If you want to know what 60 year old final expense insurance costs, look no further.
Actual prices are below.
Article Quick Navigation Links
As promised, here are some real age 60 burial life insurance quotes.
Please know these are rates from the carrier so they are accurate.
However, there are some things you must be aware of as you view these prices.
- All rates are subject to underwriting approval
- Montana forces females to pay the same rate as men.
- Cigarette smokers will always pay tobacco rates. However, other forms of tobacco can qualify for non tobacco pricing.
- You are allowed to purchase any amount of coverage. You’re not limited to just $5k increments.
- No matter what your final rate is, all prices remain fixed for life.
GENDER & RATING $5,000 $10,000 $15,000 $20,000
Female No Waiting Period $18.04 $32.87 $47.70 $62.53
Female Tobacco & No Waiting Period $23.94 $44.67 $65.40 $86.13
Female Guaranteed Acceptance $23.57 $45.14 $66.70 $88.27
Male No Waiting Period $22.98 $42.76 $62.53 $82.31
Male Tobacco No Waiting Period $31.11 $59.02 $86.92 $114.83
Male Guaranteed Acceptance $28.78 $56.65 $84.52 $112.38
First of all, “burial insurance” is just a marketing term used to describe a specific type of whole life insurance seniors buy to ensure their funeral expenses are taken care of.
“Final expense insurance” and “funeral insurance” are also used in place of burial insurance. Know that all three of these names are referring to the same thing.
These plans are whole life insurance which means the they work is ultra simple.
- Coverage is guaranteed to remain the same and not decrease
- Policy is guaranteed to never expire as you get older
- Premiums guaranteed to never rise with age
They are really easy to qualify for, and you’ll never have to take a medical exam. Most companies just require you to answer a basic health questionnaire.
At the same time, some final expenses life companies don’t have any health questions.
Granted, no health question plans do cost more and make you wait two years before you’re insured. For certain super high risk health issues, no health question plans are a great option.
Since these plans are life insurance, the payout will be a tax free cashiers check made payable to your beneficiaries.
The money can be used however the beneficiary pleases, and any money leftover will be theirs to keep.
As you may or may not know, some plans make you wait two years before you’re actually insured.
If a plan has a waiting period, the insurance company will not pay out a death benefit if the insured were to pass during the first two years.
Instead, the insurance carrier would simply refund all premium payments plus interest. Most of the time, the interest is 10% (on the premiums not the death benefit).
At the same time, there plans that offer immediate protection that has no waiting period.
With immediate coverage policies, the full death benefit is payable from the very first day (except for suicide).
To get a policy without a waiting period you must apply for a plan where you answer health questions and are approved.
If you buy a final expense policy from any company where you don’t answer health questions, there will always be a 2-3 year waiting period.
No health questions = No immediate coverage
There are no exceptions to that rule.
When it’s impossible to get immediate coverage
Unfortunately, there are some health conditions are the so high risk that it’s impossible to get immediate coverage from any final expense insurer.
Thankfully, it’s few and far between, but there are some situations where you’re going to have a waiting period.
Here’s a list of most of those situations. There are more, but this covers most of them.
- Organ or tissue transplants
- Cancer in the last 12 months (basal cell does not count)
- Heart attack in the last year
- Stroke in the last year
- HIV or AIDS
- Wheelchair bound due to some kind of illness or disease
- Dementia or Alzheimer’s
- Diabetic amputation in the last 24 months
- Congestive heart failure in combination with diabetes
Again, there are other situations where someone couldn’t get immediate coverage, but this covers the vast majority of situations.
If you need funeral insurance at 60 years old or any age, give us a call.
All we do is final expense insurance and we represent over 15 different highly rated carriers.
We’ll shop the market for you to see which carrier will offer you the best rate.
Call 1-800-644-2926 and one of our friendly agents will answer all your questions and give you non biased recommendations.