Burial Insurance For 61 Years Old

Many people who have never been directly involved with a funeral before believe that it is very inexpensive. Unfortunately, that is far from the truth.

The National Funeral Directors Association says that the average cost for a funeral in the United States ranges between $8,000 and $10,000.

Moreover, these figures are simply for the bare minimum expenses. Anyone who wants to go above and beyond that is going to have to pay much more.

How much does the funeral cost?

When you set about arranging a typical funeral you will need to purchase things such as:

  • Flowers
  • Death certificate
  • Casket
  • Burial vault
  • Burial clothing
  • Grave markers
  • Transportation, and more

This does not include purchasing the gravesite itself or having it prepared for a funeral service.

Then you have to consider all of the factors that go into the ceremony itself if you plan on having one. This can include:

  • Hiring musicians or clergy
  • Using a Funeral Coach
  • Getting an obituary
  • Printing out funeral materials
  • Funeral ceremony fees

Even if you choose to have cremation most cremation packages range in cost from $500 to $3,000. Having the money in place to cover these costs allows your beneficiaries and family to choose whether they want burial or cremation not just be forced into one over the other because of cost.

Burial insurance protects your grieving family against these unexpected costs in the event of your death.

So, What is Burial Insurance?

There are many misconceptions about burial insurance plans. Simply put, having a burial insurance policy is a tool that will help your loved ones pay for any final expenses after you pass away.

Burial insurance is different from final expense insurance. The two differ in how the policy death beneftis are arranged:

  • Final expense insurance pays out to the beneficiary, who has discretion to how the funds are used
  • Burial insurance is paid out for the specific costs of burial, funeral, and other after death expenses

Burial life insurance is an affordable way to help families handle the passing of a loved one. These plans typically have a lower cupboard limit that hovers around $10,000 but they do range anywhere between a smaller, $5,000 policy up to a $20,000 policy (with some companies like United Home Life offering burial life insurance policies up to $100,000 in face value).

The lower policy limits make it easier for you to be accepted and in fact, applications can often be no more than one page in length and they do not require any medical exam. Some companies like AIG have guaranteed acceptance plans for burial insurance no matter your age.

That said almost every insurance provider for burial insurance does have a minimum age. You have to be typically over the age of 50 in order to purchase this policy and in many cases, you cannot be older than 85 to apply.

Once you have the policy you are able to keep it until you reach 100 years of age. Again, this is contingent upon the company you used so obviously speak with a qualified broker or agent prior to making any decision.

Burial Insurance vs. Term Life Insurance vs. Permanent Life Insurance 

So, what are the key differences between the burial insurance and the other two options you have probably heard about?

Term Life Insurance

  • The term length covers you, as the policyholder, for a specific amount of time.
  • This time ranges between 10 and 30 years.
  • They offer the most affordable premiums because the amount you pay is fixed for the entire term.
  • Should be used for temporary income, often to pay off existing debt.

Permanent Life Insurance

  • This is set for life and cannot be canceled so long as you pay the premiums.
  • Is designed to replace income and pay off all debts.
  • Some can be used to generate cash value you can take out early, if needed.

Burial Insurance

  • Covers final expenses including burial and funeral.
  • Provides fast and simple coverage approval, without any medical exam or length interview.
  • Has cheaper rates because of lower coverage amounts.

Burial Insurance Rates for 61 Year Olds

Burial Insurance Rates for 61 Year Old Males

Coverage Amount Company Annual Price
$5,000 Assurity

AIG

Gerber Life Insurance Company

$261

$401

$417

$6,000 Assurity

AIG

Gerber Life Insurance Company

$308

$476

$498

$7,000 Assurity

AIG

Gerber Life Insurance Company

$355

$552

$579

$8,000 Assurity

AIG

Gerber Life Insurance Company

$402

$627

$660

$9,000 Assurity

AIG

Gerber Life Insurance Company

$449

$703

$742

$10,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$496

$778

$823

$544

$11,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$543

$853

$904

$594

$12,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$591

$929

$985

$643

$13,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$638

$1,004

$1,066

$693

$14,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$685

$1,080

$1,148

$743

$15,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$732

$1,155

$1,229

$792

Burial Insurance Rates for 61 Year Old Females

Coverage Amount Company Annual Price
$5,000 Assurity

AIG

Gerber Life Insurance Company

$210

$291

$330

$6,000 Assurity

AIG

Gerber Life Insurance Company

$285

$344

$394

$7,000 Assurity

AIG

Gerber Life Insurance Company

$296

$298

$458

$8,000 Assurity

AIG

Gerber Life Insurance Company

$335

$451

$521

$9,000 Assurity

AIG

Gerber Life Insurance Company

$374

$504

$585

$10,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$413

$558

$649

$451

$11,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$451

$611

$713

$491

$12,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$490

$665

$777

$531

$13,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$529

$718

$840

$572

$14,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$568

$771

$904

$612

$15,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$606

$825

$968

$652

No one wants to leave their families burdened with thousands of dollars in debt when they pass away. But this is how much it’s going to cost to cover things like a casket, Transportation, taxes, headstones, burial plots, and more.

Having a funeral insurance plan will prevent your grieving family from having to figure out financial difficulties at the same time. Nothing makes grief worse than having to add extra stress.

The 3 Types of Burial Insurance Policies 

There are three different types of policy if you want to compare:

1. Level Benefit Burial Insurance

Level benefit policies are effective immediately and your premiums remain at the same level. They never increase.

Level benefit burial insurance offers the most coverage of the three. Rates are also typically the highest.

2. Graded Death Benefit Burial Insurance

With graded death benefits, you usually have a two-year waiting period after the start of your policy before you are eligible for the death benefit. This is typically administered to applicants who have a severe Health complication.

The difference between graded death benefit and level term policies is that if you pass away within the first two years of coverage you get a certain amount of your death benefit rather than the whole thing.

Again, this is contingent upon the company you are using and the underwriting processes they have. This is why it is important for you to do your homework when researching different companies.

3. Guaranteed Issue Burial Insurance

Guaranteed issue life insurance policies are effective within hours of being purchased. They have no underwriting and they have drastically lower limits on their protection, but you can get coverage fast without any type of medical exam or medical questions.

Our Recommended Burial Insurance for 61 Year Olds

AIG Guaranteed

AIG has a specific program called the Guaranteed Issue Whole Life policy. This is a good consideration for applicants and one where costs are based on age and $1,000 increments of cost. If you need immediate coverage, this guaranteed option fits into almost all budgets and covers all circumstances. You cannot be denied coverage with this plan.

The Guaranteed Issue Whole Life from AIG can be issued to those between 50 and 85. The Face Amounts vary between $5,000 and $25,000. You have flexile payment options too. So, you can pay with bank transfers, credit cards, or checks.

There are many reasons why you should consider this plan if you are looking into the different guaranteed options on the market. There is a one-page application, it offers guaranteed approval, there are no medical exams or health questions, you get a chronic or terminal illness benefit rider at no cost, there is a two-year graded death benefit. Moreover, the option is much more affordable than the other, limited options people have for advanced coverage as they age.

Guaranteed Issue Life Insurance Rates for 61 Year Olds

Amount Male Female
$5,000 $377.00 $266.90
$6,000 $452.40 $320.28
$7,000 $527.80 $373.66
$8,000 $603.20 $427.04
$9,000 $678.60 $480.42
$10,000 $754.00 $533.80
$11,000 $829.40 $587.18
$12,000 $904.80 $640.56
$13,000 $980.20 $693.94
$14,000 $1,055.60 $747.32
$15,000 $1,131.00 $800.70

Note that for these policies there is an annual policy fee of $24. So, just add $24 to the coverage amount you want, per year, and you will get an idea for what your total costs would be.

Finding The Best Burial Insurance Coverage for Seniors

Before you choose your burial insurance policy you should start out with a pen and paper.

Write down how much money you have to pass on to your family and think about exactly how much you would need for burial or cremation, and then for your memorial service and your burial location, and any other expenses.

If you have other debt that you might need paid off which is minimal and not substantial enough to warrant a permanent or Term Policy, burial insurance might be just enough.

When it comes time to compare rates, you want to make sure that you are comparing many of the best burial insurance rates for 61 year olds. Our online quoting engine compares dozens of the best burial insurance companies for seniors in seconds.

If you would like to speak with one of our independent life insurance agents, who represent each of our top burial insurance companies, give us a call for free.  Our agents will get to know your specific situation to help you find the right burial insurance policy for you and your loved ones.

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