So, you’re officially in the 50 year old club now? Welcome! You’re probably feeling much more settled in your life than you were at say, 25 years old, but you’re not old yet. You might be a grandparent, or you might still have kids at home, or you might be saying goodbye as your kids head off to college. Whether you’re facing an empty nest or still actively tending to your nest, you’re probably starting to consider that while you’re not old, you’re not a spring chicken anymore. It’s time to start planning for what the rest of your future holds and part of that involved considering burial insurance at 50 years old.
While you’re plotting for retirement, whether that is in 10 years, 20 years, or maybe you have no plans to stop working, it’s also essential to look at your insurance policies. You most likely have health insurance, short-term disability and maybe long-term disability, and possibly some other supplemental insurance policies. But one type of insurance that you may not have considered yet is burial insurance.
What is Burial Insurance?
Most likely, you haven’t thought much of burial insurance, or funeral insurance, because you are still relatively young and many years away from this possibility. However, in life, we must expect the unexpected, and unfortunately, we need to make end of life plans now. It might be morbid, but making the hard decisions and setting your loved ones up financially to cover your burial plans is a part of life. One way to do that is by ensuring that you have burial insurance.
Burial insurance, also called end of life insurance or funeral insurance, is a type of whole life insurance that is designed to cover the costs of funerals and other end of life requests, as well as settle up any debts and carry out any final wishes. Sometimes, you can get a policy large enough to ensure that your loved ones have a little bit lit over for their own needs after all is said and done.
You might be wonder, why would you want burial insurance when you’re only 50 years old? The answer here is simple: You can get a better policy because you are still young, and you can get better rates than if you wait longer.
How Much Will Burial Insurance Cost?
As with any insurance, the cost will vary considerably depending on the type of policy you get, the amount you get it for, your gender (in all states except for Montana), and your current health status. Let’s say you’re a 50-year-old female who doesn’t smoke and wants a small $5,000 policy. You can plan to pay much less per month for your policy than a man in his 70’s who smokes and has poor health. We can’t tell you exactly how much it will cost, but we can give you some ballpark figure to help you determine the amount you might have to pay.
Sample Burial Insurance Rates for 50 Year Olds
|Gender & Type||$5,000||$10,000||$15,000||$20,000|
|Female w/o Waiting Period||$14.00||$24.70||$35.45||$46.15|
|Female uses Tobacco w/ Waiting Period||$17.00||$31.30||$45.30||$58.75|
|Female w/ Guaranteed Acceptance||$14.50||$28.00||$41.80||$55.40|
|Male w/o Waiting Period||$16.00||$29.15||$42.10||$55.10|
|Male uses Tobacco w/ Waiting Period||$20.00||$36.90||$53.75||$70.60|
|Male w/ Guaranteed Acceptance||$20.00||$38.40||$57.20||$76.00|
It’s important to note that these figures can vary widely based on many factors and the insurance company that you use. Get your Instant Approval Burial Insurance Quote today!
How to Find the Best Burial Insurance For You at 50 Years Old
After looking over these rates, it’s important to determine which type of burial insurance for 50 year olds is the best one for your needs. So, what factors do you need to consider?
First, you’ll want to determine how much burial insurance you will need. Let’s say you have a lot of friends, are active in your community, and have a thriving career. You will most likely want to have a large funeral service for all the many important people in your life. A larger funeral with a burial, along with all the additions that go along with this type of service, will be more expensive and cost somewhere in the range of $8,000 to $10,000. That’s not including any outstanding medical bills or covering any other debts that you may have.
On the other hand, if cremation and a small backyard ceremony are all you want, you’ll need far less money to cover these costs. You can see why it is important to think this through before selecting a burial insurance policy.
Consider What Your Health Status Is When Purchasing Burial Insurance
If you are healthy, without any current medical conditions and you do not use tobacco, you can get an excellent policy without a waiting period. However, if you are in less than stellar health and have any pre existing conditions, you’ll probably end up paying more and may need to go for a guaranteed acceptance policy. This type of policy does not require as much medical history, but you’ll be required to wait a certain amount of time, typically 24-months, before your policy will become effective. You must also note if you are a user of tobacco, you will end up paying more than someone who does not use tobacco. Some policies may allow for alternative forms of tobacco use that are not cigarettes; you’ll need to work with an experienced insurance agent who can help you qualify for such a policy.
At 50 years old, you’re still very young and have a lot of life ahead of you to live. However, if you want to ensure that your loved ones are protected from financial burden once you pass away, you need to start thinking about your plans now. Find a policy to fit your needs, and you’ll have the peace of mind you need to carry on with your full and happy life. Make your plans now for a more secure future for your beneficiaries.
Gary P. Cubeta
(Serving Americans In All 50 States)