Burial insurance cost for 76 year olds can be a daunting expense to consider.
It’s important to understand what burial insurance is, the associated costs and best companies offering coverage before making a decision.
Knowing all of your options as you age ensures that you are prepared financially when it comes time to make arrangements.
Burial insurance cost for 76 year olds should not stand in the way of having peace of mind about end-of-life expenses. Let us explore the steps necessary so that we may better plan ahead together.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 76 Year Olds?
- What Are the Best Companies Offering Burial Insurance?
- Steps to Buy Burial Insurance
- What Other Types of Insurance Should I Consider?
- 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 the financial responsibility of their funeral and burial costs.
Coverage Amount Available
Burial insurance policies are usually whole life policies which provide coverage for your entire lifetime. The amount can range from $2,000 up to $50,000 in coverage, depending on your age and health when you purchase the policy.
Premiums may be paid monthly, quarterly, or annually depending on what works best for you financially.
Factors to Consider
When purchasing a burial insurance policy, it is important to consider factors such as how much coverage you need in order to cover all necessary expenses related to your passing including funeral services, cremation fees, cemetery plot purchases and any other items, like flowers.
Additionally, some companies offer additional riders that allow for cash advances prior to death so that funds can be accessed if needed while still alive.
Burial Insurance Providers
It’s also important to research different companies offering burial insurance policies in order find one that fits both your budget and needs best.
Most insurers will require an application process which includes answering questions about medical history and lifestyle habits such as smoking or drinking alcohol before they approve coverage amounts and rates – based on answers provided by the applicant.
Note – there are burial policies available, called guaranteed issue plans, that do not ask any health questions. Guaranteed issue burial plans should be a last resort for coverage.
Other Insurance Products
Finally, it is wise for those considering buying a burial policy to look into other types of senior-specific products available.
For example, many seniors purchase the following forms of coverage:
- Medicare supplement plans.
- Health insurance if Medicare is not an option.
- Dental, Vision, and Hearing plans.
- Cancer insurance plans.
Many times, these types of products work hand in hand with each other providing better overall protection against unexpected healthcare bills during retirement years than one product alone.
Burial insurance for seniors is an important form of protection for seniors and their families, providing peace of mind knowing that funeral expenses are taken care of. Now let’s take a look at how much burial insurance costs for 76 year olds.
Burial insurance is a type of life insurance policy designed to cover end-of-life expenses such as the price of a funeral.
How Much Does Burial Insurance Cost for 76 Year Olds?
When it comes to the cost of burial insurance, there are several factors that come into play.
Age is one of the most significant factors in determining premiums for any kind of life insurance policy, including burial policies.
For 76 year olds, the average monthly premium will depend on gender as well as health history and coverage amount.
For example, a healthy 76 year old male can expect to pay an average monthly premium of $100-$150 for a $10,000 policy. In comparison, a healthy 76 year old female can expect to pay an average monthly premium of $75 – $120 for the same coverage amount.
Rates vary depending on personal factors such as lifestyle habits or pre-existing medical conditions which could affect eligibility or pricing.
While most seniors will qualify for traditional burial insurance coverage, as the underwriting process is simple and a medical exam is not required, there are options for those who have serious health diagnoses.
If you have been diagnosed with a terminal illness, or have a serious condition, there is always burial insurance through a guaranteed issue life insurance plan – everyone qualifies, as long as you meet the age requirements.
No health questions are asked on a guaranteed issue life insurance applications.
It’s also important to note that some companies offer discounts based on veteran status or membership to certain organizations.
Or, keep in mind, there are certain policies designed for unique situations, such as burial insurance for disabled individuals. Be sure to communicate any circumstances that may affect the process of buying burial coverage.
It pays off to shop around when looking at different policies before making a decision about what’s best for you and your family.
Customer Service Ratings
Finally, when considering how much burial insurance costs it’s important not only to look at price but also consider things like customer service ratings and reviews from previous customers who have used their services.
This will help you make sure you get quality coverage at an affordable rate without sacrificing customer service standards should something go wrong down the line with your plan or claim process after purchase.
Burial insurance for elderly individuals provides peace of mind, but it is important to understand the costs associated with this type of coverage.
To learn more about which companies offer the best burial insurance plans for 76 year olds, read on to find out.
Key Takeaway: Burial insurance cost for 76 year olds depends on gender, health history, coverage amount and other personal factors.
What Are the Best Companies Offering Burial Insurance?
When it comes to burial insurance, there are a number of companies that offer coverage.
It’s important to evaluate policies from multiple companies before making a decision.
Work with an expert independent life insurance agent who specializes in burial insurance. That way, you can feel confident knowing you have access to the top-rated carriers to compare and contrast your needs with multiple polices.
Mutual of Omaha
CICA offers easy-to-qualify coverage with up to $30,000 face amount available. You will not be asked about your height, weight or tobacco use. Helpful riders such as terminal illness, dismemberment and accidental death are available.
SBLI has been providing quality life insurance products and offers reliable coverage at an affordable price. A free Sequoia Funeral Concierge plan is included with you policy and up to a $35,000 burial policy is available.
Guarantee Trust Life
Guarantee Trust Life is another great option for seniors looking for burial insurance as they provide flexible options and competitive prices. Only five health questions are asked and up to a $25,000 burial policy is available.
Finally, Corebridge Financial, formerly called AIG, offers coverage options for seniors who have serious medical issues. As a form of guaranteed issue life insurance, no health questions are asked. Up to a $25,000 burial policy is available.
No matter which company you choose, make sure you read through all the details carefully so you understand what kind of coverage you will receive in case something happens unexpectedly.
Be sure to ask questions if anything is unclear or if there are additional costs associated with the policy such as fees or taxes that may not be included in the initial quote provided by the insurer.
Additionally, depending on your circumstances, you may want to look into other types of life insurance such as term life or whole life policies. They provide more comprehensive protection than just a policy focused on covering funeral expenses alone.
Comparing the different burial insurance companies is a great way to find the best plan for you. Now let’s take a look at the steps involved in buying burial insurance.
Steps to Buy Burial Insurance
Follow these simple steps to quickly secure a burial insurance policy.
An expert agent who specializes in burial insurance for seniors will walk you through the process.
Step 1: Research and Compare Burial Insurance Policies
When researching burial insurance policies, it is important to compare the different types of coverage available.
Be sure to also to consider the company offering the policy; look for companies with good customer service ratings and financial stability.
Step 2: Determine Your Coverage Needs
The amount of coverage you need will depend on your individual circumstances. Consider how much money you would like to leave behind for the price of a funeral, or other final costs such as medical bills or debt repayment.
Typical coverage amounts include:
You should also think about any additional benefits you might want from your policy such as accelerated death benefits or living benefits if needed due to an illness or injury.
Step 3: Calculate Your Premiums
Once you have determined what type of coverage you need, calculate your premiums by utilizing our expert agents who have access to online tools to compare multiple top-rated carriers.
An agent will help determine the best plan for your needs and budget. You can utilize our free quoting service to determine an estimate of your expected cost.
Remember that premiums are typically based on age, coverage amount, and health status, so make sure to factor this into your calculations when comparing policies from different providers.
Step 4: Submit an Application
After deciding which policy works best for you, submit an application either online or over the phone. You do not need to leave the comfort of your home.
Be prepared to provide personal information including name, address, date of birth, Social Security number, and beneficiary information.
Note – be sure to communicate to your beneficiary that they have an important role, so that there are no surprises when it comes time to file a life insurance death claim.
Also plan to share payment details (if required at this stage) in order to complete the application process successfully .
Step 5: Receive Approval and Start Paying Premiums
Once approved by the insurer, start paying premiums according to their schedule (monthly/quarterly/annually).
The insurer will then issue a confirmation that all necessary paperwork has been completed correctly and outlining all relevant terms associated with your chosen policy.
Be sure to keep your policy in a safe place and communicate to your beneficiaries where you policy is stored.
Review your policy periodically, especially if a life-changing event has occurred, to verify that your policy still meets your financial needs.
Keep up with your premium payments. The last thing you want is for your policy to be cancelled, leaving loved ones with the burden of searching for free burial places.
Key Takeaway: When researching burial insurance policies, it is important to compare the different types of coverage available and consider factors such as cost, benefit amounts, waiting periods, and other features.
What Other Types of Insurance Should I Consider?
Seniors over the age of 50 should consider other types of insurance to protect themselves financially in case they become ill or injured.
In addition to life insurance, other forms of insurance coverage are crucial to comprehensive security.
For those over the age of 65, Medicare supplement plans are designed to help cover some of the costs not covered by Original Medicare, such as deductibles and copayments. Or, seniors can evaluate whether Medicare Advantage works well for their needs.
Sometimes, seniors look to Dental, Vision, and Hearing plans to supplement their Medicare coverage, as Medicare typically does not provide extensive coverage for your teeth, eyes, and ears.
Health insurance plans can provide coverage for doctor visits, hospital stays, prescription drugs, vision care and more.
Finally, Cancer plans offer financial protection against cancer-related expenses like treatments and medications.
Frequently Asked Questions
Can a 76 year old get life insurance?
Yes, a 76 year old can get life insurance.
Depending on the type of policy and the insurer, there may be certain requirements that must be met in order to qualify for coverage.
Generally speaking, most insurers will offer some form of life insurance to seniors over the age of 50. This could include term life policies or permanent policies such as whole life or universal life.
In addition, many insurers offer specialized products designed specifically for seniors, including burial insurance for the elderly and Medicare supplement plans.
Can you get burial insurance for seniors?
Yes, seniors over the age of 50 can get burial insurance.
Final expense (burial insurance) policies are designed to cover funeral and burial costs, so they are a great option for seniors who want to make sure their families don’t have to bear the financial burden of their passing.
What is the cost of a burial policy?
The cost of burial insurance will vary depending on the type of policy you choose.
Generally, burial insurance policies are less expensive than other types of life insurance and can range from $25 to hundreds of dollars per month for coverage amounts up to $50,000 (sometimes more).
Your specific premium cost is determined by your age, gender, coverage amount, health status, whether you purchase riders, the carrier you select, and sometimes, the state that you live in.
Burial insurance is an important part of planning for the future and should be considered by seniors over the age of 50.
Knowing how much burial insurance costs for 76 year olds can help you make a more informed decision when it comes to purchasing coverage.
The best companies offering burial insurance will depend on your individual needs and budget, but researching sample rates for male and female customers can give you an idea of what to expect.
Just be sure to use an expert agent who specializes in burial policies.
By following these steps to buy burial insurance, you can ensure that you get the right policy at the best price. Additionally, consider other types of insurance such as Medicare or health plans that may be beneficial in protecting yourself financially during retirement years.
Are you a senior over the age of 76 looking for burial insurance? iSeniorBenefits was founded for your specific needs.
We understand how important it is to have protection and peace of mind during your golden years. That’s why we offer comprehensive coverage tailored specifically to seniors, including burial insurance, Medicare, health and cancer plans.
Let us help you find the right plan that meets all your needs at an affordable price. Contact us today to get started on finding solutions that will give you security in retirement.