Burial Insurance For 71 Year Olds

Most people fail to realize just how expensive a funeral is unless they have planned one. The unfortunate truth is that most people don’t become exposed to the cost associated with a funeral until they are actually preparing one and at that point it might be too late.

Getting burial life insurance will afford you the money needed to make sure your funeral is properly covered when the time comes. The average cost for a funeral in America ranges between $8,000 and $10,000.

This covers the basic, most rudimentary aspects of a funeral and burial and does not include the cost of the actual funeral service or things like the gravesite itself.

How Much Does a Funeral Cost? 

The following chart displays the average funeral expenses, and how much each expense costs individually:

Expense Average Cost
Direct Cremation $500 – $3,000
Direct Burial $1,000 – $4,000
Casket $500 – $12,000
Burial Vault $500 – $15,000
Funeral Home Services $500 – $3,000
Grave Plots $500 – $10,000
Grave Monuments $500 – $10,000
Urns $100 – $2,500
Burial Clothing $100 – $1,000
Clergy Member Time $50 – $500
Flowers $100 – $1,000
Hearse $100 – $500
Casket Transportation $100 – $500
Average Funeral Cost $8,000 – $10,000

Simply put, it is very easy to see how even below and above all of these items can add up very quickly.

Why Do You Need Burial Insurance?

If you don’t have a plan in place in the event of your death, then your family will be burdened with these costs at what is more often than not an unexpected time.

If that takes place family members might have to dip into their savings accounts, use their retirement, or take money out somewhere else in order to cover the cost of a funeral. When you have burial insurance this is not something you or your family have to worry about.

Burial insurance is typically confused with a prepaid funeral insurance but there is a key difference. If you arrange a prepaid funeral you fund that directly through the funeral home you choose.

However, funeral insurance, on the other hand, is purchased through the insurance agency. When you prepay for a funeral you are only allowed to use that particular funeral home.

This is great for people who never travel and who plan on passing away exactly where they are, but with burial insurance or funeral insurance, you can provide your family with a lump sum payment so that they can cover the cost of burial wherever is necessary.

After the burial, the money can be paid out on existing credit card debt or medical bills, or simply use as extra funding for things like an obituary.

Burial insurance differs from term or permanent life insurance in so far as it has fewer requirements in order to be accepted. The total amounts offered are different, with burial insurance being significantly lower.

Typically speaking burial insurance is just meant to cover any extra expenses after you pass and should not be used to replace income that is lost when you pass away.

How Much Does Burial Insurance Cost for 71 Year Olds?

Burial insurance rates for a 71 year old male in Colorado:

Coverage Amount Company Annual Price
$5,000 Assurity

AIG

Gerber Life Insurance Company

$453

$607

$655

$6,000 Assurity

AIG

Gerber Life Insurance Company

$539

$723

$783

$7,000 Assurity

AIG

Gerber Life Insurance Company

$625

$840

$912

$8,000 Assurity

AIG

Gerber Life Insurance Company

$710

$956

$1,041

$9,000 Assurity

AIG

Gerber Life Insurance Company

$796

$1,073

$1,169

$10,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$882

$1,189

$1,289

$908

$11,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$967

$1,306

$1,427

$994

$12,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$1,053

$1,422

$1,555

$1,080

$13,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$1,138

$1,539

$1,684

$1,165

$14,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$1,224

$1,655

$1,813

$1,251

$15,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$1,310

$1,772

$1,942

$1,337

Burial insurance rates for a 71 year old female in Colorado:

Coverage Amount Company Annual Price
$5,000 Assurity

AIG

Gerber Life Insurance Company

$352

$460

$503

$6,000 Assurity

AIG

Gerber Life Insurance Company

$417

$547

$601

$7,000 Assurity

AIG

Gerber Life Insurance Company

$483

$643

$699

$8,000 Assurity

AIG

Gerber Life Insurance Company

$548

$721

$798

$9,000 Assurity

AIG

Gerber Life Insurance Company

$613

$808

$896

$10,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$679

$895

$994

$683

$11,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$744

$982

$1,093

$746

$12,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$809

$1,069

$1,191

$809

$13,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$873

$1,157

$1,289

$875

$14,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$937

$1,244

$1,388

$940

$15,000 Assurity

AIG

Gerber Life Insurance Company

Phoenix

$1,000

$1,331

$1,486

$1,006

Burial Insurance Rates for 71 Year Olds by State 

The premium you pay for your coverage, even for burial insurance, is contingent upon many factors such as amount, age, and gender. But it is also going to fluctuate based on where you live.

That is why it is best to speak with a representative in your state so that nothing catches you off guard. Look at the differences in price for a few states for the same male applicant, seeking 10,000 in coverage:

Alabama Annual Rate
Assurity $496
Phoenix $544
AIG $778
Gerber Life Insurance Company $828
California Annual Rate
Assurity $496
Phoenix $544
AIG $733
Gerber Life Insurance Company $823
Delaware Annual Rate
Assurity $733
Phoenix $544
AIG $778
Gerber Life Insurance Company $823
Hawaii Annual Rate
Assurity $496
Phoenix $544
AIG $778
Gerber Life Insurance Company $828

Advantages to Burial Life Insurance for Seniors

Having a policy in place gives you peace of mind that your family will not be burdened in the event that you passed away. These plans are great for applicants who might not otherwise be accepted for traditional life insurance coverage as well.

Many people who have poor health may not be eligible for another life insurance policy and even if they are they might say thousands of dollars in monthly premiums that would otherwise drain a bank account quickly. Rather than paying a few thousand dollars in monthly payments you can set up lower monthly payments by way of a burial insurance plan.

Burial insurance plans are also wonderful alternatives for those who are significantly older. Once you reach your 70s, and sometimes even as young as your sixties, insurance premium start to rise.

One of the difficulties that applicants might face is the fact that many people will set up a term life insurance policy early on for a variety of reasons. However, once that term expires you have to set up a new policy whether you setup a term or permanent policy.

At a certain age you might not be eligible for a permanent policy and the only thing you might be eligible for is a term policy or a burial insurance policy.

A Term Policy at a certain age could bring with it prohibitively expensive premiums. If, for example, you planned ahead and you did your research, at 40 years old you could set up a 30-year term policy with great, affordable premiums. But then it expires when you are 70.

Now, being 70 years old going on 71, your cost for premiums are based on your advanced age and subsequently your advanced health.  This means that the premiums you pay could be thousands of dollars every month.

The older you are the more it’s going to cost. This doesn’t reverse itself. So, in order to combat these higher costs and still make sure you have money left over for your family, a burial insurance plan is ideal.

Finding a Burial Insurance Plan for 71 Year Olds

Once you have figured out that the burial insurance plan is the best option for you based on your age and your circumstances, you need to figure out how much money you are going to require for your funeral.

This is certainly not going to be a fun conversation to have over dinner but it is important to discuss your wishes with your loved ones so they know what the death benefit is for. Do you want to be buried? Would you prefer to be cremated? Do you want your ashes spread in a specific location?

Maybe you have always dreamed of having your ashes spread over the ocean in Ireland but you want to make sure your family can go to Ireland to do this without dipping into their retirement. So, you could factor this extra travel costs into your burial plan and add a few thousand dollars into your coverage amount.

Each company offers many different rates depending on how much coverage you want and what your health is. There might be policy restrictions because of where you live. That is why it is important to talk to several insurance companies before you pick one.

You also want to verify whether they offer a graded death benefit. Most policies have a graded death benefit of one or two years which means that if you pass away within the first year or two of having your policy your family only gets a percentage of your premium, sometimes the premiums you have already paid instead of the full death benefit.

AIG Guaranteed Burial Insurance for Seniors

AIG has a specific policy for final expenses called the Guaranteed Issue Whole Life policy. This is a good consideration for applicants and one where costs are based on age and $1,000 increments of cost.

Guaranteed Issue Whole Life—AIGIssue ages: Between 50 and 85

Face Amounts: Between $5,000 and $25,000

Payment options: Bank transfers, credit cards, or checks.

Why use it: There is a one-page application, it offers guaranteed approval, there are no medical exams or health questions, you get a chronic or terminal illness benefit rider at no cost, there is a two year graded death benefit.

AIG Guaranteed Life Insurance Rates for 71 Year Olds

Amount Male Annual Rate Female Annual Rate
$5,000 $582.50 $435.60
$6,000 $699.00 $522.72
$7,000 $815.50 $609.84
$8,000 $932.00 $696.96
$9,000 $1,048.50 $784.08
$10,000 $1,165.00 $871.20
$11,000 $1,281.50 $958.32
$12,000 $1,398.00 $1,045.44
$13,000 $1,514.50 $1,132.56
$14,000 $1,631.00 $1,219.68
$15,000 $1,747.50 $1,306.80

AIG is one of the best burial insurance companies on the marekt for people in their 70’s.

Best Burial Insurance for 71 Year Olds – Wrapping it Up

While we would love to compare burial insurance rates all day, there is only so much ae can outline in one article that you are willing to read.

When searching for burial insurance options, it is best to speak with an independent life insurance agent in order to better understand what the best life insurance is for your situation.

Give us a call today to speak with a professional, through over 20 of the best burial insurance companies on the market. Or use our online quoting engine to compare rates instantly!

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