Burial Insurance For 73 Year Old

The Social Security Administration (SSA) advises that the average 73 year old American male will live until at least the age of 86 years old. SSA also states the average 73 year old American female will live until 88 years of age.

This means you’ll have at least another decade, and probably much longer, to spend enjoying your family. In your active senior years, please don’t forget to prepare for when your time eventually does run out. It’s an uncomfortable topic but necessary to discuss.

Do you even know how much your memorial services will cost in twenty or thirty years? Is there cash set aside to pay for your burial? After all, you want to be sure your family will have the financial resources on-hand to easily pay for your final expenses.

It would be so stressful if your spouse, children, or grandchildren needed to raise money through a crowdfunding website or borrow money from their own personal accounts.

Even if you are on a fixed income, there is most likely an affordable burial life insurance policy available for you. Buying burial life insurance will provide you and your family with peace of mind.

Burial Insurance for 73 Year Olds

LIMRA previously reported that 3 out of 10 American households have no life insurance. This frightening statistic means people die every day and their families are left behind struggling to cover the final expenses.

Burial life insurance is a permanent life insurance policy sold to men and women up to the age of 85 years old. Burial life insurance face amounts are normally minimal amounts of $5,000 to $25,000.

This is because the policy is really only intended to cover your final arrangements and not pay off other personal debts. Since burial life is permanent, the coverage will stay in place for the rest of your life or up to 100 years of age (however the policy is written).

Premiums will remain the same for the life of the policy and the face amount will never decrease. Unlike other permanent life insurance plans, like a whole life, burial life coverage doesn’t gain any cash value that can be used for personal loans.

A burial life insurance policy will pay a tax free, lump sum death benefit to the named beneficiary upon the insured’s death. This money is meant to pay for items such as a casket, flowers, headstone, cemetery plot, or cremation services.

Keep in mind that everyday Americans are charged, on average, between $8,000 to $10,000 for a basic wake and burial. Some Americans opt for cremation in hopes of saving additional money.

However, cremation alone, without a memorial service, is still around $3,000 to $5,000. Do your children have $5,000 available right now in case of a fatal accident or illness?

Guaranteed Issue

The most appealing aspect of burial life insurance plans is that they are usually guaranteed issue. Seniors appreciate skipping the four to six week wait of more traditional life insurance applications.

Guaranteed issue policies do not require standard medical underwriting. So a burial life can often be issued the same day! Another huge plus is not having to disclose any chronic health conditions that are common for people in their 70s.

No need to worry about high cholesterol, high blood pressure, diabetes, heart disease, stroke, cancer, or other ailments.

For any guaranteed issue life insurance policy, there is a 24 month waiting period. This means if you pass away within the first 2 years of the policy, the death benefit will not be paid.

Instead, your beneficiary will receive a refund of at least 10% of paid premiums. Most life insurance policies have some type of waiting period in place. Waiting periods are not specific to guaranteed issue life insurance.

We recommend you work with an independent life insurance agent that understands the particulars of various life insurance carriers. Your dedicated insurance agent will be able to go over all the nuances of each burial life insurance plan and help you pick the best policy.

Rates for 73 Year Olds

American funeral expenses creep up about 3.17% each year, according to the U.S. Bureau of Labor Statistics. This means final expenses go up even more than medical care or housing.

Let’s compare today’s average prices with estimated funeral prices over the next 10 or 20 years. You may be shocked by future funeral costs!

Expense Cost 10 Years of Inflation 20 Years of Inflation
Cremation $4,000 $5,268.00 $6,937.96
Casket $2,300 $3,029.10 $3,989.32
Funeral Home’s Basic Services $1,500 $1,975.50 $2,601.73
Embalming and Body Preparation $600 $790.20 $1,040.69
Funeral Ceremony & Viewing $1,000 $1,317.00 $1,734.49
Open/Closing of Grave Site $1,000 $1,317.00 $1,734.49
Grave Space & Marker $2,000 $2,634.00 $3,468.98
Grave Headstone $2,000 $2,634.00 $3,468.98
Miscellaneous (hearse, death certificates, obituary, etc.) $600 $790.20 $1,040.69

Twenty years from now, your family may have to pay as much as $14,706 for a standard memorial viewing and cemetery burial. Or they will have to pay about $6,536 in 20 years for cremation. Will you have those funds available for your spouse or children?

You can see why a burial life insurance plan would go a long way to cover these high final expense costs. You never know when this burial life insurance policy may be needed and your family will certainly be grateful knowing you planned ahead.

Finding the Best Burial Insurance Rates for 73 Year Olds

Dozens of top rated life insurers sell burial life insurance policies such as AIG, Mutual of Omaha, and Transamerica. As with all insurance coverage, each company has different policy terms, underwriting rules, and premium rates.

An independent life insurance agent is a great asset. Your agent will review each insurance company’s guidelines and premium costs to determine what coverage will be in your best interest.

Below you will find some estimated quotes. This information is meant to give you a basic idea of what a burial life insurance plan might cost.

Level Benefit Life Insurance Rates

Some burial life insurance policies are what the industry calls a “level benefit” which means just what it sounds like. Level benefit burial coverage will pay your full death benefit amount regardless of when you pass away.

Ironically these rates are often more affordable than a “graded benefit” policy which usually have waiting periods in place before death claims are paid. The waiting period for a “graded benefit” plan can be as long as 24 months. For all these reasons, many independent life insurance agents recommend picking a “level benefit”.

Level Benefit Life Insurance Rates for 73 Year Old Females

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
63 years of age $22 $39 $57
73 years of age $34 $64 $94
83 years of age $73 $143 $212

Level Benefit Life Insurance Rates for 73 Year Old Males

Non-Smoker, Level Benefit Burial Life Insurance Policy. Estimated premiums listed are per month.

Age $5,000 face amount $10,000 face amount $15,000 face amount
63 years of age $27 $50 $73
73 years of age $46 $88 $130
83 years of age $90 $177 $263

Guaranteed Issue Burial Insurance Rates

Rates for 73 Year Old Females

Non-Smoker, AIG Guaranteed Issue Burial Life Insurance Policy. Estimated premiums listed are per month.

Age $5,000 face amount $10,000 face amount $15,000 face amount
63 years of age $26 $50 $74
73 years of age $43 $84 $125
83 years of age $87 $172 $257

Rates for 73 Year Old Males

Non-Smoker, AIG Guaranteed Issue Burial Life Insurance Policy. Estimated premiums listed are per month.

Age $5,000 face amount $10,000 face amount $15,000 face amount
63 years of age $35 $69 $102
73 years of age $57 $111 $166
83 years of age $121 $241 $360

Additional Living Benefits

There is a possibility your independent life insurance agent will find a burial life insurance policy for seniors that includes additional living benefits. This is an opportunity to purchase extra layers of insurance all for one low premium. Sounds great, right?

Two common additional living benefits are:

  • Terminal Illness – This benefit provides 50% of the policy’s face amount if you are diagnosed with a terminal illness. To qualify for this benefit, a physician will have to certify that you have physical condition or illness that will result in your death within 24 months from the date of certification.
  • Chronic Illness – This additional benefit requires you to have a chronic illness that will keep you from performing at least two of six “activities of daily living”. For example, if you are unable to bath, feed, or dress yourself then you could qualify for this benefit. This benefit specifies the insurance carrier will return all your paid premiums in full thus ending the policy. The premiums returned to you can be used to help pay for long-term medical care expenses.

Tips For 73 Year Olds Looking for Burial Insurance

We have to stress the need to always review the fine print of any policy before accepting the final offer. This is when it’s important to have an experienced insurance specialist in your corner. You’ll want an extra set of eyes to read through the fine print and help you understand what to expect from your burial life insurance. It would be heartbreaking if there are hidden loopholes in the plan and your loved ones find this out while waiting for the death benefit.

Besides looking over all the documents, you will also need to ask the life insurance company three important questions:

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

If you don’t like the answer, don’t buy the insurance. Even if you are 73 years old (or even older) there are certainly plenty of excellent life insurers that will cover you. Don’t feel like you have no choices because of your age. You do have plenty of affordable burial life insurance options!

Find the Best Burial Life Insurance Rates

When it comes to searching for burial insurance, there are a few easy ways to find quick and affordable coverage quick.

One is to speak with an independent life insurance agent who can help understand your specific situation to recommend the best burial life insurance policy for you.

Give us a call today to speak with one of our expert life insurance agents, or get started today with our online quoting engine to get instant burial insurance quotes from many of the best burial insurance companies on the market.

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