Age is the biggest driver of burial insurance premiums. Here is roughly how cost climbs decade by decade.
How burial insurance cost rises with age
Because burial insurance is whole life coverage, the insurer prices in your life expectancy at the time you apply. The older you are, the closer the expected payout, so premiums rise with each passing year. For $10,000 in coverage, a healthy non-smoker might see roughly $30 to $50 a month in their 50s, $40 to $70 in their 60s, $70 to $140 in their 70s, and higher still past 80. These are illustrative ranges, not quotes, and your gender, health, and tobacco use shift them. Once you lock in a rate, though, it stays level for life.
Why applying earlier saves money
Every year you wait, your premium for the same coverage goes up, and a serious health diagnosis could push you from a low-cost simplified issue plan into a pricier guaranteed issue plan. Buying earlier locks in both a lower rate and easier underwriting, and because premiums are level, that rate never increases for life. Waiting rarely pays off. To see exactly what your age and health mean for your premium across multiple carriers, call 1-800-MEDIGAP (1-800-633-4427) and a licensed agent will compare real quotes for you.