Burial Insurance Cost for 78 Year Olds: What You Need to Know
Posted in Insurance By Age last updated on October 31, 2023
The cost of burial insurance for 78 year olds can be a difficult topic to research and understand.
It is important that seniors over the age of 50 take the time to explore their options when it comes to buying life insurance coverage, as burial costs have risen significantly in recent years.
When considering a policy, there are several factors that affect burial insurance costs for those aged 78 or older – such as gender, health history and lifestyle choices – all of which should be taken into account before making any decisions.
In this blog post, we will discuss what exactly burial insurance is, how much it typically costs at age 78, what affects these rates and who offers some of the best policies on the market today.
We’ll also look at five key steps you should take when purchasing your own policy so you know you’re getting maximum protection while saving money where possible.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 78 Year Olds?
- What Factors Affect Burial Insurance Costs?
- What Are The Best Companies For Burial Insurance?
- What Steps Should I Take To Buy A Policy?
- Frequently Asked Questions
- Next Steps
What is Burial Insurance?
Also known as final expense insurance, burial 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.
Policies offer permanent coverage with modest death benefits. Minimal underwriting is required.
Further, burial insurance 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 Benefits of Burial Insurance
Burial insurance provides financial protection for families in the event of a loved one’s death. This type of coverage helps to alleviate some of the stress associated with planning a funeral or memorial service and paying for it out-of-pocket.
With burial insurance, your family will receive a lump sum payment from the insurer which can be used to pay for any related expenses including cremation costs, caskets, flowers, obituaries and more.
Types Of Burial Insurance Policies
There are two primary types of burial policies available on the market today: simplified issue whole life policies and guaranteed issue life insurance plans.
Simplified issue whole life policies require minimal underwriting with only a health questionnaire included during the application process. Premiums are more affordable
Guaranteed issue plans have higher premiums than other types of coverage, but require no health questions during the underwriting process, making them ideal for those who may have difficulty qualifying due to serious medical conditions.
Neither type of burial insurance policies require a medical exam. You can buy coverage without leaving the comfort of your home.
Cost and Face Amounts
The cost and amount covered by each policy varies depending on factors such as age, gender and health status, among others. It’s important to shop around before deciding which plan is best suited for you or your loved one’s needs.
Generally speaking however most companies offer coverage amounts starting at $2,000 up to a $50,000 policy, depending on how much financial protection you need in case something happens.
Keep in mind the goal of burial insurance is to provide a hedge against leaving behind large bills that need paying off quickly – without having time to save up money beforehand.
Permanent Coverage
Almost always, burial insurance is permanent life insurance. Seniors do not need to worry about outliving their burial insurance since it does not expire.
Permanent insurance is typically an ideal form of coverage for end-of-life expenses, such as paying for the price of a funeral. As long as you make your premium payments, your burial policy will stay in-force for your entire life.
Burial insurance for seniors is an important way to help cover the costs associated with end-of-life expenses. Now let’s look at how much it may cost for 78 year olds to purchase a burial insurance policy.
Key Takeaway: Burial insurance is a type of life insurance policy designed to cover the costs associated with end-of-life expenses. There are different types of policies available on the market, ranging from simplified issue plans to guaranteed issue plans.
How Much Does Burial Insurance Cost for 78 Year Olds?
Remember, the goal of burial insurance is to help cover the price of a funeral, medical bills, and other expenses associated with end-of-life care.
Generally speaking, premiums for 78 year olds can range from $25 – $400 per month depending on the company and plan chosen.
For example, a male who is in good health may pay around $120 per month for a $10,000 policy while an healthy female may pay up to $90 per month for the same coverage amount.
It’s important to compare rates between different providers before making your decision since prices can vary significantly from one insurer to another.
Be sure to work with an expert agent who specializes in burial policies.
You should also consider any additional benefits offered by each company such as discounts for veterans or accelerated death benefit riders, which could make them more attractive than others when shopping around for coverage.
In summary, the cost of burial insurance for 78 year olds can vary greatly depending on a variety of factors, such as health and coverage amount. To learn more about these factors and how they affect burial insurance costs, read the next section.
Key Takeaway: Burial insurance costs for 78 year olds can range from $25 – $400 per month, depending on gender, health history and coverage amount. Utilize our free life insurance quoting tool for your own specific rate.
What Factors Affect Burial Insurance Costs?
When it comes to burial insurance costs for 78 year olds, there are several factors that come into play.
The cost of burial insurance for 78 year olds will vary depending on several factors such as:
- Gender.
- Health history.
- Lifestyle habits.
- Coverage amount.
Gender
Gender is one of the most important factors in determining cost. Generally speaking, women tend to pay less than men due to their longer life expectancy.
Health History
Health history also plays a role in pricing; those with pre-existing conditions or chronic illnesses, such as diabetes, may be charged higher premiums.
While you will not need to participate in a medical exam when you buy burial insurance, you will need to answer a health questionnaire to determine your premium rates and eligibility.
If you have a serious health condition, such as a terminal illness, you will need to look to a guaranteed issue life insurance plan, in which no health questions are asked.
Lifestyle Habits
Lifestyle habits such as smoking or excessive drinking can have an impact on burial insurance costs as well.
Smokers typically pay more than non-smokers since they are considered a greater risk for premature death and associated expenses.
Coverage Amount
The amount of coverage desired is another factor that affects burial insurance costs for seniors over age 78.
Ideally, you will want to purchase a face amount that will pay for all of your end-of-life financial needs while not breaking the bank. Seniors typically purchase the following burial insurance amounts:
Policies with higher benefit amounts will usually cost more than policies with lower benefit amounts, so it’s important to consider your budget when selecting a policy type and coverage level that meets your needs – without exceeding your financial means.
Burial insurance costs can vary depending on age, health and other factors. Knowing which companies offer the best coverage for your needs is important in making an informed decision about burial insurance.
What Are The Best Companies For Burial Insurance?
There are a number of top-rated burial insurance carriers to evaluate. Again, you will want to enlist the help of an independent agent to compare and contrast multiple policies and companies.
American Amicable Senior Choice
American Amicable is one of the top providers in this market and offers competitive rates on their policies. They also provide helpful customer service representatives who can answer any questions you may have about your policy.
Up to a $50,000 burial policy is available and a terminal illness rider is included at no additional cost.
SBLI Living Legacy
SBLI is another excellent choice, offering flexible payment options and a variety of coverage levels to suit different needs. SBLI offers free enrollment into the Sequoia Funeral Concierge Plan, a helpful funeral planning service.
Up to a $35,000 burial policy is available and their unique LegacyShield rider, an online estate planning tool, is included at no additional cost.
CICA
CICA offers an easy-to-qualify for product called, Superior Choice. You will not be asked about your height, weight or tobacco use. Applicants can be between 0 – 85 years old.
Up to $30,000 in coverage is available with the following riders: terminal illness, dismemberment and accidental death. Common health ailments qualify for Standard coverage, including heart attack, oxygen use and physician-supervised COPD.
Guarantee Trust Life Heritage Plan
Guarantee Trust Life provides reliable protection at an affordable price point with specifically designed for seniors aged 50 or older. Only five health questions are asked on the application.
Up to a $25,000 burial policy is available and for the first two policy years, an accidental death benefit rider is included at no additional cost.
Mutual of Omaha Living Promise
Mutual of Omaha is another great option for seniors looking for burial insurance coverage, as they offer some of the most comprehensive plans available.
Up to a $40,000 burial policy is available and an accelerated death benefit is included at no additional cost.
Corebridge Guaranteed Issue Whole Life
Corebridge Financial, formerly called AIG, offers burial insurance through a guaranteed issue life insurance plan. Their policy is best for seniors who have serious health complications and do not qualify for traditional burial insurance.
Up to a $25,000 burial policy is available and an accelerated death benefit is included at no additional cost.
Key Takeaways
When shopping around for burial insurance policies, it is important to compare quotes from multiple companies in order to find the best deal possible.
With the help of an agent, read through each company’s terms and conditions carefully before making a decision so that you understand exactly what kind of coverage you will be getting with your policy.
Additionally, consider factors such as customer service ratings and financial stability when selecting an insurer. These elements can make all the difference when it comes time to file a claim or make changes to your policy down the line.
It’s important to compare different companies and their burial insurance policies to find the best option for you. In the next section, we’ll look at what steps you should take when buying a policy.
What Steps Should I Take To Buy A Policy?
When it comes to purchasing burial insurance for a 78 year old, there are several steps you should take in order to ensure that you get the best deal.
Before you do anything else, be sure to partner up with an independent agency who specializes in burial insurance for elderly individuals.
Step One: Compare Companies
First, compare rates from multiple companies and research their customer service ratings and financial stability. This will help you find an insurer with competitive prices and reliable coverage.
Assess your specific needs and determine which carrier best aligns with your unique situation:
- Age
- Gender
- Coverage amount
- Health status
- Desired riders
Be sure to evaluate the top-rated burial insurance companies to familiarize yourself with your best options.
Step Two: Fill Out Application
Next, fill out an application which will require information about your health history as well as lifestyle habits such as smoking or drinking alcohol.
Be sure to answer all questions honestly so that the company can accurately assess your risk level and determine if they can offer coverage at a reasonable rate.
Once you have submitted your application, it is important to wait for a response before taking any further action. Most insurers will provide an answer right away regarding whether or not they are able to provide coverage.
Step Three: Review Policy Details
If approved, be sure to read through all of the terms of the policy carefully before signing on the dotted line in order to make sure that everything meets your needs and expectations.
Don’t hesitate to ask any questions about policy details that you are unsure of.
Step Four: Premium Payments
Finally, once you have purchased a policy it is important to keep track of payments in order to avoid lapses in coverage due to missed premiums or other issues related to payment processing errors or fraud prevention measures taken by insurers.
Make sure that your contact information is up-to-date so that notices regarding changes in premium amounts or other matters can be sent directly without delay when necessary.
FAQs in Relation to Burial Insurance Cost for 78 Year Olds
Can you get life insurance if you are 78 years old?
Yes, you can get life insurance if you are 78 years old.
There are many different types of life insurance policies available for seniors over the age of 50, including burial insurance.
Depending on your specific needs and budget, there is likely a policy that fits your situation. It’s important to speak with an experienced agent who can help you find the right coverage for your individual circumstances.
Can you get burial insurance for seniors?
Yes, burial insurance for seniors is available.
It is a type of life insurance that pays out a lump sum to cover funeral costs and other expenses associated with death.
The amount of coverage available depends on the policy chosen, but typically ranges from $2,000 to $50,000.
Some policies also offer additional benefits such as covering medical bills if diagnosed with a terminal illness. Burial insurance is an important part of financial planning for seniors and their families, helping them ensure they are prepared for any unexpected costs related to death.
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 type of coverage desired, and other variables.
Generally speaking, final expense policies for seniors range from $25 to hundreds of dollars per month depending on these factors.
Some companies may also offer discounts or special rates based on certain criteria, like veteran status. It is important to shop around and compare different policies in order to find the best deal for your individual needs.
Next Steps
Burial insurance can be a great way to provide financial security for your family in the event of your passing. It is important to understand what factors affect burial insurance costs and how much it will cost for 78 year olds specifically.
Researching the best companies for burial insurance and taking the necessary steps to buy a policy are essential before making any decisions.
Burial insurance cost for 78 year olds may vary depending on individual circumstances, but by understanding these key points you can make an informed decision that is right for you and your loved ones.
Seniors deserve to have access to affordable and reliable insurance products that will cover their final expenses, health care costs, and cancer treatments.
At iSeniorBenefits, we strive to provide seniors with the best coverage options for burial insurance cost so they can enjoy peace of mind in knowing that their loved ones are taken care of financially when they pass away.
With our comprehensive plans designed specifically for seniors over 78 years old, you’ll get all the protection you need without breaking your budget! Contact us today to learn more about how we can help you secure a plan that meets your needs.