Just because you or your elderly parents have celebrated a 70th birthday, don’t assume that you have outlived your ability to get a burial policy. Because funerals and burials can cost several thousand dollars, affording a dignified funeral is tough for many seniors and their families. For many of these families, burial life insurance for seniors provides an affordable and sensible way to plan for these expenses. Insurers do offer offer burial insurance for seniors over 70 and even, over 80.
Guaranteed Issue With No Health Questions
Even over age 70, seniors can still qualify for plans that ask no health questions and require no medical exam. Typically, these are available up to age 80 and are suggested for older folks with serious medical conditions but not for active and independent senior citizens. This is because the plans that do require some health underwriting are more affordable and pay an immediate death benefit.
Guaranteed issue policies have a waiting period. This usually lasts for 24 to 36 months after the coverage gets issued. If the insured dies before this waiting period expires, the plan may only pay back premiums or some part of the death benefit. In order to collect the full face value, the insured must survive the waiting period. If possible, plans that do ask some health questions are best because the entire face value is payable as soon as they get issued.
The Cost of Burial Insurance for Seniors over 70
If you are concerned about the cost of a burial for yourself or a parent, you probably also have concerns about the cost. While these policies tend to get more expensive as people get older, they are cheap enough for many older folks or their adult children. Very often, adult children will step up to pay for these plans because they are actually the ones who will get the cash proceeds of the policy.
This is a sample price list for a Georgia woman who is 70 and doesn’t smoke:
- $10,000: $53.11
- $15,00: $78.36
This is a sample price list for a California man who is 75 and doesn’t smoke:
- $10,000: $100.55
- $15,00: $149.72
Important: These are just sample premiums, and rates could vary because of the insurer, health, and location.
These example prices also assumed good enough health to answer medical questions on an application. Prices for yourself or your parents could vary. However, we make it very easy to find the right prices with our online quotes. Answer a couple of questions and see competitive prices on your PC screen instantly. After that, you can begin to apply online or contact a representative for more help.