If you are shopping around at 68 for burial insurance, chances are you are concerned with leaving a financial burden on your family.
Burial insurance policies are often designed with seniors in mind, the same seniors who do not otherwise have financial problems any longer, no dependents, but still, want to make sure their burial costs are covered so that their loved ones don’t have to.
Why Do I Need Burial Insurance?
At 68 years old, burial insurance might be the perfect solution for many reasons. Most people think of life insurance as an expensive way to provide income to their spouses and children in the event that they passed away unexpectedly.
While this is a popular reason for getting life insurance, as you age, your financial needs. You might not need money to pay for the rest of your mortgage or to pay off the remainder of your credit card debt. You may no longer have dependents who would be lost without your income.
But as you turn 68, you still want to avoid leaving your parents, your children, your grandchildren with the burden of having to pay for your burial.
Not everybody realizes how expensive a funeral is until it is too late. Most people assume that since things like Social Security give you $255 for your burial costs, that the total is going to be somewhere around $255. But in reality, is going to be thousands of dollars and you certainly do not want to leave your loved ones with that financial burden.
Burial Insurance Rates for 68 Year Olds
What are the sample costs for a regular, level benefit policy? These depend on health habits too, including smoking habits. Below is a sample for males and females who are 68 getting a level term burial policy with varying face amounts of coverage.
|Face Amount||Male Non-Tobacco||Male Tobacco||Female Non-Tobacco||Female Tobacco|
Policy Options for 68 Year Olds
If you are shopping for burial insurance at 68, the policy you get is going to last for the rest of your life and chances are your premium will remain level. This is the best option for anyone on a fixed income because it allows for proper budgeting.
Your burial insurance policy will also build cash value with time. If you are in good health you can get covered within one day, qualifying for face amounts between $2,000 and $50,000.
Keep in mind that the amount you pay for your premiums is going to depend on many factors like your family health history, any prescriptions you are taking, whether or not you smoke, even your driving history.
Life insurance companies need to rely on all of these things to determine your risk. Since you do not take a medical exam for this type of policy life insurance companies have to rely on any information available through prescription databases and the medical information Bureau.
If you are turned down for a level policy, you can still get a guaranteed acceptance policy which, as the name suggests, is guaranteed to accept you.
Guaranteed Issue Life Insurance Rates
What are the costs for a guaranteed policy?
How Much Does the Average Funeral Cost?
An average funeral today costs about $8,000-$10,000. This cost is comprised of many factors, including the following:
What is the Difference Between Term Life, Whole Life, and Burial Insurance?
Term life insurance is a straightforward protection that provides you with coverage for a set amount of time, otherwise known as the term. This is one of the more affordable way to purchase health insurance. These policies are guaranteed to be renewable by some companies up to age 90, even if your health has changed over time.
Whole life insurance, on the other hand, is a permanent, lifetime coverage. The premiums do not increase, and your coverage starts to build cash value after the first year or two. You can use this cash value to pay for your premiums or take out a loan against your policy.
There are typically many forms of permanent life insurance, with whole life being the easiest to understand and use. The more complicated versions gain cash value through stock performances, which means you can gain a lot more but lose a lot more too. Most people only use these as their policies if they want investment tools too.
Burial insurance is a more limited type of coverage that is designed only to cover the expenses of a burial or funeral. The coverage amounts are limited, the policies tend to be whole life insurance, and there are no medical exams for these, making them easier to obtain for people with health problems.
Is There a Health Exam for Burial Insurance for 68 Year Olds?
For term and whole coverage, often there is a health exam required. This health exam is meant to help companies determine your overall risk and therefore, your underwriting class. Most companies divide their policies into preferred plus, preferred, standard, and substandard.
Comparatively, with burial insurance, there are guaranteed acceptance programs where you do not undergo a medical exam, and therefore are not put into these dividing classes.
Instead, you get the same rate for all people, based solely on your age. These are great policies for those who are older and may not qualify for insurance that requires a health exam.
Best Burial Insurance Companies
Different companies have different niches, offer varying face amounts, and have different underwriting requirements for their policies.
Below is a sample of a handful of companies and what they offer for burial insurance for 68 year old:
|Company Name||Issue Ages||Death Benefit Type||Coverage Amount|
|Americo||50-85||Level and Graded||$2,000-$30,000|
|American National||50-85||Level, Modified, and Graded||$2,000-$50,000|
|American Continental||65-89||Level, Modified, and Graded||$3,000-$35,000|
|Assurity||40-80||Level, Modified, and Graded||$5,000-$50,000|
|Mutual of Omaha||45-85||Level, Modified, and Graded||$2,000-$40,000|
|Transamerica||Up to 85||Level||$1,000-$50,000|
|United Home Life||Up to 80||Level, Graded, and Guaranteed Approval||$5,000-$100,000|
As you can see, there are different benefits to different life insurance companies. The age requirements are all perfectly appropriate for a 68 year old, but there are different death benefit types and varying amounts for coverage.
What you need personally will dictate which companies are a better fit for you. You need to seriously consider how much burial insurance you will need based on the funeral you want. Then you can decide from there.
Burial Insurance Rates for 68 Year Olds
Let’s look again at a quick sample of different coverage amounts, annual costs, and how they compare from a handful of companies.
Health Class: Preferred Plus Non-Smoker
|Company||Annual Cost||Coverage Amount|
|Americo Financial Life and Annuity Insurance||$998.00||$20,000|
|Assurity Life Insurance Company||$1,085||$15,000|
|Assurity Life Insurance Company||$732||$10,000|
|Assurity Life Insurance Company||$520||$7,500|
|Mutual of Omaha||$534||$7,500|
|Assurity Life Insurance Company||$378||$5,000|
|Mutual of Omaha||$391||$5,000|
As you can see, the coverage amount greatly influences the premiums which you can choose to pay annually, monthly, and sometimes even quarterly. So be realistic about how much it is going to cost for the funeral you want.
Burial Insurance for Smokers and Diabetics
There are different companies that specialize in offering friendly or premiums to smokers or diabetics, or two people with very distinct health concerns.
AIG, Protective, and Mutual of Omaha have good prices for those with diabetes. State Farm has good policies for older, males who are habitual tobacco users. It is helpful to talk things over with a third party broker to determine which companies are best suited to your needs.
How to Find the Best Burial Insurance
Finding the best burial insurance rates for 68 year olds comes down to your ability to compare rates.
While online quoting engines have made comparing burial insurance rates much easier over the last couple of years, there are still so many choices on the market that it can be overwhelming to try and compare them all and know for sure you are choosing the best policy for you and your family.
For this reason, we recommend speaking with an independent life insurance agent who can help you compare the best burial insurance rates from the best burial insurance companies, in order to help you find specialized coverage based on your situation and your needs.
Give our agents a call today to begin working towards finding the right coverage for your family, or get started using our online quoting engine for instant burial insurance quotes from the best burial insurance companies on the market.