If you have just turned 55 or are well on your way to 55, you are probably feeling like you are in the prime of your life. Maybe you have reached the pinnacle of your career, finally having hit the top of your industry. Or maybe you are slowly cutting back at work, with the plan of retiring in the next 5-10 years. Maybe you are taking care of your young grandchildren while your son or daughter goes back to work, or maybe you have high school or college age kids still at home. Whatever your situation, you are most likely feeling more settled than ever before and enjoying the life that you worked hard to establish. So, if that is the case, one of the last things you’ve probably thought about in recent years is funeral insurance at 55 years old.
What is Funeral Insurance?
You might not even be sure what funeral insurance is, let alone why you would need to get this type of insurance for 55 year olds. You’re not alone in being unsure about what this insurance is, but it’s in your best interest to start looking into end of life insurance.
Why would you want to consider this type of insurance when you are nowhere near death? Well, one of the number one reasons to start comparing sample funeral insurance rates for 55 year olds now is because you are most likely going to be able to get much better rates than someone who is much older and who might not be in the best of health anymore.
How Much Money Does Burial Insurance Cost for 55 Year Olds?
If you are 55 and are shopping for funeral insurance, you’re probably not exactly sure how much this type of insurance costs. The thing about all types of insurance, especially funeral insurance, is that they can have very different costs because of a large number of reasons. If you are a woman, in most cases, your insurance will cost less than a man’s. This is not the case in Montana, however, because Montana does not base their insurance rates on gender.
Another Thing That You Will Need to Think About as a Factor in the Price of Your Insurance is How Healthy You Are
If you have any type of long-term illness or other condition, you are most likely going to have a more challenging time getting a funeral insurance policy even at a young 55, and you will have higher premiums than someone who is in perfect health. If you are a smoker, you can also bet that you will end up paying more for your burial insurance premiums than someone who is your age, but does not smoke.
So, for example, if you are a female who is 55 and you do not smoke, you will most likely pay a lot less for your funeral insurance premiums than someone who is also your age, but who is a male and a smoker. This person will be rated as a higher risk by the insurance company, so their rates will end up being higher.
Considering these possible options, you’ll definitely need to keep in mind that the cost of your funeral insurance is going to be in direct correlation with a number of factors that you will need to consider.
So, we can’t tell you for sure how much your funeral insurance will cost for you personally, but we can give you a general, ballpark figure based on the type of insurance you will be getting, how much your premium will be for, and whether or not you have any health issues at the age of 55. Here are a few sample funeral insurance costs, so that you can compare and contrast and find the right partner for you.
Sample End of Life Insurance Rates for 55 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/ 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 w/ Guaranteed Acceptance||$21.00||$39.40||$58.20||$77.00|
As you can see, there are a number of factors that alter the cost of your end of life premium insurance policies. Take a look at the chart, and you’ll note that waiting periods can affect how much the policy costs.
How Do I Choose the Right Policy for that Fits My Needs?
Now that you have a general idea of what the costs of your funeral insurance policy will be, it’s time to figure out which insurance company and which policy will be the best one for your needs.
When it comes to insurance companies, not all of them are created equal. Make sure that you talk to friends and family members with similar needs as you, to find out what insurance company they have used. Word of mouth can be your best friend when it comes to getting a new policy.
You’ll Also Need to Think Through Exactly What Your End of Life Wishes Are.
Will you be having an intimate service where your ashes will be spread, and minimal food will be served? If so, your funeral insurance policy will be for less overall and will not have as high of premiums as a policy that is for much more money. Regardless if you are 55 or a different age, if you want to have a large funeral service, and will want to be buried in a fancy coffin, your funeral insurance is going to need to be for a higher amount. This is going to cost you more per month. This is why it’s important to ensure that your end of life wishes are known, and that you have purchased a policy that will cover these needs.
Another important thing to consider is your health. If you are in poor health, you can expect to pay higher monthly premiums than if you were in tip top shape. If you are a smoker, this can also raise your rates.
Regardless of your personal needs, it’s never too early (even for 55 year olds) to start shopping for funeral insurance.
Gary P. Cubeta
(Serving Americans In All 50 States)