Sample End of Life Insurance Rates for 58 Year Olds
Have you recently blown out 58 candles on your birthday cake? As a 58-year-old, you probably still feel pretty young, at least relatively so, and are still tackling some of your big life goals. Maybe you’re continuing to save so that you can start traveling whenever you want, or maybe you have children in college. Or, it’s possible that you’re focusing on getting ready for retirement in just a few short years. Whatever your life circumstances are at the moment, you are probably not thinking at all about end of life insurance yet.
As you’re nearing 60-years-old, however. It’s time to start learning more about your insurance options and what you can do to protect your future. Many 58 year olds probably have never considered end of life insurance yet and may not even know what this type of insurance is. If that’s you, read on for more information about what funeral or end of life insurance is, why you would need it, and how much it will cost you.
What is End of Life Insurance?
End of life insurance has many names. It is often referred to as burial insurance, end of life insurance, final expense insurance or funeral insurance. It is a type of whole life insurance that is smaller than a traditional life insurance policy. End of life insurance policies are usually offered for a lot less money than what a standard life insurance policy will payout. So, why is it necessary for anyone to have a separate burial insurance policy?
It’s Simple Really!
Life insurance is generally used to help your loved ones to recover after you have passed away. Standard life insurance policies can help them stay afloat with their day-to-day bills and household expenses without your income coming in. This money is essential for loved ones to continue living their life even after you are gone.
End of life insurance, also known as burial or final expense insurance, is a type of insurance that is specifically used for a person’s end of life expenses. These can include a number of things, but usually, these expenses include a funeral, burial, or cremation, coverage of any other expenses relating to these events, and then any leftover money can be used for the loved ones to get back on their feet.
How Much Money Burial Insurance Cost for 58 Year Olds?
When it comes to determining how much burial insurance will cost for a 58 year old, there is a wide range of factors that can affect how much this type of insurance will cost you. The first thing to consider is what your end of life wishes are. For many people at 58, this can be really challenging to think about. You are probably thinking to yourself that you are nowhere near the end of your life, so why should you even think about this stuff now? While it can be difficult to think through these subjects now, it’s much easier to plan everything out and determine how much money you will need prior to actually being in the situation where you are terminally ill and it’s too late.
So, you first need to consider what type of funeral you would like to have. Maybe you want to have a traditional funeral with a standard burial. This will be more expensive than if you were to be cremated, which is usually a few thousand dollars less than a burial. If you want to be cremated, you won’t need to have a very large end of life insurance policy and so your premiums will be for less money.
These Can be Important Factors in Choosing Final Expense Insurance
Besides the amount of insurance that you will need, there’s also lifestyle and health factors that can affect how much your premiums will be when you purchase end of life insurance. If you are a man, you will typically pay more for your burial insurance than a woman will, except in certain states. If you have a chronic illness, it’s possible that you will also have higher premiums than someone who does not. Smoking can also be a huge factor to consider here, as many insurance companies will charge you a lot more if you are someone who smokes.
While it’s hard to say for sure how much you will pay for burial insurance as a 58 year old, here are some ballpark figures for how much you might pay.
|GENDER & TYPE||$5,000||$10,000||$15,000||$20,000|
|Female No Waiting Period||$16.00||$26.70||$37.25||$48.15|
|Female Tobacco w/ Waiting Period||$19.00||$33.30||$47.30||$60.75|
|Female w/ Guaranteed Acceptance||$17.90||$30.00||$43.80||$57.40|
|Male No Waiting Period||$17.50||$30.95||$44.10||$57.10|
|Male Tobacco w/ Waiting Period||$22.00||$38.90||$55.75||$72.60|
|Male w/ Guaranteed Acceptance||$22.00||$41.40||$59.20||$78.00|
As You Can See, There’s a Wide Range of Variances Between the Typical Costs for Different Types of End of Life Insurance.
As demonstrated in the chart, if you are not required to go through a waiting period, you will often pay lower premiums. What is a waiting period? Many life insurance policies will impose a waiting period for those individuals who are not in good health or who have certain illnesses, whether you are 58 or 68. This waiting period is typically about 24 months, and it is a time during which if you pass away, the policy has not taken effect yet and your beneficiaries will not receive a payout.
Another factor to consider, as discussed above, is that if you are a tobacco user, your monthly premiums can vary widely. Also, for those who are looking for a guaranteed acceptance policy, it is important to consider that these types of policies will most likely cost more than those that are not guaranteed.
End of Life Insurance is Something That Most 58 Year Olds Probably Haven’t Considered Yet.
If this article has taught you nothing else, it should be that planning ahead can help you to protect the ones that you love by offering them the funds they need to pay for your end of life wishes. Planning for these events now can help to eliminate some of the uncertainty that your loved ones may be facing after you pass away. Start researching and planning now, so that it doesn’t have to be a worry when the time comes.
Gary P. Cubeta
(Serving Americans In All 50 States)