Life expectancy has soared in the United States, and there are more than 16 million people between the ages of 75 and 84.
We are healthier and fitter than ever, and it might seem as if you have plenty of time to think about your funeral. Your children certainly aren’t likely to bring it up anytime soon.
But did you know that the longer you wait, the higher your burial insurance rates are likely to be? Sometimes planning ahead, even for the unpleasant things, can save you money.
Keep reading to learn about what will raise your burial insurance costs.
What Is Burial Insurance?
Burial insurance is a particular financial product aimed at covering any funeral expenses. It is a benefit that your family can also use to cover any final medical bills after you die.
Traditional life insurance supports your loved ones financially, pays off debts, or prepares for a child’s education. It can pay out millions of dollars if you require. It will also go to specific beneficiaries.
Burial insurance is final expense insurance. It typically covers the funeral, whether cremation or burial. It can include the costs of flowers, catering, a headstone, or an urn. The benefit is usually much smaller, ranging from $5,000 to $25,000.
It is usually quick and easy to obtain burial insurance. You won’t need a medical exam to be accepted. Severe illness and physical conditions will not prevent you from being able to sign up.
What Impacts Burial Insurance Rates?
In 2021, the price was an average of $7,848 to hold a funeral in the United States. Cremation was only slightly cheaper at about $7,000.
The first thing that will influence your coverage is the amount you would like to pay out once you die. While no medical exam is required to take out burial insurance, in some cases, you can get a cheaper rate if you do go for a physical check-up.
The main things that will influence the price of burial insurance for seniors are your age and gender. Your health will play a role, and if you smoke, you can bid farewell to the cheapest burial insurance, as this is likely to increase your rates by at least 40 percent.
How Much Can I Expect to Pay?
Mutual of Omaha burial insurance rates go from $20 to $400 a month depending on age, gender, and coverage required. They offer burial insurance with no waiting period, meaning you are covered right away.
If you are a 45-year-old woman seeking a $10,000 cover, you can expect to pay $22 a month. However, if you are a 75-year-old man, the same coverage would cost you $99.
Meanwhile, AARP Burial Insurance rates vary between $12 and $500 per month, more expensive than many other insurance companies.
Find Cheap Burial Insurance
As you can see, one of the best ways to lower your burial insurance rates is to sign up while you are still relatively young. Prices can vary wildly between different providers, so you want to compare burial insurance rates before deciding.
Contact us today for a quote, and we will compare some of the country’s top insurance companies and find you the most affordable burial insurance.