Burial Insurance At Age 64

If you are shopping for burial insurance at age 64, then you are probably concerned about leaving a financial burden on your family. This is the biggest reason why seniors look for burial insurance at age 64 - so they can purchase a small policy to cover the cost of funeral expenses and other final expenses that are left behind. It is never too late to set up some type of coverage, but you want to be sure that you get the right type of coverage for your needs.

Here are a couple of things to consider:

Fact #1 : The average cost of a funeral is between $8,000 - $10,000 and that cost has been increasing steadily over the last twenty years.

Fact #2 : If you are currently collecting Social Security benefits, then you are entitled to a burial allowance, which is currently $255.

With these high burial costs and the very tiny amount of money that one receives from social security, it is very important to set up a burial insurance plan so you don't leave a huge burden on your family. Learn more about your options at this age and compare rates from several carriers that specialize in burial insurance.

Burial Insurance At Age 64- Your Options

Your options for burial insurance at age 64 will depend on a few factors. Generally speaking, burial insurance is whole life insurance, which is permanent coverage. This type of policy will last for the rest of your life and your premium will remain level. This is very important because at age 64 you are most likely on a fixed income, and you want to get a policy that will have a fixed premium each month so you can properly budget. A burial insurance policy also builds cash value over time. You can typically qualify for $2,000 to $50,000 of burial insurance coverage without a medical exam. If your health is good then you can qualify for day one coverage.

Keep in mind that the actual rate that you will pay is going to depend on several variables such as whether or not you smoke, your health history, your family health history, the prescriptions that you take, and even your driving history. Life insurance companies look at all of these things when determining your eligibility. Since you do not have to have a medical exam, they rely on your answers to questions on the application, as well as information that is available through the Medical Information Bureau and various prescription databases.

Burial Insurance At Age 64 - Health Problems?

If you have some pre-existing health conditions then you can still get affordable rates for burial insurance at age 64. Minor health concerns like high blood pressure, high cholesterol, and even type 2 diabetes that is controlled with medication, can usually qualify for standard rates. If you have some more serious health problems such as heart disease, cancer, or a history of stroke, then you could still qualify for a guaranteed issue life insurance policy. This type of policy has graded benefits, which means that the death benefit is not fully payable until after year 2, but it can still provide peace of mind if you've been turned down before.

Burial Insurance At Age 64 - Get Started Today

The first step when shopping for burial insurance at age 64 is to shop around. Rates can vary by as much as 70% from one company to another so it definitely pays to compare. Get a free no obligation quote today and compare multiple quotes for burial insurance at age 64.