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Did you know that John Glenn went to space at the age of 77? He was also the first person to orbit earth. He made history again when he became the oldest person to ever travel into space at 77. Going to space at any point in life is quite the accomplishment let alone doing it at 77! Going into space requires a ton of preparation to make sure everything goes smoothly. Speaking of preparation, do you currently have a plan in place that is going to pay for your funeral costs? If not, there is no better time than now to put one in place.
You can still qualify for a burial insurance plan even at 77. Just below you will see some sample burial insurance rates for 77 year olds. Granted, these are not exact prices, but they are pretty close to what most people pay. If you are in the market for a final expense plan, we suggest you do this as soon as possible. First of all, your health is never guaranteed, and it plays a big role in the cost of life insurance. Second, burial insurance rates for a 78 old jump quite a bit in this age band. Take a look for yourself and see how much prices increase by aging just one year.
Sample Burial Insurance Rates for 77 Year Olds
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what makes burial insurance different
First of all, burial insurance is a type of life insurance. More specifically, it’s a certain kind of whole life insurance. These smaller face value whole life policies are issued on in a very simplified way. In essence, this means these plans have much more relaxed underwriting and they do not require physical or medical exams. The whole point of a burial insurance policy is to have a vehicle that will pay out cash upon your passing. This money will be what your family needs to pay off the funeral home, so they don’t have to come out of their own pockets to do so.
Depending on who you speak with or what articles online you read, burial insurance has a couple synonyms. You may also here a company refer to burial insurance as “final expense insurance” or “funeral insurance”. Quite frankly, all three terms mean the same thing. Think of the words “attorney” and “lawyer”. They are different words, but they mean the exact same thing.
At the end of the day, burial insurance policies were designed with a few things in mind that make them very unique. Since they were intended to be a tool to ensure seniors have a plan to pay off their final expenses, they have some very unique benefits you won’t find with your more traditional life insurance policies.
Final Expense Has Very Low Face Value Options
The very low face value minimums are easily one of the most unique features to burial insurance plans. With most traditional life policies, you must be at least $25,000 to $50,000 in coverage. With final expense insurance, you can buy as little as $1,000 in coverage. That is quite the difference!
The insurance companies realize these plans are predominately for final expenses. You may want to be cremated. If so, you only need anywhere from 1K-5K in coverage to ensure you have enough money to pay off your entire cremation service. In addition, sometimes people have coverage now, but they need a little more. It’s very common we speak with folks who have around $5,000 in coverage now and just need to add another five or ten thousand. Only with burial insurance, are you able to buy these small amounts of life insurance.
Burial Insurance Applications Are Ridiculously Simple
When you apply for a burial insurance policy, there is just the application itself and nothing more. You will never have to take a physical or medical exam, and you won’t have to get doctor records. The applications consist of collecting all your personal information, designating your beneficiaries, payment information, and you answer some health questions.
Usually, the insurer will have you complete a short phone interview where they formally ask you the health questions. In addition, on that call they would electronically verify your medical history to ensure you are truthful with your answers. Typically, the insurer will render a final decision regarding your eligibility right on that call. That’s it. There is nothing more to the application. In a few minutes, you have applied and you know instantly if you have been accepted. It really can’t get more simple than that.
Final Expense Underwriting Is Insanely Liberal
Unquestionably, this is the most beneficial and exclusive element to final expense insurance. The amount and severity of health conditions you can have and still be accepted is astounding. The insurance companies knew that seniors would be the ones who would be applying for these policies. Therefore, they knew health issues would naturally be prevalent among their applicants because it’s natural to develop health problems with age. As a result, these plans can absorb some incredibly serious health conditions. If you were to try to apply for traditional life insurance policies with these kinds of conditions, you wouldn’t stand any remote chance of being accepted.
Ultimately, the vast majority of final expense applicants are approved and accepted in spite of multiple serious health conditions. In fact, at Choice Mutual, over 90% of our clients are approved for a policy that has no waiting period whatsoever.
Guaranteed Issue Final Expense Plans
If your health is really bad, there are even policies that have no health questions. These are available to everyone no matter what your health is. The insurance companies do not check your medical history and they do not ask you anything about your health. Let’s say you have HIV, or you are on a transplant list, these policies are perfect because they will still accept you.
Only with final expense insurance will you find these guaranteed acceptance plans. You certainly should try to get a policy that has health questions first because it would be much cheaper and you wouldn’t have a mandatory waiting period. However, these no health question policies are here for you if you can’t get a burial insurance plan that has underwriting.
Why Choice Mutual?
First and foremost, we are the most trusted and complete burial insurance resource on the internet. In addition, we are an independent agency that specializes in final expense. This is all we do, and we are masters at it.
Because we are independent, we represent dozens of highly rated burial insurance companies throughout the nation. This allows us to compare and shop for you to find which carrier will offer you the best deal. We don’t care which insurance company gives you the best value. All we care about is doing what’s best for YOU.
We have no special affiliation with any particular insurance company. We exist to advise and recommend whichever burial insurance company is best for you. It’s really that simple.
At the end of the day, we can save you a ton of time and money. Let us do the shopping around for you and tap into our encyclopedic knowledge of burial insurance underwriting. Basically, we know which companies accept and decline certain health conditions. We will identify which carrier looks at you most favorably so you pay less and get a plan that has no waiting period.
To reap the benefits that choices provide, fill out the quote form with your contact number to get started. We will be in touch shortly. You can also call us at 1-800-644-2926.