Once people reach their 60’s, they tend to start thinking about things a little more seriously. Burial insurance is one of these things.
So how does burial insurance work for people 60 and up? What will they qualify for?
At the end of this article you will be able to answer those questions, and hopefully others that I have not listed. You will know the ins and outs of burial insurance, and how you can get it for those 60 years and up.
Let’s get started!
Table of Contents
What is Burial Insurance?
Burial insurance, or Final Expense insurance, is a form of life insurance that is designed to cover the costs of a funeral or cremation.
It is primarily for people ages 55-85, but there are some exceptions for ages outside of that range. Burial insurance policies are Whole Life, so they last for your lifetime, and never change.
That means the benefit never goes down, and the cost never goes up. You also have what is called “Cash Value” in these policies, that you can actually borrow against as the policy grows and matures over the years.
The companies that offer these types of policies are ones that you have most likely heard of. The ones I represent at arkburialquote.com are all A+ rated carriers that have been in business much longer than any of us have been alive!
The policies are typically in coverage amounts of $5,000 up to $40,000, but they can go below and above that range in some circumstances. For clients that want cremation, they may go below $5,000 while the clients who want a traditional burial and leave a gift for their loved ones may go slightly above $40,000. There is no one size fits all.
How Hard is it to Get Burial Insurance Over 60
It is no secret that the older we get, the more our body starts giving us fits. We start getting prescriptions for different ailments, and start getting new diagnoses.
All of these things have an impact on your ability to get the best rate for burial insurance. Burial insurance price is determined by two main factors:
- Health Rating
The older we get, the more expensive these burial policies will get. Year by year they will steadily start climbing, and if we procrastinate, then before we know it we won’t be able to afford a proper burial insurance policy. Then we don’t get one, and when we pass away, our family has to do whatever they can to raise money in order to give us a proper burial. And that’s the last thing we want.
Our health also plays a factor. So the less medications and medical issues the better! That does not mean that even if you have COPD, Diabetes, Congestive Heart Failure, etc, that you won’t be able to get a burial insurance policy.
You most definitely will be able to if you work with an independent broker like myself. I can find the best plan for you and get you approved with no doubt! Don’t let those medical conditions that you may have keep you from getting yourself and your family protected properly.
How can I get Covered?
The way to get these policies set up is to first, get a quote!
Getting a quote is super easy, in fact I give them away for free here on my site! You can just click here, or you can fill out the form on this screen to check rates.
Once you get your quote, you can even select what company you’d like to be insured with! Companies I represent like Mutual of Omaha, Aetna/CVS, Prosperity, Royal Neighbors of America have the best burial insurance prices in the industry! And they have been around for as long as the 1880’s.
Once you have decided your price range, your company, you can apply for the coverage. What that means is I will need to ask a few health questions to decide what you will qualify for, and then we apply to the company!
I know what you’re thinking, and no this does not cost money. Just to apply for insurance costs nothing. Once you are approved, they can either take the first payment out immediately, or wait until up to 30 days to take it out.
A good thing to remember: you are not covered until your first payment comes out!
Will It Cost More Being Over 60?
The age alone will not be a detrimental factor. a 60 year old is not going to pay $10 more a month than a 59 year old would pay. It is a really small difference in price when considering this age range.
Now the older we get, into the 70’s and 80’s, each year is crucial. It can jump up to $15-$30 each month if you keep waiting to get the coverage.
The best part about these policies is that once you have your policy, you will never have to worry about your rate changing. The rates, and the coverage, are both locked in for life.
Even if you have a major health issue like a heart attack or stroke or seizure, you will not be re-rated and have to pay more money for the policy you already have.
That is why I always stress to my clients to get this taken care of early. Get it done right now if you haven’t! We never know what tomorrow brings, and too many times have I seen clients wait until after they have had a major health concern before they decide to get burial insurance.
By this time, it’s already jumped drastically in price, and they may not qualify for day one level coverage!
So don’t wait. Get it done ASAP!
If you are in your 60’s and are debating getting burial insurance or final expense insurance, the time is now!
Even if you have some, but are wanting to add to it, do not wait! Time is not on our side, and we never know what is going to happen to us. Taking care of it early means paying lower premiums, and being able to get more coverage faster!
Don’t let procrastination put your family in a hardship!
As always, if you have any questions please let me know in the comments below! Feel free to email me or call me directly as well. Don’t forget your free quote before you leave!