Are you 53 years old? Chances are, you’re still feeling pretty good about life. You’re most likely still working, but may be planning to retire in the next ten years or so, give or take a few years. Maybe your children are busy touring colleges, or they are graduating college and starting their careers. It’s possible that you could be a grandparent at this point, helping to take care of the little ones while your grown children are working. In this article, we will discuss Sample Burial Insurance Rates for 53 Year Olds.
Whatever your life circumstance is at the moment, it’s most likely that you haven’t thought much about your end of life plans. It can be pretty jarring and a little morbid to consider that at some point, these plans will become a reality. This will most likely not happen for many, many decades, yet it is still important to map out what your end of life plans are. It is equally important to figure out if you need burial insurance to cover those plans.
What Exactly is Burial Insurance?
If you haven’t thought about your end of life wants, then you probably haven’t considered burial insurance yet. Many 53 year olds not even know what it is. In fact, many people don’t even realize that funeral insurance is available. If you’re one of them, or you just want to know more about your options, read on.
Funeral insurance, or burial insurance, is a type of whole life insurance. It’s typically for a much smaller amount of money than a traditional life insurance plan, and offers less overall coverage, of course. If you have a burial insurance policy and you pass away, your beneficiaries will receive this money in order to cover the costs of your end of life expenses. Some of these expenses include any leftover debts that other insurance didn’t cover, any medical expenses, any funeral or memorial service expenses, and any other costs associated with the end of your life. If there is any money left over from your funeral insurance, your loved ones will be able to keep this money for themselves.
Why would you want to consider burial insurance rates for 53 year olds? Simply put, because you can get a better deal. As someone who is young and not nearly at as high of a risk as someone who is a lot older than you, you can lock in some of the best burial insurance rates.
How Much Does Funeral Insurance Cost?
You’re most likely wondering what sort of expenses this will add on to your monthly budget. As with most insurance policies, the cost will vary significantly based on a number of factors. For instance, if you are a woman, you will typically pay less than a man will—unless you live in Montana. If you are a smoker, or you have a serious medical condition, this can also play a factor in affecting how much your policy premiums will be. For example, for a 53 year old woman who has no prior health conditions and does not smoke, she will most likely get a better deal than a man the same age with a heart condition. It can all vary widely. We really can’t give you exact figures without knowing your personal situation, but we can give you some idea of how much this will cost for you.
Example End of Life Insurance Rates for 53 Year Olds
|GENDER & TYPE||$5,000||$10,000||$15,000||$20,000|
|Female No Waiting Period||$15.00||$25.70||$36.25||$47.15|
|Female Uses Tobacco w/ WaitingPeriod||$18.00||$32.30||$46.30||$59.75|
|Female w/ Guaranteed Acceptance||$14.90||$29.00||$42.80||$56.40|
|Male No Waiting Period||$16.50||$29.95||$43.10||$56.10|
|Male Uses Tobacco w/ Waiting Period||$21.00||$37.90||$54.75||$71.60|
|Male w/ Guaranteed Acceptance||$21.00||$39.40||$58.20||$77.00|
It’s very important that you keep in mind that the cost of your insurance can be very different from these figures above based on your personal situation, as well as the insurance company that you get your policy from.
How to Find the Right Policy for You
After you have checked out these rates above, how can you determine what the best burial insurance for 53-year-olds is?
First, you’re going to want to think about what your end of life plans really are. This can be the hard part for many people, but it is really important to consider, as you need to have some kind of an idea how big of a policy you will need. If you want to have a large funeral, along with a fancy coffin and a burial, you’re going to end up spending more than you would if you had a small, intimate memorial service and you were cremated. These factors can actually make a large difference in the type of policy and amount you will need. Once you’ve laid out your plans for a funeral, you’ll have a bit more of an idea as to what amount you will need.
Another thing to consider is what your current health status is. Let’s say you have a pre existing condition of some kind. This might affect the type of policy you are able to get. With a waiting period, you can get a policy that does not go into effect for usually about 24 months. These types of policies are typically for those who are not in the best of health, and the premiums will be higher. If you are in good or great health, a policy that requires no waiting period might be possible for you, and it will typically have more affordable premiums than waiting period policies.
It’s important to note also that not all insurance companies, or their burial insurance policies for 53 year olds, are created equal. You need to do your research and compare quotes to figure out which company is offering you the best coverage for your needs. Once you’ve selected and applied for a policy, and then you’ve begun paying your premiums, you’ll have the peace of mind that comes with knowing your family will have some relief after you have passed away.
Gary P. Cubeta
(Serving Americans In All 50 States)