Although this article gives you some sample rates, they are not 100% accurate. To see real quotes from many different burial insurance companies, use our quick and easy quote tool. You will see a bunch of providers in your state. The list will be sorted from cheapest to the most expensive.
Did you know that Steve Jobs passed away when he was just 56 years young? The famous CEO of Apple died of cancer in 2011. His most famous products the iPod and the iPhone continue to influence American culture long after his death. Life is funny in that you never know when or how your time will come. Clearly, wealth does not guarantee you an extended life. It’s great that you are researching burial insurance this early in life. You are in a great spot to secure some low rates. To make this easy on you, we have some sample burial insurance rates for 56 year olds in this article.
Hopefully this piece helps you should get a good sense for what a final expense insurance plan will cost at your age. You really can’t ever start planning for your end of life expenses too soon. You know the saying. The only thing that is certain in life are death and taxes. How true is that.
Here Are The Sample Burial Insurance Rates for 56 Year Olds
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When Is Burial Insurance Not Necessarily Needed?
For a lot of people, yes it is. However, there are situations where it isn’t necessary. The answer to that question depends on many factors. In general, it’s never truly a bad idea if you have a burial insurance plan in place. However, there are certain cases where you might be better served by not getting a burial insurance plan. Regardless of your situation, make you do something to ensure you family does not have to suffer the financial burden of unpaid funeral bills. We have spoke to many families that have been ravaged financially by this, and it’s not pretty. Keep reading to see some circumstances when burial insurance might not be your best option.
You’ve got cash already saved up
First of all, if you flat out have the cash on hand that you have set aside specifically for your funeral costs, you don’t necessarily need a burial insurance plan. There’s nothing wrong with having a dedicated cash account to ensure your funeral and burial expenses are not left to your family. If you have this kind of money saved up and are prepared to never touch it, you really don’t need burial insurance.
You are extremely healthy and don’t mind taking a physical or medical exam
Another reason you might not need a burial insurance plan is if you can qualify for a fully underwritten whole life insurance policy. You will need to be in very good health for this option which is why this opportunity is not available to most people. The underwriting on a plan like this is ultra strict. Furthermore, the application process includes a medical exam, and the insurance company will order all your doctor records. Basically, a paramedic would come to your home and draw blood and urine. It’s true that going fully underwritten can give you access to lower rates. It’s important to realize that going this route is only feasible if you are in superior health.
Not to mention, most people do not want to go through this process which is understandable. Another key point to consider is that fully underwritten plans have significantly higher face amount minimums. Usually fully underwritten plans typically won’t go lower than $20,000-$50,000. Despite the lower price per thousand (if you qualify), you are forced to buy a lot more coverage than you will need to cover your burial expenses. As you can see, the fully underwritten route is not an option for many people for many reasons.
You are in superior health & can qualify for a simplified issue whole life policy
The simplified issue option is less evasive than the fully underwritten approach. Essentially, the underwriting is the same as the fully underwritten option. The key difference is there is no medical exam and the insurance company will not do a mandatory ordering of your doctor records. The application has health questions, and the insurance company does a prescription history check. This process is more expensive than the fully underwritten option because the insurance company has less information about you to complete their risk analysis. With that, even the simplified issue whole life policy is out of reach for most people because of their health. Additionally, like the fully underwritten option, these too have much higher face amount minimums. You typically need to buy at least $20,000. Sometimes it’s more. It just depends on the carrier.
Now you might be thinking, isn’t that just like burial insurance? You are correct in a sense. A simplified issue whole life plan is very similar to a burial insurance plan. However, the key difference is that a simplified issue whole life plan has far stricter underwriting. For example, a simplified issue plan will ask about cancer within the last 10 years. Whereas as burial insurance plan will only go back two years. In terms of underwriting difficulty, a simplified issue whole life insurance underwriting policy would be a 9 out of 10 difficulty. In contrast, a burial insurance policy would be a 2 out of 10 difficulty.
Like fully underwritten, most people simply don’t qualify for a simplified issue whole life insurance policy. However, if you can qualify, you should do it. In effect, it would mean you don’t need a burial insurance plan which is entirely ok. You won’t save a ton of money, but it will cost less. A Choice Mutual agent can easily tell you if this is a feasible option for you, and we will be honest and tell you the truth.
If you have currently have no way to ensure you funeral expenses are paid for, you need some kind of permanent life insurance. Unless you are pristine health, burial insurance is your answer. Again, if you can qualify for a fully underwritten or even a simplified issue whole life plan, do it. However, those are typically not an option for most people we speak with. Burial insurance has incredibly lax underwriting, and most people qualify. There are even no health question policies available if your health is really bad. The single best thing you can do is speak with an advisor who can properly counsel you on your best option. Feel free to give us a shot. We will give it to you straight.
At the end of the day, it’ important that you do something asap. As you can tell by reading this article, health plays a major role when it comes to life insurance. Acting as soon as possible gives you the best chance to protection yourself at the best price. Plus, you can have the peace of mind knowing the coverage is in place to ensure your funeral expenses are taken care of.
If you come to the conclusion that burial insurance is what you want, we plead with you to take instant action. Getting a little bit older won’t affect the prices very much. Check out what final expense costs for a someone at age 57. As you can see, it’s honestly not much more. However, what you are probably failing to consider is how you health can change over time. Unfortunately, things like heart attacks, strokes, or cancer never give you a heads up. All these kinds of things can and will have a profound impact on the price of burial insurance. In some cases, health events can cause you to have to endure waiting periods. The moral of the story is, get it while you know you can!
Experience the Choice Mutual Difference
Choice Mutual is the most trusted burial insurance resource on the web. Nowhere else will you find a more experienced and qualified agency to guide you on your search for final expense insurance. We are not a jack of all trades. For the last five years, we have focused only on burial insurance. We always have and always will be experts in this business. Finally, you might be wondering what sets us apart from the other companies. All in all, there are 3 key elements that make Choice Mutual uniquely qualified to serve your burial insurance needs.
- We are an independent agency. This independence is why we can freely represent all the top final expense companies in the nation. In the end, we shop all the companies for you, so you get the best deal possible on your burial insurance.
- We have a P.H.D. in burial insurance underwriting due to our vast experience exclusively in this business. This intimate familiarity of burial insurance underwriting enables us to know with virtual certainly which company will provide you with the best burial insurance plan based on your individual risk.
- We are truly committed to helping you secure the best burial insurance plan possible. We do not care which insurance company happens to be your best option. All we care about is doing what’s best for you and your family.
If you need help with burial insurance, we would love to earn your business. You can call us at 1-800-644-2926. If you prefer that we call you, just fill out the quote form that is located on this page. A licensed agent will be in touch shortly.