Burial Insurance For 72 Year Olds

Burial insurance is a way to give coverage adequate for beneficiaries to cover burial expenses. Any senior without life insurance stands to put their loved one that financial risk should they pass away.

The guaranteed policy provides permanent coverage that doesn’t expire so long as you pay your premiums. The money from this coverage will help surviving family members to pay off any final expenses.

The sad truth of the matter is that according to the 2017 National Funeral Directors Association’s annual Consumer Awareness study, only 62.5% of families felt it was important to plan and of those, only 21.4% had done anything to plan.

The average funeral costs between $8,000 to $10,000 and that does not include paying for the plot. Families are not prepared more often than not when this time comes around.

Burial vs. Term vs. Permanent

So, what are the key differences between the burial insurance and the other two options you have probably heard about?

Burial Insurance

  • Cover final expenses including burial and funeral
  • Get fast and simple coverage approval, without any medical exam
  • Find guaranteed acceptance policies
  • Lower coverage –> cheaper rates

Term Life Insurance

  • You get a policy for a specific amount of time, between 10 and 30 years
  • You get a fixed premium for the duration of the term
  • You can use the policy for temporary income, often to pay off existing debt

Permanent Life Insurance

  • You get a permanent policy for life
  • You can replace your income and pay off any outstanding debts with it
  • You can use some types to generate cash value and borrow against it if necessary

How Companies And Rates Compare For 72 year olds

If you decide that burial insurance is the better option, you should sign up for a policy sooner rather than later. The cost for such coverage is not going to break the bank with burial insurance. Burial insurance covers the cost of your burial but does not discriminate based on health or history, so the only real factor influencing cost is your age and your coverage amount.

How Does Coverage Impact Premiums For Burial Insurance?

Below is the chart for male and female costs, on average, for 72 year olds comparing different companies. 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.

Company Male Yearly Male Monthly Female Yearly Female Monthly
Americo $455 $43 $334 $32
Assurity $479 $42 $372 $33
AIG $647 $54 $45 $41
Gerber Life Insurance Company $707 $59 $545 $45

This is for $10,000 in coverage.

Company Male Yearly Male Monthly Female Yearly Female Monthly
Americo $870 $83 $992 $88
Assurity $933 $82 $1065 $94
Phoenix $960 $83 $1065 $92
Gerber Life Insurance Company $1404 $117 $1612 $134
AIG $1271 $106 $1418 $118

This is for $15,000 in coverage.

Company Male Yearly Male Monthly Female Yearly Female Monthly
Americo $1285 $122 $992 $88
Assurity $1387 $122 $1065 $94
Phoenix $1416 $122 $1065 $92
Gerber Life Insurance Company $2100 $175 $1612 $134
AIG $1894 $158 $1418 $118

Guaranteed Acceptance

If you want to get a guaranteed policy, no underwriting, no judgment based on health or personal habits or age, then a guaranteed policy is best.

There are guaranteed issue policies that cost slightly more than other burial life insurance policies. Guaranteed Issue from AIG is for ages 50 through 85.

The face amounts vary between $5,000 and $25,000. You can pay for the premiums with your bank account, with checks, or credit cards.

The benefits include a simple, one page application. You can enjoy guaranteed approval without any health questions, without a medical exam, and with a 2 year graded benefit.

Moreover, with each of these policies, regardless of coverage amount, comes with a chronic illness benefit rider and terminal illness benefit rider both of which are included for no extra cost.

Guaranteed Acceptance Life Insurance Rates For 72 year olds

If you choose the guaranteed coverage, the costs vary based on amount of coverage. Below is the chart for male and female costs, on average, for 72 year olds.

Coverage amount Male Yearly Male Monthly Female Monthly Female Monthly
$5,000 $ 623.45 $51.95 $464.50 $38.70
$10,000 $1122.21 $93.51 $929.00 $77.41
$15,000 $1870.35 $155.86 $1393.50 $116.12

Tips For Getting Low Rates

When you are searching for burial insurance at age 72, it is important to figure out what your costs will be for your burial, given where you live.

The average cost ranges between $8,000 and $10,000 for general costs. So, again, you want coverage sooner rather than later.

There are many a burial policy out there that still give you beneficial riders at no extra cost, in case you pass away in an accident, want to cover your children with your policy, or are a smoker but do not want to pay prohibitively expensive smoker rates.

Do your research, work with a broker and see what deals are available to you based on your current situation, current state of residence, and age.

Many companies have a cut off for their guaranteed acceptance that is 5 years sooner than other policies, so it will behoove you to get coverage now.

Best Companies For Burial Insurance

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
Gerber 50-80 Guaranteed Acceptance $5,000-$25,000
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

These companies are well known for providing great death benefits but figure out which one is best for you is based upon your age, the type of death benefit you want, and the coverage amount you need.

Somebody who only needs $1,000 of coverage might prefer Transamerica. Somebody who wants a level death benefit type can choose from all of those. Of course, if you are over 60, you can choose from American Continental, Transamerica, or United home life.

There are other companies that do have competitive offerings for niches like smokers or diabetics. Are generally speaking the best options you were going to find given your age.

5 Reasons Why You Need Burial Insurance At 72 Years Old

Even at this age, there are plenty of reasons why you should invest in a burial plan, even a minimal one that only covers your funeral requirements:

1. Permanent protection

Burial insurance is a form of permanent coverage that gives you a lifetime death benefit. A bonus feature is that some of these policies earn cash value with Time.

2. Funeral expenses

With proper planning and adequate burial insurance coverage you can provide your family with the money they need to pay for your funeral and your burial costs. In addition to these having the right amount of covered might help them to pay off any extra expenses or debts that are lingering after you pass away.

3. Easier qualification

Having a level guaranteed insurance policy provides a solution for anyone who needs life insurance coverage. Even high-risk health conditions will not disqualify you. It is much easier now to qualify for a policy no matter your age.

4. No exam required

One of the best features about burial insurance is that it doesn’t require a medical exam. This means no blood pressure readings, no needles, no appointments, nothing.

5. Quick approvals

Because there is no exam the application process consists of basic medical questions to determine your risk levels. After you finish the exam, alongside your application, your approval times are typically expedited which means you will get covered almost immediately.

Finding Burial Insurance Coverage For 72 Year Olds 

The older you get, the less life insurance options you have, and the higher your rates will generally be per thousand dollars of coverage.

As a result, finding life insurance for 72 year olds can be difficult at times.  If you have a small amount of remaining debt, and few financial dependents, burial insurance is a perfect way to get a good amount of coverage to protect your family, and still get affordable life insurance.

In order to understand and identify the best life insurance coverage for your personal situation, we recommend working with an independent life insurance agent, who can compare burial insurance rates.

Use our quick and easy burial insurance quote engine to compare the best burial insurance rates for 72 year olds, or give us a call any time to speak with an agent who can hjelp you and your family get the coverage you need.

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