Burial Insurance for 67 Year Olds

The majority of 67 year olds, like yourself, are active and enthusiastic about their future.

How can you not be excited for the coming years? After all, it’s finally that special time in your life to do everything you put off for so long.

You have spent decades saving for your golden years and planning all the fun you’ll have during that time. Did you also plan for the not so fun times? Do you have a life insurance plan in place to pay for your final expenses? If not, what are you waiting for?

What Is Burial Insurance? 

Burial insurance is a permanent coverage sold to individuals up to the age of 85 years old. As we mentioned, the face amounts tend to stay below $25,000. This is because a burial life policy is really only intended to cover your final arrangements. Remember, the lower the face amount than the lower your premiums.

Permanent life insurance, like a burial plan, will stay in place for the rest of your life or up to 100 years of age (however the policy is written). The face amount will never decrease and the premium will never increase. Unlike other permanent life insurance plans, such as a whole life, burial coverage doesn’t gain any cash value that can be used for personal loans.

Do 67 Year Olds Need Burial Insurance?

LIMRA previously reported that 37 million American families have no life insurance. Every day these families run the risk of losing a family member and finding themselves in a financial crisis as a result.

A burial life insurance policy could be the solution. Such a policy will pay a lump sum death benefit to the beneficiary upon the insured’s death. The death benefit is normally a minimal amount between $5,000 and $25,000. The cash your beneficiary receives is both income tax-free and gift tax-free.

The proceeds from your burial life insurance plan can be used for items such as a casket, headstone, cemetery plot, or cremation. The average cost for a wake and burial in America is, on average, between $8,000 and $10,000. Some families opt for cremation in hopes of saving money.

However, cremation alone still costs around $3,000 to $5,000. If you don’t have a burial life insurance plan in place, will your children or grandchildren be able to gather $3,000 to $10,000 for your final services? How long will it take for them to replace or repay the money they borrowed for your burial?

Burial Insurance for 67 years old – Funeral & Burial Costs

According to the U.S. Bureau of Labor Statistics, funeral expenses in the United States trend up about 3.17% annually. This means funeral costs steadily increase more than any other area such as housing or health care.

Below is a comparison of today’s average burial costs versus estimates for future funeral costs. Keep in mind, these are average costs and can be higher depending on where you live.

Expense 2018 Cost 2028 Cost 2038 Cost 2048 Cost
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
Total Funeral Cost $15,000 $20,000+ $24,000+ $34,000+

If you were to pass away at the age of 97, your loved ones would likely pay $14,487 for a traditional viewing and burial. If your kids and grandkids opt for a cremation instead of burial, a bill of $10,140 is what they could receive.

Will you be leaving a bank account behind that has $10,000 to $15,000 for your final arrangements? Do your loved ones have their own savings available to cover these costs? Will this expense put their financial security at risk?

Burial Insurance Rates

You may think burial life insurance is only sold via late night infomercials or generic flyers that arrive in your mailbox. Actually, dozens of well-known and respected life insurers sell burial life insurance policies.

Companies such as AIG, Mutual of Omaha, and Transamerica all offer burial life products. As with any insurance coverage, each company has different premium rates, policy terms, and underwriting rules.

To sort through the variety of burial life insurance policies for seniors, it’s best to work with an independent life insurance agent. An independent agent is focused on selling you a policy that works for your budget and needs.

They are not motivated to sell you one company’s policy over another. Together you will review the insurance company’s guidelines and premium costs to determine which coverage will be in your best interest.

Many seniors take a look at one life insurance quote and are shocked by the price. So they stop looking for life insurance completely. They assume, at 67 years old, they will never find an affordable life insurance plan.

That is completely untrue. There are hundreds of different life insurance plans on the market today. You will certainly find an affordable burial life insurance policy. Start looking today!

Below are estimated quotes you can review for a better idea of what burial life insurance costs.

Level Benefit Life Insurance Premiums

Level benefit burial life coverage will pay your full death benefit amount regardless of when you die. Many life insurance agents recommend picking a “level benefit” because, unlike a “graded benefit”, these rates are often more affordable. Level benefit plans do not have the usual waiting periods in place before death claims are paid. On the other hand, “graded benefit” coverage typically does have a waiting period of about 24 months. If you were to pass away during the waiting period then the full face amount will not be paid.

Case Study 1: 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

Case Study 2: 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

Guaranteed Issue Life Insurance Premiums

Case Study 1: Female, Non-Smoker, AIG 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

Case Study 2: Male, Non-Smoker, AIG 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

Burial Insurance Policy Riders

Many burial life insurance plans for seniors include additional living benefits. These benefits provide an opportunity to purchase additional insurance all in the same policy. So you’ll essentially have “extra coverage” but all for one low premium. What’s not to like about this feature?

Common additional living benefits are as follows:

  • Chronic Illness – This additional benefit specifies the insurer will return all your paid premiums in full should you be diagnosed with a chronic illness that limits your daily activities. The premiums returned to you can be used to help pay for long-term medical care expenses. A physician will need to certify that you are unable to perform at least two of six daily living activities such as bathing, feeding, or dressing.
  • Terminal Illness – If you are diagnosed with a terminal illness, this benefit provides a 50% payout of your policy face amount. To receive this benefit your physician will certify that you have a physical condition or illness that will result in your death within 24 months from the date of the certification.

Best Burial Insurance Companies

When it comes to the best burial insurance policies for 67 year olds in terms of stability, low rates, good coverage, and broad policy options, these companies are almost always some of the best burial insurance companies.

Company A.M. Best Rating Customer Reviews
Mutual of Omaha A+ 4.1 / 5
Assurity A- 4.1 / 5
Foresters A 4.1 / 5
Sagicor A- 4.2 / 5

While pricing may change based on your location, health, and lifestyle, these companies consistently offer some of the lowest burial insurance rates on the market, along with some of the best burial insurance coverage.

Tips for Finding the Best Burial Insurance for 67 Year Olds

Read the Fine Print

It’s always necessary to review the fine print on your life insurance policy before accepting the final offer. The best thing to do is talk with your experienced insurance specialist about all the details. Remember, your insurance agent is on your side and will be glad to answer all your questions.

Besides looking over all the documents, you will also need to ask your life insurance agent these important questions:

  • “Will my price increase?”
  • “Will my policy expire?”
  • “What exclusions will prevent this policy from paying?”

If you don’t like the answer, don’t buy the insurance. Even if you are 67 years old (or older) there are plenty of highly rated life insurers that will be glad to have your business.

Work With an Independent Life Insurance Agent

Working with an agent is highly recommended when purchasing any type of life insurance.

It is a big investment, and you want to be sure that you are making the best decision for your family and your finances.

An independent agent can help you compare burial insurance rates from dozens of the best burial insurance companies, and also explain to you what your policy options are based on your coverage needs, health, and location.

Get Burial Insurance Quotes for 67 Year Olds Now 

Looking to speak with an agent regarding your burial insurance options? Give us a call today to speak with one of our agents.

Or are you looking to find burial insurance quotes for 67 year olds? Use our online burial insurance quote tool for instant rate comparisons from some of the best burial insurance companies.

Burial Insurance Quotes for 67 Year Olds

Affordable rates, insanely fast quotes