Burial Insurance For 63 Year Olds

Burial insurance is a form of insurance that covers the expenses of your burial. It is designed to cover expenses associated with death that may often go unexpected such as:

  • Casket
  • Burial Costs
  • Funeral Costs
  • Body Services
  • Cremation
  • Headstone
  • More…

Believe it or not, the average funeral cost in the United States is between $8,000 and $12,000 when everything is said and done.  Without proper planning, this can really take a family by surprise, and leave them in a bad financial position during their time of grieving.

Though it may be grim to think about, the reality is, we all will die someday.  Burial insurance is meant to safeguard your family against the unexpected costs associated with death.

Burial insurance coverage is permanent life coverage and is usually available up to $25,000 in coverage, with a few companies that offer burial insurance for seniors up to $100,000 or more.

Now that we know a bit about burial insurance and what it covers, let’s take a look at how it compares to permanent and term life insurance, see some sample burial insurance rates for 63 year olds, and explore some of the best burial insurance companies.

Who is Burial Insurance Best For?

  • Those who cannot afford other life insurance plans because of medical conditions can enjoy guaranteed acceptance.
  • Those who do not need to replace any income and only want to pay for smaller coverage can use burial insurance plans.
  • Those who are older and only need affordable premiums but might not be able to get a permanent or term policy because of age can use a burial policy.

Burial vs. Term 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 for a specific amount of time.
  • This time ranges between 10 years and 30 years.
  • These policies are the most affordable premiums for their coverage amounts.
  • The amount you pay is fixed for the entire term.
  • These policies should be used for temporary income, typically to pay off existing debt.

Permanent Life Insurance

  • These policies are for life and cannot be canceled so long as you pay the premiums.
  • This policy is designed to replace income and pay off all debts.
  • You can use some to generate cash value you can take out early, if needed.

Burial Insurance

  • Covers your final expenses, those relating to your burial or funeral
  • You get guaranteed approval in some cases.
  • There are no medical exams required.
  • The rates are cheaper than the other two options because you have lower coverage amounts.

Burial Insurance Rates for 63 Year Olds

How does coverage impact premiums for burial insurance?

Burial Insurance Rates for 63 Year Old Males

Below is the chart for male and female costs, on average, for 63 year olds comparing different companies. This is for $5,000 in coverage.

Company Male per year Male per month
Americo $283 $27
Assurity $319 $30
AIG $423 $35
Gerber Life Insurance Company $469 $39

This is for $10,000 in coverage.

Company Male per year Male per month
Americo $525 $50
Assurity $548 $48
Phoenix $590 $51
Gerber Life Insurance Company $926 $77
AIG $823 $69

This is for $15,000 in coverage.

Company Male per year Male Monthly
Americo $768 $73
Assurity $810 $71
Phoenix $860 $74
Gerber Life Insurance Company $1384 $115
AIG $1222 $102

Burial Insurance Rates for 63 Year Old Females

For females, the costs are a bit lower because females tend to live longer and be in slightly better health. This is for $5,000 in coverage for a 63 year old female.

Company Female per year Female Monthly
Americo $227 $22
Assurity $255 $24
AIG $311 $26
Gerber Life Insurance Company $361 $30

This is for $10,000 in coverage.

Company Female per year Female Monthly
Americo $413 $39
Assurity $453 $40
Phoenix $476 $41
Gerber Life Insurance Company $711 $59
AIG $598 $50

This is for $15,000 in coverage.

Company Female per year Female Monthly
Americo $600 $57
Assurity $668 $59
Phoenix $689 $59
Gerber Life Insurance Company $1060 $88
AIG $886 $74

Guaranteed Acceptance

There are also guaranteed issue policies which, as the name suggests, means they are guaranteed. This is a wonderful way for older individuals as well as those with pre-existing medical conditions to get over the obstacle of things like high premiums or disqualification because of a medical exam.

What Are the Benefits of Guaranteed Life Insurance?

1. You cannot be turned down

Even older adults who might have health concerns that would otherwise cause them to be rejected by life insurance companies can still get these guaranteed burial policies. Older adults with health concerns are the people for whom these policies are designed. Anyone between the age of 50 and 85 will never be turned down.

2. You won’t have to take a medical exam

Traditional life insurance medical exam or, at the very least, answer health questions to figure out what your risk level is and by extension what your Premium cost will be. But with the guaranteed issue policies there are no medical exams and you do not have to answer any health questions.

3. Your premiums stay the same

One of the biggest benefits to these guaranteed life insurance policies is that the premiums are fixed. They never change throughout the life of the policy so you’re able to easily and plan out your predictable.

4. Living benefits if you qualify

In some cases, you might be certified as having a severe cognitive impairment or a chronic illness. If that is the case, you can get a benefit where buy all the premiums you have paid into your policy are returned to you. If, on the other hand, you are certified as having a terminal illness, you will get 50% of the face value of your policy paid out to you ahead of time. The money that you get under these benefits can be used however you choose.

Guaranteed Acceptance Life Insurance Rates for 63 Year Olds

If you choose the guaranteed coverage, the costs vary based on the amount of coverage. Below is the chart for male and female costs, on average, for 63 year olds.

Coverage Amount Male Annual Male Monthly Female Annual Female Monthly
$5,000 $399.30  $28.27 $287.20  $23.93
$10,000 $798.60  $66.55  $574.40  $47.86 
$15,000 $1197.90  $99.82  $861.60  $71.80 

Tips for Getting The Best Burial Insurance Rates for 63 Year Olds

If you want good rates on your burial insurance, do your homework. Shop around, compare different companies.

Figure out what expenses you will need to cover and how much they are in your state. The average funeral costs between $8,000 and $10,000 so you might need to cover this entire amount or add to an existing savings account.

In any case, the younger you are, the less your premiums will be, so it will behoove you to investigate policies now rather than putting it off.

How Much Burial Insurance Coverage Do You Need at 63?

Generally speaking your options at this age is contingent upon a few factors. You are probably on a fixed income, so you will want a policy that has a fixed premium on a monthly budget.

This will allow you to properly budget for the cost. Most burial insurance plans are whole life insurance plans which means that you can have permanent coverage and budget accordingly. Sometimes these policies build a small cash value over time.

If your health is good for your age you can qualify within one day for coverage and, in most cases, you can get coverage between $2,000 and $50,000 without even having to undergo a medical examination.

Keep in mind that the premium you pay for your policy is going to depend heavily on variables like your health, your family history of medical conditions, what prescriptions you are taking, whether or not you smoke, even how your driving habits are and have been for the last few years.

Life insurance companies are going to take a look at all of these things when they determine your eligibility. If you don’t have to undergo a medical exam you will have to answer a few rudimentary questions on your application.

They are going to combine these answers with the information they can find through prescription databases and the medical information Bureau to figure out what level of risk you are.

Do you have health problems?

At this age, you might have some pre-existing health conditions, but you can still get affordable rates when it comes to your burial insurance.

Minor health concerns like well controlled type 2 diabetes, high cholesterol, even high blood pressure does not necessarily mean you are going to be put into a substandard rate.

Even more serious health problems like cancer, a history of stroke, or heart disease will still not rule you out for coverage.

You might get a graded death benefit through a guaranteed-issue policy which means that your death benefit is not fully payable until after you’ve had it for 2 years.

Still, for someone who’s been turned down before or who might be turned down given their current health conditions, this will afford you some peace of mind.

Best Burial Insurance Companies for 63 Year Olds

While life insurance rates will always vary based on your age, height, health, family history, and more, there are a few life insurance companies that offer superior burial life insurance rates for seniors.

Company A.M. Best Rating Customer Reviews
Assurity A- 4.1 / 5
Transamerica A+ 4.2 / 5
Phoenix A- 4.1 / 5
United Home Life A- 4.0 / 5
Americo A- 4.2 / 5

We chose these companies based on their consistently high financial ratings, affordable life insurance coverage, and their history of paying out claims.

To find the right burial insurance company for you, we recommend speaking to an expert.

Tips for Getting the Best Burial Insurance Rates for 63 Year Olds

If you want good rates on your burial insurance, do your homework. Shop around, compare different companies. Figure out what expenses you will need to cover and how much they are in your state.

The average funeral costs between $8,000 and $10,000 so you might need to cover this entire amount or add to an existing savings account.

In any case, the younger you are, the less your premiums will be, so it will behoove you to investigate policies now rather than putting it off.

We suggest working with an independent agent when comparing life insurance rates. Our agents can compare burial insurance rates for seniors from a multitude of the best burial insurance companies on the market, and help you find the best policy for your family.

Give us a call today to get started, or compare burial insurance rates for 63 year olds online instantly!

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