You might be surprised, and also a little relieved to know that burial insurance for citizens who are over the age of 80 does exist.
It is also important to mention that obtaining coverage with no waiting period is still very much a possibility.
In this piece, we will talk through absolutely everything that you need to know about accessing burial insurance if you are a senior who is over the age of 80. So, let’s begin.
Table of Contents
Can You Actually Get Burial Insurance For Seniors Who Are Over 80?
As we said before, yeah you actually can purchase burial insurance for seniors who are over the age of 80. However, we must note that at this stage in your life then whole life insurance will most likely be the only kind available for you.
We do not want this to deter you from investing in burial insurance, because the truth is that the majority of seniors will only need whole life insurance so that they can cover their funeral costs.
It is true that you will frequently witness policies at this age that are called final expense insurance, as well as being referred to as burial insurance plans.
You will be pleased to know that there are still a lot of benefits in terms of insurance policies for senior citizens over the age of 80.
The cost of the premium will still be fixed, so this means that ultimately the price that you sign up for will be consistent all the way through the policy.
Additionally, it is also important to note that the coverage is guaranteed to never decrease, and also the policy will not expire because of your age. It will serve you well and last for however long.
Seeing as we are referring to whole life insurance here, it is important to note that the result will actually be a tax-free cash payment and this will go directly to your beneficiary or to your beneficiaries.
The important thing to note is that technically, your beneficiary will be able to use this money for anything. If there is money left over then it will be down to the beneficiary to use this money as they see best, so you have total control of what the money is used for.
There is not some sort of specific checklist that you have to abide by – the whole point of burial insurance is for you to be able to offer your loved ones as much support as possible. This means that your loved ones have full control over how the money is used.
We just want to make one thing super clear before we move on to the costing side of things. Whenever you hear the phrases ‘burial insurance’ or ‘final expense insurance’ or ‘funeral insurance’ then you should know that all of these labels actually mean the same thing.
All of this is still talking about life insurance, but there are so many different terms flying around then confusion is very expected. When we are talking about whole life policy, this is what final expense insurance for seniors over 80 is.
There is no sort of insurance for burial expenses which is not a form of life insurance.
How Much Will Burial Insurance For Seniors Over 80 Cost?
You won’t be surprised to know that it is pretty tricky for us to give you a really precise figure because we do not know your personal circumstances just yet. However, the cost of life insurance for seniors who are over 80 will fall between $90 right up to $200 per month.
This all depends on how much coverage you take out, but this is a rough ballpark kind of figure for you to know how much you could end up setting aside each month. The exact price of your burial insurance will be determined on a number of factors.
The factors that can have an impact on just how much you pay for your burial insurance is your age, your gender, and also whether or not you are a smoker. Also, the monthly price you pay for your burial insurance premium depends on the value of your premium.
For instance, if you go for a lower premium price then you will pay less per month than if you opt for a higher insurance premium price.
For example, if you want a premium that is $10,000 in total then you will pay much less per month than someone who wants a premium that is $20,000 in total. It is all about your personal budget.
How Is The Cost For Your Burial Insurance Premium Worked Out?
Now, we can move on to breaking down just how premium prices will be calculated in a lot more specific detail, rather than just throwing around some terms and then letting you do all the hard work.
So, health is a big factor (if not the biggest factor) that is taken into consideration when your premium price is being worked out.
It is true that as an applicant, then your health will ultimately carry the most weight in terms of an insurance company who is determining the price of your premium.
For instance, the more unhealthy the medical history then the higher the risk that the applicant would be to cover. Like every kind of insurance in life as a whole, the higher the risk of something then the more it will cost for you to get insurance.
Unfortunately, big risks do not pay off in the insurance sector. But, it is always better to be safe than to be sorry when it comes to insurance. And ultimately, with burial insurance, it is your loved ones who will truly appreciate the value of money that you have been able to save up.
When we mentioned age, what we mean is: the sooner you sort out your burial insurance the better. One of the best ways to get yourself an affordable premium is to not put off investing in burial insurance.
We spoke about this before, but this is all to do with that golden rule of the price never increasing. That’s right, once an applicant has gotten approval for coverage with a particular insurance provider then the monthly rate will never end up changing.
It is important to note that the point in time where the price will really vary is all the years that continue to go by where you have not secured yourself a burial insurance policy.
The truth is, putting off and waiting around to secure your burial insurance premium will increase the cost of the burial insurance premium by a lot.
However, as a citizen who is over the age of 80, we do not want this to be a factor that puts you off investing in burial insurance.
It is better to invest in burial insurance now than never – and you might have paid less a few years ago, but this is your chance to help your loved ones now.
After all, the past is in the past – and sorting out your burial insurance in the present makes sure that your loved ones’ futures are taken care of. That is the ultimate priority here.
We also mentioned gender, and this is not something that we want you to get really stressed about, or again to allow you to put off investing in burial insurance.
This is all to do with statistics and will not have as great a bearing on your premium cost compared to your medical records. It is true that statistically speaking, females live for up to 4 years longer than men.
This does end up putting men at that slightly extra risk to insure, so women can end up paying slightly lower rates than men due to this. But, as we said before – the keyword here is slight – this is not a drastic difference that you should notice when your premium is priced up.
So, do not let this put you off! This is just something that we have mentioned so that we can be as transparent with you as possible.
Lastly, the policy amount can also have an effect on just how much you end up paying. What we mean by this is that the more burial insurance coverage that you take out then the more that you will end up paying per month.
But, this is a logistical point that we just wanted to remind you of. The higher the policy amount, the more you end up paying, but this is something that we touched on before with a full example. This is just an extra reminder.
Can You Get Burial Insurance That Does Not Have A Waiting Period If You Are A Senior Citizen Over 80?
We have some more positive news for you, and that is that you actually can get a policy that has immediate coverage even if you are a senior citizen in your 80s.
In order to get no waiting period coverage, then you must ensure that you apply with an insurance company where you need to answer health questions and where you are subsequently approved.
This is also where we come in at Simplified Burial Insurance because you will need to work with an agent in order to get immediate coverage. You will not be able to get coverage that does not have a waiting period if you deal directly with an insurer.
Do not be alarmed here – you will not need to take some kind of medical exam and delve deep into your own medical history and also your family’s medical history.
You will need to complete a sort of health questionnaire, but this is something that is really straightforward to do. This can even be done over the phone. It is important for us to note that there are absolutely no exceptions to this rule.
You will not be able to get a quote for burial insurance without completing a medical questionnaire because, as we said before, your health is the biggest factor in determining the price that you pay for your burial insurance premium.
If you are looking for a policy that will not ask you about health, then you will encounter a waiting period of anywhere between 2 weeks and onwards.
Do not be deceived here, there are some websites that use false advertising or that do not mention this waiting period – but there are no insurance companies that can offer you immediate coverage without asking you to work through a medical questionnaire.
This is also our reminder to be mindful of fraud, it is unfortunate but it is sadly very true and it can be quite common for burial insurance. This is why here at Simplified Burial Insurance we want to help you through this new and therefore overwhelming process.
How Much Can You Invest Into A Burial Insurance Premium At This Age?
When it comes to delving back into the figures, then you need to be made aware of the fact that your options truly depend on the factors that we highlighted before – but ultimately your health is the most dominant source of influence in this process.
We can give you an estimation for the minimum amount of money that a senior citizen over 0 could invest into burial insurance.
That figure would be $2,000 – but you could be looking to invest right at the other end of the financial spectrum, and the maximum amount that you could consider investing would be $100,000.
This would not be affordable by any means, but it totally depends on your own budget and how much you are wanting to save.
Overall, there are a lot of well-recognized or new start-up companies that will allow you to take out burial insurance if you are a senior citizen over 80.
However, it is extremely important to remember that this is something which you are completely in control of. This whole process is personal to you, and here at Simplified Burial Insurance, we can work with you to find the policy that works the best for you.
You do not have to feel any pressure, or like you are being thrown in at the deep end. Here, we can help guide and navigate you through the process and this is led solely by you and what you want.
Your budget is the most important aspect of the entire burial insurance process – because ultimately it has to be suitable for you and for your lifestyle.
This should not be something that becomes a hindrance or something that becomes a major stress. This is just something that you can do to help out your loved ones and in return, they can support you.