So you’re 53 and you want to know how much a policy would cost.
Today you will get your answer!
Below are some real 53 year old final expense rates.
Article Quick Navigation Links
As promised, these are real 53 year old burial policy quotes.
However, you need to take the following into consideration as you view these quotes.
- All prices shown are subject to underwriting approval.
- Females in Montana will pay what men pay due to state regulations.
- Folks who use tobacco or nicotine that isn’t a cigarette may be eligible for non tobacco rates. Certain carriers give non tobacco rates for pipes, chewing tobacco, or vape users.
- You can have more or less than these face amounts shown. Essentially, you can have any amount of coverage you’d like.
- All of the rates would remain fixed for life once your policy is issued.
GENDER & RATING $5,000 $10,000 $15,000 $20,000
Female No Waiting Period $14.91 $26.62 $38.33 $50.04
Female Tobacco & No Waiting Period $19.06 $35.31 $51.36 $67.41
Female Guaranteed Acceptance $16.59 $32.27 $47.94 $63.62
Male No Waiting Period $17.70 $32.20 $46.70 $61.20
Male Tobacco No Waiting Period $22.90 $42.59 $62.28 $81.97
Male Guaranteed Acceptance $21.77 $42.63 $63.48 $84.33
Burial insurance policies are simplified issue whole life insurance plans meant to pay for end of life expenses.
Because they are life insurance, the ultimate result would simply be a tax free tax payout to your family so they can pay for your final expenses.
If there is money leftover, it would stay with your family rather than going to the funeral home.
Here’s the fine print you need to know about:
- Rates are locked in for life and can’t increase.
- Coverage can’t decrease at any point.
- Policy is guaranteed to last for life as long as payments are made.
There are no medical exams necessary and most health issues are accepted.
If you’re a senior looking for a way to ensure your family isn’t stuck with your final expenses, burial policies are the perfect way to ensure that never happens.
Other than age, your health influences the price of final expense insurance more than anything else.
Other than guaranteed acceptance companies, every burial insurance plan will take your health into consideration when you apply.
In general, the more illnesses you have, the harder it will be to get low cost burial insurance.
Thankfully, burial insurance plans were designed to accept many serious health problems.
If you deal with minor things such as high blood pressure, diabetes, cholesterol, or arthritis, nearly every company will approve you for the best price they offer.
On the other hand, you will face more difficulty getting the lowest rate possible if you have some more major health issues like recent heart attacks, strokes, a bout with cancer, long term diseases, or certain chronic illnesses.
Remember, we said you will face more difficulty, but it will not be impossible.
In the end, every final expense company has 2-3 health ratings. There will generally be a low, medium, and high option. The lower the rating, the lower the rate.
The most important thing to understand is this.
Your health determines which rating you qualify for with each carrier.
Again, most health issues are such that you can qualify for a carrier’s best health rating (which means it costs the least).
But again there are some health conditions where that’s not possible.
For example, congestive heart failure and COPD are two such conditions where there is no funeral insurance company that would approve you for their best health rating.
What About Waiting Periods?
Some final expense insurance plans have a two year waiting period. During a waiting period, the insurance company would not payout a death benefit.
Instead, they would return all premiums paid plus interest (usually it’s 10%). After the waiting period is over, the full death benefit is payable for any reason moving forward.
Whether or not you can qualify for a policy that has no waiting period depends entirely on your health.
For some health conditions, it’s impossible to avoid a two year waiting period. As a basic example, if you currently have cancer or are on dialysis, no company will approve you for immediate coverage.
At the same time, for most health issues, it is possible to get no waiting period final expense coverage.
Here’s the deal…
There is no way for you to figure out which companies will approve you for immediate coverage or which company will approve you for the best rate.
You need to consult with an independent final expense agency such as Choice Mutual.
Only an experienced qualified agent can do that for you. Also, almost every burial insurance company mandates that you buy their coverage through licensed agencies. You cannot buy it directly from the insurance companies.
If you have some health issues and want some help finding which final expense plan is best for you, give us a call.
We represent over 15 different companies, and we will shop the market for you to ensure you get the best rate possible.
Our toll free number is 1-800-644-2926.
You will quickly find out why we have hundreds of 5 star reviews online.