What Determines the Burial Insurance Prices for Seniors Over 70?
Getting burial insurance in your 70’s is worth thinking about. It will ensure a dignified funeral service and protect your loving ones when you pass away. Thinking ahead is what age has taught you over the years and made you wiser. However, insurance prices can be a bummer if you don’t know the basic factors determining them.
To determine the insurance prices, there are several factors that you will need to take into account. These are:
Age
Age is a primary factor that determines the premium of the insurance. Generally, insurance companies sell burial insurance to the ages between 50 and 80. The lower the age, the higher the life expectancy, and the lower would be the premium. The 70s is the time where the life expectancy rate is fairly low. But, burial insurance is less costly than life insurance coverage.
Health
In your 70’s, it is likely to suffer from minor health issues. It differs from person to person what kind of health issues they are suffering from. The life insurance policies will require the applicant to undergo a medical examination as a part of the underwriting process. However, in the case of burial insurance, you do not need to undergo any such examination.
Many companies will break down their products into two or three risk categories. You will have to pay a lower premium at lower health risks, and at higher health risk, you will have to pay a higher premium. The riskiest category that you will get into will carry the highest price. Most of the clients that have chosen Gary P. Cubeta from Insurance for Final Expenses for https://insuranceforfinalexpense.com/burial-insurance-for-seniors-over-70/ are approved for a policy that accepts all their health issues.
Insurance Company
The insurance company you choose plays a major role in determining the prices of the insurance. The prices of the premium highly depend on the plans of the company. The premium differs from one carrier to another, even on similar coverage. You should choose a company that provides fairly competitive and low premium plans.
Type of Coverage
The type of insurance cover also plays a major role in determining the difference in the premium cost. The benefits provided by most insurance companies are guaranteed for life.
Most insurance policies are permanent life insurance, and the amount of premium will be locked for the beneficiary for a lifetime once the individual has been approved for coverage. Even if the insured suffers from any critical illness or diseases in the future, the company will not be allowed to cancel the policy.
The Right Agent
Your agent will help you a great deal in finding the cheapest burial insurance company. The better agent you hire for this, the more you can save on premium. Agents like Gary P. Cubeta from Insurance for Final Expenses will suggest to you such insurance companies that will provide you comparative cost benefits on their website https://insuranceforfinalexpense.com/burial-insurance-for-seniors-over-70/.
Burial insurance in the 70s is still quite affordable. Many carriers can offer you no waiting period. The underwriting is pretty lenient, and mostly, the beneficiaries receive guaranteed returns.
