

Once you have researched the different types of burial insurance policies available, select one that fits both your financial situation and desired level of coverage.

Consider factors such as monthly premiums, policy fees, and waiting periods (before benefits are paid out) and other terms associated with each policy before making a final decision.

Step 3

Most insurers will require some basic information about yourself including age, gender, address, and Social Security number in order to determine eligibility for their products.

You may also be asked questions related to existing medical conditions or lifestyle habits which could affect the cost or availability of certain plans.

It is important to answer these truthfully so that there are no surprises down the line if something unexpected happens during the course of your policy period.

Step 4

Submit your application form along with payment for your first month’s premium. This is typically all accomplished from the comfort of your home.

After submitting all required documents and paying the initial premium amount due on acceptance into a plan (this can vary depending on provider), you should receive confirmation within 7-10 business days confirming approval status – at this point coverage begins immediately upon receipt.

Congratulations – once approved by an insurer after completing steps 1 through 4 above, all that remains is simply making regular payments.

At the time of your passing, beneficiaries listed on the contract will receive funds according to its terms and conditions outlined therein.

Key Takeaway: With the right information and research, purchasing burial insurance at age 73 is an achievable goal.

Sample Rates for Male and Female at Age 73

For those aged 73, burial insurance can be an important part of their financial planning. The cost of a burial policy varies depending on age, gender, health status, and other factors.

Male and Female Rates

Generally speaking, males tend to pay higher premiums than females due to greater risk factors associated with men’s health such as heart disease and cancer.

For example, sample rates for healthy males aged 73 range from $130-$160 per month for a $15,000 policy while sample rates for healthy females aged 73 range from $90-$120 per month for the same coverage amount.

Burial insurance can provide peace of mind knowing that final expenses are taken care of in case something unexpected happens; however, it is important to weigh the compare multiple quotes from a number of carriers before making any purchasing decisions.

Get advice from an independent agent who specializes in helping seniors navigate through their options when it comes time purchase burial plans.

Research different companies offering senior-specific products; compare quotes online to find the best rate available based on your individual needs.

Ask questions to make sure you understand all aspects related to each company’s policy, including premium payments and benefit amounts offered upon death.

Consider adding extra features like accelerated benefits which allow beneficiaries access funds earlier if needed.

Read customer feedback online so you know what others think about each provider before committing yourself financially long term with one particular company.

Key Takeaway: Rates vary based on age, gender, health status and other factors. Speak with an experienced agent for advice before committing yourself financially long term.

FAQs in Relation to Burial Insurance Cost for 73 Year Olds

Can you get burial insurance for seniors?

Yes, burial insurance for seniors is available.

All referred to as final expense policies, burial insurance policies are designed to cover the costs associated with end-of-life expenses such as funeral and burial costs.

Related – Don’t have your loved ones looking for free burial options by neglecting to secure coverage.

These policies typically have no physical exam requirements and can be issued quickly.

Can I get life insurance at the age of 73?

Yes, you can get life insurance at the age of 73.

Many companies offer products specifically designed for seniors over 50 that provide coverage for final expense.

In addition to life insurance, it is recommended seniors also evaluate other insurance needs:

  1. Medicare
  2. Dental Vision and Hearing plans
  3. Health insurance
  4. Cancer plans

These policies are often available with no medical exam required and are designed to be affordable.

Depending on your individual situation, there may be additional requirements or restrictions that apply to these types of policies so it is important to speak with an experienced insurance professional before making a decision.

What is the cost of a burial policy?

The cost of a burial policy will vary depending on the type of coverage you choose.

Generally, final expense policies are more affordable than other types of insurance and can range from $10 to hundreds of dollars per month.

The primary factors that affect policy cost include your health status, tobacco use, age, gender, and coverage amount.

Typically, seniors are able to find a policy that fits some or all of their financial needs for end-of-life expenses, without breaking the bank.

Next Steps

Burial insurance is an important consideration for seniors over the age of 50.

Knowing how much burial insurance costs for 73 year olds can help you make an informed decision about whether or not it’s right for you.

It’s important to weigh the pros and cons of buying burial insurance at this age, as well as understand the steps needed to purchase a policy.

Sample rates vary by gender, so be sure to compare quotes from different providers before making your final decision on which policy best fits your needs and budget.

Seniors need access to reliable, affordable burial insurance plans. As cost of living increases, it’s important for seniors to have a secure financial plan in place that will cover their final expenses.

iSeniorBenefits is here to provide seniors with the best burial insurance options available so they can feel confident knowing their loved ones won’t be burdened by funeral costs when they pass away.

We offer customizable plans tailored specifically for 73 year olds so you can get the coverage you need at an affordable price – contact us today!