As we age, it’s important to consider how our loved ones will manage the cost of our funeral and burial services. Burial insurance is an option that can provide financial protection for those who are 79 years old or older.
But, what exactly is burial insurance? How much does it cost for a 79 year old? What are some of the best companies offering this type of coverage?
We’ll answer all these questions in this blog post as we discuss burial insurance costs for 79 year olds and explore its pros and cons.
From sample rates to steps on how to buy a policy, you’ll gain insight into why so many seniors choose this form of life insurance when planning ahead for their final expenses.
Table of Contents
- What is Burial Insurance?
- How Much Does Burial Insurance Cost for 79 Year Olds?
- What Are Some of the Best Companies Offering Burial Insurance?
- What Are the Pros of Buying Burial Insurance?
- What Are the Steps to Buy a Burial Insurance Policy?
- 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 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 varies from company to company but usually ranges between $2,000 and $50,000 in death benefits.
This money can be used for any number of things related to a person’s death such as funeral services, cremation fees, cemetery plot purchase or maintenance fees, headstone or monument purchases and more.
Most companies offering burial insurance require applicants to answer some health questions in order to qualify for coverage; however there are some companies that offer guaranteed acceptance without having to answer any health questions at all.
These types of policies may have higher premiums than those requiring medical underwriting but they provide peace-of-mind knowing that your family will be taken care of financially when you pass away.
When shopping for burial insurance it’s important to compare quotes from multiple providers so you can find the best rate available for your situation.
Additionally be sure to read through each policy carefully so you understand what benefits are included in the plan before signing up for coverage.
Buying a burial insurance policy can help provide financial security during an already difficult time after someone passes away, making sure that loved ones don’t have to worry about paying out-of-pocket expenses related to the price of a funeral while still honoring their memory properly.
Burial insurance provides financial protection for your family after you pass away, and can help cover the costs of a funeral.
It is important to understand how much burial insurance will cost for 79 year olds in order to make an informed decision about what type of coverage is right for you.
Key Takeaway: Burial insurance is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses.
How Much Does Burial Insurance Cost for 79 Year Olds?
For seniors over the age of 79, burial insurance can be an important way to ensure their final wishes are taken care of without burdening loved ones financially.
The cost of burial insurance for 79 year olds will vary depending on several factors:
- Health history
- Coverage amount
Generally speaking, premiums for 79 year olds range from $25 for a small $2,000 policy, all the way up to over $300 per month for a substantial $35,000 policy.
A typical burial policy is around $10,000 in coverage. A healthy 78 year old male will pay about $130 per month for that amount of coverage. In comparison, a healthy 78 year old female will pay about $90 for the same coverage amount.
As you can see, women tend to pay slightly lower premiums than men, due to their longer life expectancy.
Health history also plays an important role in determining premium rates for seniors aged 79.
Those who have pre-existing medical conditions may find themselves paying higher monthly premiums than those who do not have any known health issues or concerns.
If you have been diagnosed with a serious medical condition, such as a terminal illness, you will need to look to guaranteed issue life insurance plans for your burial policy needs.
Finally, it’s important to consider how much coverage you need when selecting a policy and calculating your premium rate accordingly.
Most policies provide between $2,000 – $50,000 in burial insurance, but you should always speak with an agent about what would best suits your needs before making any decisions.
Be sure to use our free quoting platform to get a general idea of cost based on your specific needs.
Burial insurance can be an important part of planning for the future, and it is essential to understand the costs associated with this type of coverage.
Key Takeaway: Burial insurance is an important way to ensure that end-of-life expenses are taken care of without burdening loved ones. Premiums for 79 year olds range from $25 to over $300 per month and vary based on gender, health history, and coverage amount desired.
What Are Some of the Best Companies Offering Burial Insurance?
When it comes to finding the best companies offering burial insurance for seniors who are 79 years old, there are several options available.
It is essential that you compare quotes from multiple providers so that you can make sure you are getting the most competitive rates available on the market today.
Again, be sure to collaborate with an independent agent to compare and contrast burial plans.
American Amicable is one of the most well-known and respected providers in this field. They offer competitive rates and coverage amounts that can be tailored to fit your needs. Up to a $50,000 burial policy is available.
SBLI also offers excellent policies for seniors. Their burial plans include free enrollment into the Sequoia Funeral Concierge Plan, a helpful funeral planning service. Up to a $35,000 burial policy is available.
Guarantee Trust Life
Guarantee Trust Life has been providing quality life insurance products since 1936 and offers an affordable final expense policy designed specifically for seniors who are of advanced age. Up to a $25,000 burial policy is available.
Note – Burial insurance for the elderly is available through Guarantee Trust Life as they offer coverage for seniors up to 90 years old.
Mutual of Omaha
Mutual of Omaha is another great option for seniors looking for burial insurance. They provide a wide range of plans with flexible premiums and generous death benefits. Up to a $40,000 burial policy is available.
Corebridge, formerly AIG, offers burial insurance that is best suited for seniors who have serious medical complications. Corebridge’s policy is a guaranteed issue life insurance plan that does not ask any health questions. Up to a $25,000 burial policy is available.
No matter which company you choose, it is important to compare all your options before making a decision so that you can find the right policy at the best price possible.
It is also important to consider other factors such as customer service ratings and financial stability when selecting a provider, as these will have an impact on how satisfied you are with your purchase in the long run.
By doing some research ahead of time, you can ensure that you get the most out of your burial insurance for seniors policy, while still getting value for money spent on premiums.
What Are the Pros of Buying Burial Insurance?
Buying burial insurance is a great way to provide financial security for your loved ones after you pass away. It can help cover the costs of funeral expenses, which can be expensive and put an unexpected burden on those left behind.
Here are some of the pros of buying burial insurance.
1. No Medical Exam Required
Most burial insurance policies do not require any medical exams or tests before approval, making them easier to obtain compared to other types of life insurance policies.
This means that even if you have pre-existing health conditions, such as diabetes, you may still be able to get coverage without having to go through a lengthy process or waiting period.
2. Affordable Premiums
Burial insurance premiums tend to be much more affordable than traditional life insurance policies because they usually only cover smaller amounts (typically up to $50,000).
3. Flexible Coverage Options
Many burial insurance companies offer flexible coverage options so that you can choose the amount and type of policy that best suits your needs and budget.
Typical coverage amounts include:
You may also be able to add riders onto your policy for additional benefits such as accidental death protection or living benefits, in case you become terminally ill while covered by the policy.
4. Peace Of Mind
One of the biggest advantages of buying burial insurance is peace of mind knowing that your family won’t have to worry about paying for the price of a funeral when you pass away suddenly or unexpectedly due to illness or accident.
Having this kind of financial security can make it easier for them during an already difficult time emotionally and financially.
Related – Don’t put your loved ones in a situation where they are searching for free burial options, by not securing burial insurance.
5. Quick Claims Process
Another benefit is that most companies offering burial policies have quick processes after a death claim is filed, so there isn’t a long wait time between filing a claim and receiving payment from the insurer once all paperwork has been submitted correctly.
This can make it easier for your family to receive the funds they need quickly in order to cover funeral expenses without having to worry about waiting for reimbursement.
Key Takeaway: Burial insurance provides financial security for your loved ones after you pass away and offers several benefits, such as no medical exam required, affordable premiums, flexible coverage options and peace of mind.
What Are the Steps to Buy a Burial Insurance Policy?
Before you start the buying process, enlist the help of an expert agent who specializes in burial insurance.
They will sit on the same side of the table as you, so-to-speak. You do not pay a life insurance agent, they are only compensated through the life insurance company.
Step One: Research Life Insurance Companies
With the help of an agent, start by researching different companies and policies. This is the first step in buying a burial insurance policy.
Look to life insurance companies that specialize in this type of coverage. iSeniorBenefits recommends these burial insurance companies.
Step Two: Compare Options
Next, compare their offerings to find the best plan for your needs.
Look at factors like:
- Premium cost.
- Coverage limits.
- Additional benefits offered.
Get quotes from each company so you can compare rates before making a decision.
Step Three: Fill Out Application
Once you’ve chosen a policy, it’s time to fill out an application form with all the necessary information about yourself and your beneficiary(ies).
This includes personal details:
- Full name.
- Physical address.
- Date of birth.
- Contact information
- Basic medical history.
- Financial information.
- Beneficiary details.
Be sure to read through everything carefully before submitting your application – mistakes could lead to delays or even rejection of your policy.
Most seniors are approved for traditional burial insurance. However, if you have diagnosed with a serious medical condition, such as a terminal illness, look to a guaranteed issue life insurance plan for your burial coverage needs.
Step Four: Make Premium Payment
After completing the application process successfully, you will need to pay premiums on time in order to keep your policy active.
Depending on the company and plan you choose, payments may be made monthly, quarterly or annually via check or electronic payment.
It’s important to keep track of these payments so that if there are ever any changes needed down the line – such as canceling or adjusting coverage amounts – they can be done quickly without issue.
Step Five: Policy Delivery
Finally, once all paperwork has been submitted and payment received by the insurer, you should receive confirmation either via letter or email outlining all terms and conditions associated with your new burial insurance policy.
It is important to keep this document safe along with other records related to payments made throughout its duration in case something goes wrong later on.
Communicate to your beneficiary where your policy is stored so that there are no delays when it comes time to file a life insurance death claim.
Key Takeaway: Key takeaway: When buying burial insurance, it is important to research different companies and policies, fill out an application form with all necessary information, pay premiums on time, and keep a copy of the policy for future reference.
FAQs in Relation to Burial Insurance Cost for 79 Year Olds
Here, we will cover the most frequently asked questions about burial insurance for elderly individuals who are 79 years old, and their important answers.
Can a 79 year old get life insurance?
Yes, a 79 year old can get life insurance.
However, the type of policy and coverage available will depend on their health status and other factors. Burial insurance policies are typically available to seniors over age 50 with no medical exam required.
It is important to shop around for the best policy that meets your needs as an individual or family.
Can you get burial insurance for seniors?
Yes, burial insurance for seniors is available.
Burial (also known as final expense) life insurance policies are designed to cover the costs associated with a funeral and other end-of-life expenses.
These plans typically offer coverage amounts ranging from $2,000 to $50,000 in coverage, and can be purchased by individuals aged 50 or older.
What is the cost of a burial policy?
The cost of burial insurance depends on several factors, such as the age and health of the insured, the type of coverage desired, and any additional riders that may be added.
Generally speaking, final expense policies are typically less expensive than other types of life insurance because they provide smaller death benefits.
Premiums for these policies can range from $25 to over $250 per month depending on the specifics of your policy. It is important to compare quotes from different insurers in order to find an affordable plan that meets your needs.
Burial insurance is an important financial tool for seniors over the age of 79. It can provide peace of mind and security in knowing that your final expenses will be taken care of after you pass away.
Knowing the burial insurance cost for 79 year olds is essential when considering this type of policy. The best companies offering burial insurance are those with competitive rates and excellent customer service.
There are many pros to buying a burial insurance policy such as providing funds for funeral costs, medical bills, and other debts.
Finally, it’s important to understand the steps required to buy a burial insurance policy so that you can make an informed decision about what type of coverage is right for you.
Are you a 79 year old looking for burial insurance coverage? Look no further. iSeniorBenefits is here to provide the perfect solution.
With competitive rates and tailored plans that meet your specific needs, we are committed to helping seniors like yourself secure an affordable burial plan with peace of mind.
Don’t wait – contact us today and let our experienced team assist you in finding the right policy at the best rate available.