Sample Burial Insurance Rates for 56 Year Olds
Have you recently turned 56, or are heading towards 56-years-old soon? If so, then you are probably feeling like you are in the prime of your life. Gone are the uncertain days of your 20’s, 30’s, and even 40’s. In your 50’s, you are probably experiencing a feeling of being settled. Whether you are continuing to ramp up your career and chase down goals, or are winding down and getting ready for retirement, you are most likely not in the same career position as you were 20 years ago. You may have children in college or grown children who have begun young families of your own. Maybe you enjoy traveling or long hikes with your spouse. Whatever your current life situation and lifestyle are, you are probably not even thinking about end of life insurance at all yet.
Well, that statement might have stopped you dead in your tracks. For many, thinking about burial insurance, or end of life insurance and some call it, can be a very overwhelming and uncomfortable experience. No one wants to think about their mortality, and for many, they just don’t. But these are often the people who end up passing away without any plans and no insurance to cover their costs, thus passing on all of the expenses on to their next of kin. In short, their lack of planning puts their loved ones in harm’s way.
Why Burial Insurance for 56-Year-Olds?
Ok, but why would you, a healthy, active, and still very able-bodied 56-year-old be in the market for burial insurance? You are decades away from even the possibility of needing this type of insurance. Is it really something you should worry about now?
The answer is: Absolutely. It is never too soon to start planning for your future, even if it feels a little morbid to be planning for this aspect of your future. But, it is inevitable that every single person will end up passing away at some point. It’s a fact of life. Therefore, you need to make sure you are prepared for this eventuality in order to safeguard the most important people to you.
How does burial insurance protect your loved ones? Burial insurance pays out when you pass away, giving your beneficiary a lump sum of money that is meant to cover the funeral and any additional expenses. Funerals can be astronomically expensive, especially if you have a large service and are buried in an expensive coffin. Some funerals can cost more than $10,000, which casts a huge financial cloud over the ones you hold dearest. These are also the people who will be stuck with any of your medical debts, while also being the ones most devastated by your passing.
But, purchasing a burial insurance policy for 56-year-olds that fully covers all of these funeral expenses and other leftover medical bills ensures that the ones you love do not have to scramble to try to come up with the money on their own. They will have the money delivered to them after you have passed away, and then they can easily carry out your end of life wishes and give you the funeral that you deserve. Truly, purchasing end of life insurance is a way to protect the ones that you love, long after you are gone from this Earth.
Another reason to look into burial insurance now, besides being prepared for the future and protecting those you love, is because you can often get better rates at your age than someone who is in their 70s or 80s. This is because you are less risky of a policyholder, so it makes sense for the insurance copy to offer you coverage.
Now That we’ve Covered the Why of Burial Insurance, it’s Time to Get Down to the Bottom Line.
How much will it cost a 56-year-old to get funeral insurance? Well, the answer isn’t quite as simple as it might seem. Most policies are not a one-size-fits-all kind of deal, and if you are searching for one that fits your budget, you’ll have to take into account some important factors that can really alter how much you will pay on a monthly basis.
For starters, however, let’s look at some of the most common costs for someone your age. You’ll see a variety of prices based on aspects like gender and smoking. We’ll discuss this more shortly, but first, here are some average rates for a 56-year-old who wants burial insurance.
Sample Insurance Costs for Your Age Range at 56
|GENDER & TYPE||$5,000||$10,000||$15,000||$20,000|
|Female without Waiting Period||$15.70||$26.10||$36.00||$47.85|
|Female Uses Tobacco With Waiting Period||$18.60||$32.75||$46.70||$60.15|
|Female with Guaranteed Acceptance||$17.60||$29.70||$43.40||$57.10|
|Male without a Waiting Period||$17.10||$30.45||$43.75||$56.70|
|Male Uses Tobacco With Waiting Period||$21.50||$38.40||$55.25||$72.10|
|Male with Guaranteed Acceptance||$21.50||$41.00||$58.70||$77.50|
You can see there are a number of factors that are specifically called out that you will need to consider. For instance, the amount of money the policy is for can greatly affect the amount of the policy. If you want a $20,000 policy, you’re going to end up paying a lot more for premiums than someone who wants a $5,000 policy.
Another factor for consideration in getting burial insurance is whether or not your smoke. Smoking has been proven to cause health effects that are very dangerous and can lead to permanent damage and a wide range of diseases. If you are a smoker, especially at the age of 56, the insurance company is going to end up charging you more for your premiums than if you did not smoke. All the more reason to start focusing on taking care of your life now!
Another factor is your gender, which is most states will affect the cost of your insurance for burials. A male will most often pay more than a woman, while the woman will have cheaper premiums.
If you are ready to take the plunge with burial insurance, it’s important to do careful research, find the best company to work with, and start planning! Get a free burial insurance quote today! We work with trusted providers who offer high quality same day coverage.
Gary P. Cubeta
(Serving Americans In All 50 States)