Senior Funeral Insurance
May 8, 2024 7:09 am
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A whole life insurance policy designed to specifically cover your funeral cost and burial cost. Senior funeral insurance starts at the age 50 and is usually capped at $50,000 in coverage, but depending on your age and health, it could be more. Usually, the the healthier you are, the more funeral insurance you can get.
How much does it cost to bury someone?
The cost of burial can vary based on the state you live in as well as your final wishes. A proper funeral with viewing averages $8,121.58 in the United States and a total end-of-life cost being around $14,369.34 .
These amounts include things like service fees, caskets and funeral home fees, just to name a few.
| Service Rendered | Cost |
|---|---|
|
Basic Service Fee |
$2,300 |
|
Transportation of Remains |
$350 |
|
Casket |
$2,500 |
|
Embalming |
$775 |
|
Hearse |
$350 |
|
Vault |
$1,572 |
|
Staff for Funeral & Viewing |
$965 |
|
Memorial Package |
$221 |
|
Total |
$9,033.00 |
What is Burial Insurance For Seniors?
Burial insurance is just another term for life insurance that is designed for seniors. As we get older, our expenses decrease, along with our debts and mortgages. Most seniors will have paid off their homes and cars and the only major expense left is your funeral.
Term life insurance for seniors can be difficult if not impossible to obtain as a senior that’s where burial insurance comes in. Burial insurance plans start at age 50 and the average face amount is about $10,000. While these plans go up to $50,000, most folks won’t need that much coverage for their funeral, burial or cremation costs.
If you’re not sure how much insurance you may need, it’s best to contact your local funeral home so you can get an idea. For example there are over 22 best funeral homes in Dallas, Texas and over 15 funeral homes in Houston, Texas. Depending on where you live, there will be lots of options.
Here at Final Expense Benefits we can help you find the perfect amount for your needs. We do the heavy lifting and research to find what will best suit you and your final wishes.
Is Burial Insurance For Seniors Worth It?
If you know that your loved ones can’t easily pay for your funeral, then burial insurance or life insurance for seniors is worth every penny. Anyone over the age of 50 can qualify, there are no medical exams and you can find a plan that will fit your budget.
Depending on your final wishes and what your funeral cost is, that will determine how much insurance you need and what you pay each month. The good news is, no matter your age, health conditions or your financial state, we are sure to find you a burial insurance to protect your loved ones from financial burden.
What is the Cheapest Funeral Cost?
Funeral cost depends on many factors in 2022. Your age, final wishes, and the state you reside in are all variables involved with purchasing life insurance for seniors. For example, the average funeral cost in Texas is $6,933. However, the average funeral cost in Ohio is around $9,000.
A funeral with viewing averages $7,410 and with service is $7,910. If you choose to go with a full service funeral with burial, and viewing, you can expect an average of $10,805. This is why Life insurance for seniors may be a no-brainer, as there also may be extra costs to transport the body, marking your grave, cemetery and the fees to pay for the plot.
Can I Get Burial Insurance For Seniors With No Waiting Period?
Many folks looking for burial life insurance for seniors either have pre-existing conditions, and might be concerned with waiting periods. The best plans available offer immediate coverage for you and your loved ones, return of premiums and guaranteed pay out. Even if you have conditions like diabetes, you can still get next day coverage.
Lots of folks might be intrigued by companies strategic marketing campaigns- “Senior Life insurance for just $9.95″. This is a common plan people see from Colonial Penn. Although the price is fixed, what the plan offers depends greatly on your age. Not to mention there is a 24 month waiting period before your death benefit can be paid.
Several types of life insurance are not subject to waiting periods if you take a medical exam. However, final expense burial insurance will never ask you to take a medical exam to qualify for immediate coverage.
How To Find The Best Life Insurance For Seniors
The good news is, you’re already one step ahead of the game! It’s best to research life insurance for seniors in a way that matches your specifications, which can be done at final expense benefits. When looking for life insurance for seniors, you’ll want to consider these three important aspects.
Choice
However you choose your brokerage, it’s important to consider the idea of choice. You’re going to want options considering not everyone’s underwriting or disqualifiers are going to be the same. For example, here at final expense benefits, we work with and understand over 10 carriers and will find a policy that works for you.
Reputation
When searching for life insurance for seniors, consider the reputation of the insurance provider. This can be done through the NAIC, A.M. best, as well as general perception through articles and blog posts.
Underwriting
Life Insurance for seniors contains underwriting that may or may not either adjust, or disqualify your rate. This heavily depends on the form of insurance, such as if it’s a guaranteed policy you’ll forgo most of these aspects that would disqualify you such as a medical exam. Here at final expense benefits, we’ll make sure to connect you with the provider that perfectly fits your qualifications and budget.
How Much Does Life Insurance For Seniors Cost?
Life Insurance for seniors is surprisingly cheap. Below we’ve provided a sample chart of potential prices you might expect with appropriate age ranges listed as well.
| Company | 50 y/o Male | 50 y/o Female | 60 y/o Male | 60 y/o Female | 70 y/o Male | 70 y/o Female |
|---|---|---|---|---|---|---|
|
$49 |
$39 |
$74 |
$59 |
$107 |
$85 |
|
|
$58 |
$49 |
$76 |
$60 |
$127 |
$96 |
|
|
$44 |
$34 |
$64 |
$47 |
$110 |
$78 |
|
|
$51 |
$43 |
$64 |
$53 |
$119 |
$88 |
|
|
$82 |
$56 |
$101 |
$79 |
$158 |
$119 |
Conclusion
Overall, we hope this article provides you with the information needed to make the best decision regarding life insurance for seniors. Life insurance for seniors is easier to acquire then one might think, and even provides you and your beneficiaries with peace of mind for a relatively low monthly cost. There’s also plenty of options when selecting life insurance for seniors, which may even include no waiting periods, medical exams, or stress. Considering Final Expense Benefits when making your decision, our salary based agents have committed themselves to providing you with the least stressful process when inquiring about life insurance for seniors.
It’s surprising to think about how many options there are for senior funeral insurance. We at Final Expense Benefits partner with over 20 carriers, with:
Being some of the ones that stand out among the crowd. Reduce the stress involved with life insurance for seniors and let us do all of the heavy lifting for you. Feel Free to call us M-F, 9-5, for a free consultation. Our number is (866) 311-4338