Burial Insurance For 62 Years Old
last updated on October 9, 2018A few years back LIMRA completed an insurance study showing 3 out of 10 American households have no life insurance. This scary fact means people die every day and their families are left to make final arrangements without any financial resources.
What will happen to your family if you run out of time tomorrow? Do you have plenty of money set aside to at least cover the cost of your burial?
You wouldn’t want to leave your loved ones in the position of tapping into their own savings or creating a crowdfunding page to raise money for your burial. It’s best to purchase, at the very least, a burial life insurance policy to cover your funeral expenses.
Please don’t let your age discourage you from purchasing burial insurance. It is possible to do so at your age and on just about any budget.
Burial Insurance for 62 Year Olds
Burial life insurance is basically a permanent life insurance policy with an economical face amount of $5,000 to $25,000. The primary purpose of a burial life insurance policy is to cover the cost of memorial services and burial expenses.
A burial life insurance policy will pay a lump sum death benefit to the named beneficiary upon the insured’s death. This tax free payment is meant to be used by your beneficiary to pay for your casket, flowers, headstone, burial plot, cost of opening/closing the grave site, and various other expenses. The burial life insurance payout can also be used for cremation too.
What is Burial Insurance and Why Do I Need It?
It’s important to note that funeral expenses in the United States range between $8,000 to $10,000 for a standard service. Cremation alone, without any memorial service, is around $3,000 to $5,000.
The majority of burial life insurance policies do not gain any cash value as other permanent life policies usually do. However, burial life insurance premiums do not increase and the face amount of the policy will not decrease over time.
Often times you’ll find life insurance companies offering “guaranteed issue” burial life plans. These do not require any traditional medical underwriting. Being of a certain advanced age will definitely make a “guaranteed issue” burial life insurance policy very appealing. For example, if you are 62 years old and have a few chronic health conditions, as most Americans do, then you may appreciate being able to skip the medical exam and the review of your medical records.
Just remember, guaranteed issue life insurance policies normally have a bit higher premium than those that do require medical underwriting. This is because the life insurance company is taking on an unknown risk that may cost them a claim sooner rather than later.
To find out which burial life insurance is best for your particular needs, we recommend you work with an independent life insurance agent that understands the particulars of many different life insurance carriers.
Burial Insurance for 62 Year Olds – Burial Costs Breakdown
According to the U.S. Bureau of Labor Statistics, American funeral expenses experience an average inflation rate of 3.17% per year. In comparison to all other areas of inflation, dying in America is one of the most costly.
This is why buying burial life insurance is critical. You love your spouse, children, and grandchildren so you certainly wouldn’t want any of them to experience a financial hardship simply because of your memorial service and cemetery plot.
Let’s take a look at the current average price tags for funeral services and burial/cremation. Then we’ll compare today’s average prices with estimated funeral prices over the next 10, 20, 30 years time. You may be shocked by how much a future burial will be!
| Today’s Average Cost | 10 Years of Inflation | 20 Years of Inflation | 30 Years of Inflation | |
|---|---|---|---|---|
| Cremation | $4,000 | $5,268.00 | $6,937.96 | $9,137.29 |
| Casket | $2,300 | $3,029.10 | $3,989.32 | $5,253.94 |
| Funeral Home’s Basic Services | $1,500 | $1,975.50 | $2,601.73 | $3,426.48 |
| Embalming and Body Preparation | $600 | $790.20 | $1,040.69 | $1,370.59 |
| Funeral Ceremony & Viewing | $1,000 | $1,317.00 | $1,734.49 | $2,284.52 |
| Open/Closing of Grave Site | $1,000 | $1,317.00 | $1,734.49 | $2,284.52 |
| Grave Space & Marker | $2,000 | $2,634.00 | $3,468.98 | $4,568.64 |
| Grave Headstone | $2,000 | $2,634.00 | $3,468.98 | $4,568.64 |
| Miscellaneous (hearse, death certificates, obituary, etc.) | $600 | $790.20 | $1,040.69 | $1,370.59 |
So, if you live to age 92, your family may have to pay as much as $20,558 for a standard memorial viewing and cemetery burial. Will you have any of those funds available for your spouse or children to use? Or can you at least cover the less expensive option of cremation which will be about $9,137 in 30 years time?
You can see why a $5,000 to $15,000 burial life insurance plan would go a long way towards covering these high burial costs. You never know when a burial life insurance policy may be needed but you can be sure your family will certainly be grateful knowing you planned ahead.
Burial Insurance for 62 Year Olds – How Is This Different Than Other Life Insurance Policies?
Burial life insurance policies are guaranteed to cover you for life without a reduction in the face amount purchased. The premiums for your burial life insurance coverage will not increase over the course of the coverage. So you’ll have peace of mind knowing exactly what to expect from your burial life insurance plan.
Term life insurance policies are also a bit different than a burial life insurance plan. Term coverage can be a higher face amount (similar to a standard whole life). The main difference between a term life policy and a burial plan is that the term life will only last for the term you select.
Normally the terms offered by a life insurance carrier are 5, 10, 20, or 30 years of coverage. Once your term expires then you are no longer covered. You will not receive your premiums back and you will need to obtain alternative coverage.
Burial Insurance for 62 Years Olds – What Are The Premiums?
There are dozens of high quality life insurance carriers that sell burial life insurance coverage to individuals in their senior years. Each life insurer has different underwriting rules, policy terms, and premium rates. Your independent life insurance agent will go over each insurance company’s guidelines and quotes until you find the perfect match.
For right now, we’re going to share with you estimated burial life insurance rates. This should give you a better idea of what your costs may be and get you thinking about what you can afford.
Burial Insurance for 62 Year Olds – Guaranteed Life Insurance Premiums
Guaranteed Issue Burial Insurance Rates for a 62 Year Old Male
Case Study 1: Male, Non-Smoker, Guaranteed Issue Burial Life Insurance Policy. Estimated premiums listed are per month.
| $5,000 face amount | $10,000 face amount | $15,000 face amount | |
|---|---|---|---|
| 60 years of age | $33 | $63 | $94 |
| 65 years of age | $38 | $73 | $109 |
| 70 years of age | $48 | $93 | $139 |
| 75 years of age | $63 | $124 | $186 |
| 80 years of age | $89 | $175 | $262 |
| 85 years of age | $150 | $299 | $447 |
Guaranteed Issue Burial Insurance Rates for a 62 Year Old Female
Case Study 2: Female, Non-Smoker, Guaranteed Issue Burial Life Insurance Policy. Estimated premiums listed are per month.
| $5,000 face amount | $10,000 face amount | $15,000 face amount | |
|---|---|---|---|
| 60 years of age | $24 | $45 | $67 |
| 65 years of age | $28 | $55 | $81 |
| 70 years of age | $36 | $70 | $105 |
| 75 years of age | $49 | $96 | $143 |
| 80 years of age | $69 | $135 | $202 |
| 85 years of age | $103 | $204 | $305 |
Burial Insurance for 62 Year Olds – Level Benefit Life Insurance Premiums
Some burial life insurance policies are what the industry calls “level benefit” which means just what it sounds like. Level benefit burial coverage will pay your full death benefit amount immediately regardless of when you pass away.
Ironically these rates are often more affordable than a “graded benefit” policy which usually has waiting periods in place before death claims are paid.
The waiting period for a “graded benefit” plan can be as long as 24 months. For all these reasons, many independent life insurance agents recommend picking a “level benefit”.
Level Benefit Burial Insurance Rates for a 62 Year Old Male
Case Study 1: Male, Non-Smoker, Level Benefit Burial Life Insurance Policy. Estimated premiums listed are per month.
| $5,000 face amount | $10,000 face amount | $15,000 face amount | |
|---|---|---|---|
| 60 years of age | $23 | $43 | $63 |
| 65 years of age | $29 | $56 | $82 |
| 70 years of age | $38 | $74 | $109 |
| 75 years of age | $51 | $100 | $148 |
| 80 years of age | $68 | $133 | $197 |
| 85 years of age | $93 | $183 | $273 |
Level Benefit Burial Insurance Rates for a 62 Year Old Female
Case Study 2: Female, Non-Smoker, Level Benefit Burial Life insurance Policy. Estimated premiums listed are per month.
| $5,000 face amount | $10,000 face amount | $15,000 face amount | |
|---|---|---|---|
| 60 years of age | $18 | $33 | $48 |
| 65 years of age | $22 | $41 | $60 |
| 70 years of age | $28 | $53 | $78 |
| 75 years of age | $38 | $72 | $107 |
| 80 years of age | $51 | $98 | $146 |
| 85 years of age | $70 | $136 | $202 |
Burial Insurance for 62 Year Olds – Additional Living Benefits
You may even be able to secure a burial life insurance policy that offers additional living benefits. Talk with your independent life insurance agents about all the specifics in your burial life insurance policy options, including any policies that offer additional living benefits.
Examples of these additional living benefits are as follows:
- Chronic Illness – In the future, if you are not able to perform at least two of six specified “activities of daily living” such as bathing or dressing, you will then qualify for the chronic illness benefit. This benefit allows the insurance carrier to return all your paid premiums in full and void the policy. The idea is that you will need the premiums back to cover any long-term care medical expenses while still living. This benefit may also be utilized if you are diagnosed with a severe cognitive impairment such as Alzheimer’s.
- Terminal Illness – A terminal illness is considered to be a physical condition or illness that is certified by a physician to result in your death within 24 months from the date of certification. This benefit will advance you 50% of the policy’s face amount.
Burial Insurance for 62 Year Olds – Best Option For You?
It’s always best to talk with an experienced independent life insurance specialist that can discuss the best options for you.
However, it’s pretty easy to see burial life insurance definitely offers solid coverage for those 62 years of age and older, as well as offering reasonable premiums.
Burial life insurance may be exactly what you need to relieve your loved ones of any future final expense burdens.
How to Find the Best Burial Insurance Rates for Seniors
When it comes to finding the best burial insurance rates for seniors, you want to be able to compare the best life insurance companies in order to find the best coverage for you and your family.
The best way to do this is to speak with an independent life insurance agent who can compare dozens of burial insurance rates and policies at a time.
Give our agents a call today, or get started using our online burial insurance quoting engine to get instant rates from dozens of the best burial insurance providers.
