Quick Tip: Complete the form on the side and get instant burial insurance quotes from over 30 of the nations top burial insurance providers.
I think you’ll agree with me when I say that finding affordable burial insurance can be difficult.
It turns out it’s hard for many budget conscious seniors, but it doesn’t have to be.
In this article we’ll show exactly how to secure affordable burial insurance coverage.
The underwriting business, or the business of analyzing an insurance application for approval, is very strict and to the point.
Statistics, demographics, age, health, personal habits and other such information is collected, analyzed, cross referenced and constantly updated and referred to when insurance companies need to make a decision on an applicant’s eligibility.
The younger you buy and maintain life insurance, then the more affordable and benefits-laden it will be. The older you are, the more expensive and benefits-restrictive a life-insurance policy will be. It is a fact of life.
However, life is also about learning how the system works, becoming enlightened and learning how to make the system work for you.
Are you a senior citizen in need of quality and affordable burial insurance? Why delay a moment longer? Just put some basic personal data into the rate searching engine on this page and you will get instant, affordable life insurance quotes. You could be moments away from owning affordable burial insurance!
The Burial Insurance Market for Senior Citizens
Seniors nearing retirement age do not work in the same numbers or physical vigor as younger demographics.
Seniors are more prone to illness, disease and needing long term medical help and care.
Based on such statistics and facts of life, life insurance will always be more affordable the younger you get.
The older you become, the more expensive life insurance progressively becomes.
A healthy 650-year-old senior citizen who exercises regularly and doesn’t smoke could pay $45 a month in premiums for a $10,000 burial insurance policy.
A 71-year-old might pay $75 a month for the same plan.
That same policy could rise to over $200 a month if there’s any major health issues.
Remember: These are ballpark premium prices based on today’s rates. They can be much more expensive in reality if you have any medical issues.
Affordable Life Insurance Policies for Senior Citizens
If you are over 65 years of age, there are plenty of life insurance products that are affordable and available to you.
Be aware these forms of life insurance will be cheaper because they are temporary forms of life insurance, or versions of whole life insurance with many benefit restrictions.
Term Life Insurance
Term life insurance is a temporary form of life insurance.
Whole life insurance provides policy coverage for the rest of your life. Term life insurance covers a policyholder for a pre-determined period of coverage.
As a policyholder you can buy just 1 year of life insurance coverage. Term life insurance is sold as temporary, annual terms of coverage. You can buy multiple years, a 10-year plan or a 30-year term life insurance plan and everywhere inbetween.
Term life insurance is very affordable because of its temporary terms of coverage nature. With whole life insurance, which is more expensive, you pay a premium every day for the rest of your life.
With term life insurance, you pay premiums for as long as the policy is active, be that 1 year, 6 years or 25 years.
Term life insurance can be renewed as needed, changed or modified into whole life insurance. You will pay higher fees for the conversion convenience and a higher premium.
Term life insurance can build up cash value to borrow against, but not as much value as a life-long premium paying, whole life insurance policy would.
Some life insurance companies sell a kind of senior citizen term life insurance for seniors that can last 10 to 15 years with level premium payments. Get informed and ask an independent insurance agent.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance is another more flexible form of whole life insurance.
It is a blanket form of life insurance coverage that is available to anyone over age 50.
Some insurance companies may have an upper age limit of 80.
There are no medical exams or questions asked during the application process. As long as you can fog a mirror and are a US resident, you qualify.
If you die within the first 2 years of policy coverage, you’re typically only refunded premiums + 10% OR paid a percentage of the death benefit. However, after 2 years you have full coverage.
Because no questions are asked and no medical exam is necessary, this form of insurance is popular with seniors with medical issues.
If you pay your premium regularly, then death benefits are guaranteed.
Guaranteed issue life insurance can be more expensive than whole life insurance. You can defray your costs by buying relatively smaller amounts of coverage, like in the range of $5,000 to – $8,000 range.
Guaranteed issue life insurance is guaranteed level premiums for the rest of your life and guaranteed coverage amounts after the initial graded period of 2 years.
Burial Life Insurance
Burial life insurance is also known as Final Expense life insurance.
A burial life insurance policy is underwritten to pay for all of your final expenses; your funeral, funeral casket, flowers, funeral proceedings and so on.
It is a no-frills insurance policy designed to alleviate the anxiety and grief of planning a funeral for your family.
Burial life insurance packages are very affordable. You can get a policy for a little as $5,000 or $20,000 while paying very low premiums that are guaranteed level.
If you want a more expensive or elaborate funeral, then be prepared to pay more in premium.
You could make a pre-payment funeral plan agreement with a specific funeral home. However, you would be locked into a contract, you won’t get a refund and if you move or change your mind you would have to start the process all over.
With the option of pre-paying for your funeral, know that the funeral director would control the funds, not you. Know what you are getting into.
The Bottom Line
You can definitely find cheaper life insurance products relative to the senior citizen demographic. As a senior citizen you will always pay higher premium than anyone younger than 65. That is a hard fact.
If you find a good independent insurance agent and carefully consider exactly what it is that you want out of a life insurance policy, then you will have no problem finding coverage.
There is affordable coverage out there for you. Give us a call or fill out the form on the side and we’d be happy to help you with this decision.