Burial insurance is a good investment no matter your age. It is a form of protection that comes with very few strings, offers just enough coverage to meet the financial requirements of your funeral, and gives your loved ones’ peace of mind.
If you’re shopping for burial insurance you’re probably concerned about leaving behind a financial burden on your family. This is the biggest reason why people at age 69 start searching for a small policy. Burial insurance is small enough to cover the cost of funeral expenses. It is never too late to set up the coverage that you need.
Consider the following:
How Much Does the Average Funeral Cost?
The average funeral cost in 2017 ranged from $6,000 to $10,000.
|Funeral Home Costs|
|Funeral Directors Fee||$1,500|
|Embalming & Preparation||$600|
|Ceremony & Viewing||$1,000|
|Miscellaneous (Hearse, Death Certificates, Obituary, etc.)||$600|
|Headstone or Grave marker Costs|
Benefits of Burial Insurance at for 69 Year Olds
Term vs. Whole vs. Burial Insurance for 69 Year Olds
Term life insurance is meant for people with very specific financial needs lasting for a very specific amount of time. If you have a car loan, a mortgage, or a business loan that you will need to pay off, a Term Policy is better.
Whole life insurance policies are permanent form of coverage. This option never goes away and the amount you pay never changes. These life insurance policies will earn cash value the longer you have them and you can use that money while you are still alive. This policy is better for someone who has dependents and wants to provide supplementary, permanent income in the event that they passed away.
Burial insurance, by comparison, is a smaller face amount. Rather than getting a permanent policy that is worth hundreds of thousands of dollars, these are typically worth $10,000, maybe $20,000. The purpose is simply to cover the cost of your burial and nothing else.
Why Do I Need Burial Insurance at Age 69?
You get permanent protection. As a whole life insurance policy, you get a lifetime death benefit and the bonus feature is that you often get guaranteed cash value with your policy over time. With many companies, you can borrow against your policy of taking out loans using that cash value.
Funeral debts are paid
With proper planning, which you can access through the insurance company in many cases, and adequate life insurance coverage, your burial policy can provide the money that your family needs in order to cover your burial costs.
Whther you choose the level benefits, graded coverage, or guaranteed issue coverage options, you have an easy solution for any situation. Health conditions that might otherwise be considered high risk or the reason for declining an application and still get approval using guaranteed issue policies.
There is no medical exam required
One of the best features associated with final expense insurance is that it doesn’t require any type of medical exam. That means no appointment with your doctor, no blood pressure readings, no urinalysis, and no needles.
Fast approval times
Final expense insurance doesn’t require the exam and therefore your application is the only thing they have to review. Once the company reviews the application you can get a high-quality life insurance policy within one or two days in some cases.
Three Types of Burial Insurance Coverage for 69 Year Olds
A burial expense policy can come with three different coverage options.
Level death benefit
A level death benefit is the best option for your burial insurance. If you qualify for a level death benefit that means 100% of your benefit is guaranteed to be paid to your beneficiaries from the very first day of coverage.
In order to qualify for this type of policy, you will need to fall within the height and weight parameters of the different companies that offer it and you cannot have any major health concerns. Generally, the maximum for a level death benefit stops that $50,000 but some companies offer up to $100,000.
There are pre-qualifying questions that will be asked of every applicant. If you answer “yes” to these, then you will need to apply for another type of burial insurance. Some examples include:
Burial Insurance Rates for 69 Year Olds
Below are some sample rates for those would otherwise qualify for graded death benefits:
|Face Amount||Male Non-Tobacco||Male Tobacco||Female Non-Tobacco||Female Tobacco|
Graded death benefit burial insurance
The graded death benefit is a policy with which most people are familiar. It has a waiting time so to speak. This modified version is the second type of burial insurance.
With this option most of the time your policy does not pay your beneficiaries the full death benefit until after the second year of coverage.
If you pass away during the first or second year of coverage, they typically refund all of your premiums instead. On top of the premiums, they will often add 10% interest.
Your qualification for a graded death benefit policy is based upon your answers to the medical questions on the application. You do not have to undergo a medical exam, but you are not guaranteed a policy.
There are many high-risk health conditions that are cause for declining your application. Typically, the maximum amount of coverage is $25,000 for a graded death benefit but it can be as high as $50,000.
These policies tend to be a bit more lenient in their underwriting, so they will accept people with certain conditions. However, there are some high-risk situations where you might have to go to the third option.
Guaranteed acceptance burial insurance
Guaranteed acceptance is the final type of burial insurance. You cannot be turned down if you apply for this. It is almost identical to the graded death benefit coverage, with the two-year waiting time but the difference is it will absolutely be administered to anyone who applies for it no matter health conditions.
Let’s look at sample prices for guaranteed acceptance:
What if I Have Health Problems?
Even if you have pre-existing health conditions you can still get affordable coverage. Minor health concerns like high blood pressure, type 2 diabetes that is properly controlled, or high cholesterol will typically land you in a standard rate.
If you have more serious concerns like cancer or a history of stroke you can still qualify for the graded benefit policy or they guaranteed issue policy. Rates increase with each year you age, and the rates tend to vary upwards of 70% from one company to another which is why it is very important that you start shopping for coverage sooner rather than later.
Burial Insurance for Smokers and People With Health Problems
Smokers and anyone with severe health conditions should obviously start by working with a third-party broker to determine whether a level policy is available.
Each life insurance company has different underwriting requirements. Some are more stringent than others. Casual smokers versus those who smoke 20 cigarettes per day will find vastly different options available to them.
If the companies out there do not provide a level policy based on your health condition for a graded death benefit or a guaranteed acceptance.
A guaranteed acceptance policy is the last resort and should be considered after all other options simply because it is going to be the more expensive of the policies out there with very little flexibility.
Best Burial Insurance Rates for 69 Year Olds
For seniors, there is a litany of companies out there with favorable policies. The “best” policy is really contingent upon your needs and your health. Let’s look at how rates change based on coverage amount:
Health Class: Preferred Plus Non-Smoker
|Company||Annual Cost||Coverage Amount|
|Americo Financial Life and Annuity Insurance||$1,107.00||$20,000|
|Phoenix Life Insurance||$1,128||$15,000|
|Assurity Life Insurance Company||$1,156||$15,000|
|Phoenix Life Insurance||$768||$10,000|
|Assurity Life Insurance Company||$779||$10,000|
|Mutual of Omaha||$563||$7,500|
|Assurity Life Insurance Company||$552||$7,500|
|Mutual of Omaha||$411||$5,000|
|Assurity Life Insurance Company||$402||$5,000|
Now, this is just an example indicative of how policy face amounts influence cost.
But again, your health will play an important part in this too. That is why you want to work with a third party broker to evaluate your options.
Finding the Best Burial Insurance for 69 Year Olds
To find the best burial insurance rates for 69 year olds, you should first compare a lot of rates.
Even once you have done this, it is hard to be sure which burial insurance company is best for your situation.
In order to be sure, you should speak with an independent life insurance agent who can compare burial insurance rates from dozens of the best burial insurance companies, and explain to you your policy options in order to find the best coverage for you and your family.
Give us a call today to speak with one of our agents, or get started comparing burial insurance rates instantly with our quoting engine.