Have you turned 54 yet? If you are now firmly in your mid 50’s as a 54-year-old man or woman, you’re most likely in the prime of your life. Gone are the days of worrying about what you’re doing with your life. Entering into this time in your life can be scary for some, but for most it’s a very rewarding time when there is much less worry about little things, and more enjoyment of the love of your family and your steady life. So perhaps burial insurance is not something you are even thinking about. In this article, we will discuss Sample Burial Insurance Rates for 54 Year Olds.
If you are 54 years old, you might already be a grandparent, or perhaps the last of your children has left for college. You might just now be enjoying the freedom that comes with being an empty nester. While it’s a very different stage of life, for many it’s the most rewarding.
Since you’re thriving and truly living your best life, you probably aren’t even considering something like burial insurance, or that there is even a possibility that you’ll need it soon. You might not even know what burial insurance is. That’s where we here at Insurance for Final Expense come in.
What is Burial Insurance and Why Do You Need It?
As someone who is living life to the fullest and not worrying at all about death, burial insurance is probably the furthest thing from your mind right now. What is funeral insurance exactly? It’s actually a type of whole life insurance, that you purchase a policy for, pay premiums on, and eventually get paid out to your beneficiaries after you have passed away.
Ok, it sounds a little—maybe even a lot—morbid to think about passing away or what your family will be doing after you have died, but unfortunately, the unthinkable can happen at any moment. Planning for the end of your life doesn’t have to be morbid at all. In fact, once you do so, you never have to think about it again. But you can have the peace of mind that comes with knowing the people you love the most are going to get the funds that they need to cover your end of life costs, as well as some extra to ensure they are well taken care of. The last thing anyone should have to worry about when their loved one passes away is money.
You’re probably wondering if there is any benefit to looking at burial insurance rates for 54 year olds? In fact, there most certainly are. Since you are still relatively young and most likely fairly healthy, you can get much better rates on your burial insurance than someone who is older than you, or who might be ill.
How Much will Funeral Insurance Cost?
So, when it comes to the cost of burial insurance for 54 year olds, it can truly vary widely from person to person. There are a number of different factors that will affect the cost of your end of life insurance premiums. First of all, if you are a woman, you will most likely have cheaper premiums than a man of your exact same age—unless you’re in Montana. This is because most women live longer than men. Another thing to consider is your lifestyle. If you are someone who smokes or vapes, the insurance company can penalize you—sometimes a lot—for this type of unhealthy behavior. Other factors that can weigh in include the type of policy that you get, such as guaranteed or one with no waiting period—as well as the amount of coverage that you choose to select. For example, if you are a man who is 54-years-old who smokes cigarettes and wants a large policy, you are most likely going to pay more for premiums than a woman of your same age who does not smoke.
While We Can’t Say for Certain Exactly How Much Your Rates Will Be, Here Are Some Pricing Ideas to Get You Started:
|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/ Waiting Period||$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 with Guaranteed Acceptance||$21.00||$39.40||$58.20||$77.00|
Please, don’t forget to keep in mind that these are just estimates and are subject to a lot of change based on your personal factors.
How to Find the Type of Insurance that is Right for You?
Ok, so now that you know what burial insurance is and how much it could possibly cost you, it’s time to figure out exactly what 54 yeal olds (and anyone at any age) need from your policy.
The first thing that you really need to consider is how much you think your funeral or memorial service will cost overall. The average funeral costs about $8,000 if you are going to have a traditional burial service. For a cremation, you’ll pay closer to $5,000 for your services. This is something that you will want to think about, as you want to ensure that you will have enough money for your family to cover these costs.
You’ll also need to then look at the various policies that are available to you. When it comes to burial insurance policies, there are guaranteed policies that do not require a waiting period and not guaranteed policies. The policies that are guaranteed will end up having higher premiums than a policy that is not guaranteed. It can be a lot more difficult to qualify for a policy that has no waiting period, and these are often based on your clean bill of health. This increases the odds for many 54 year olds who are typically in pretty good health.
Regardless of your current age, it’s important to do your research to find the best burial insurance rates for you. You’re never too young to get this all-important type of insurance, and you’ll find that the earlier you begin researching and paying into one of these policies, the more you will have for your loved ones once you have passed away.
Gary P. Cubeta
(Serving Americans In All 50 States)