When it comes time to plan a funeral for a loved one, how will you pay? According to the National Funeral Director’s Association, the average American funeral cost over $8,500 and the cost continues to climb. Besides the funeral, there are usually other costs that need to get handled after elderly parents or other relatives pass away. Other final expenses could include travel, housing guests, paying off bills, and cleaning out a home. For many families, this is a big burden added to an already stressful time.
Burial insurance for seniors provides a convenient and affordable solution for many families. This kind of life insurance for seniors pays in cash, and we offer you a chance to compare prices from your personal computer online. Of course, you are also free to contact experienced agents over the phone or by email. For many elderly people and their families, burial insurance is a good solution to planning for final expenses.
What is Burial Insurance for Seniors?
A burial policy is simply whole life insurance. The face values are usually fairly modest, and they may range from $5,000 to $30,000. They also usually except applicants up to about age 80, but some even go up to age 85.
Companies develop these products to make them easy to apply for and affordable for many seniors or their families. Their are cheaper ways to buy life insurance, but many elderly people would have trouble qualifying for them because of their age or health conditions. The reason that it is a good thing, is because whole life policies do not expire at the end of a term or at a certain age, so older folks and their families can count on lifetime coverage.
In some cases, an elderly parent may purchase one of these policies to leave adult children the money to pay for a funeral, settle debts, and even have some to save. In other cases, family members, like adult children, will offer to pay the premiums. If you decide to buy a burial policy for your own parents, these are some things to know:
- Even if somebody else pays, the person who will get covered has to help with the application process. This is usually done over the phone or online, and it doesn’t take long.
- The best solution is to pay the premium via an automatic payment, so the insurance does not lapse.
The good news about burial life insurance is that it pays in cash. There is no reason to get locked into a specific funeral home. Because it pays in cash, the beneficiary is free to spend the money in anyway that he or she needs to at the time. The beneficiary and insured can agree on final arrangements in advance, but the beneficiary is also able to make sensible decisions at the time.
Can Everybody Qualify for Burial Insurance?
If an elderly person suffers from medical conditions that might otherwise make him or her ineligible for coverage, he or she can can still qualify for guaranteed issue coverage. In other words, everybody can qualify even if they have pre-existing health conditions. However, it is important to pick the right type of insurance in order to get the best benefits and the lowest premiums.
Still, simplified issue coverage only requires the answer to a few health questions, and no medical exam is required. Most fairly active seniors can qualify by answering a few questions, and this option is cheaper and offers an immediate death benefit.
With guaranteed issue coverage, there will be a waiting period of two or three years before the insurer will pay the entire face value. During this waiting period, the coverage may only pay a percentage or just refund previous premiums, usually with interest. This might be a good choice for older folks who are seriously ill, but it is good to know about all options. If possible, it is better to qualify by answering health questions.
Cost of Burial Life Insurance
The price depends upon the insurance company, nature of the policy, location, and some other factors. However, these sample prices for a 65-year-old woman may help you get an idea:
- $10,000 face value: $40.78
- $20,000 face value: $78.40
Note: These are just sample prices, and you will need to get quotes for yourself.
We make it very easy to get burial insurance quotes online. Complete a simple form and see instant offers from quality life insurance companies in your city or town. You can always call or email for more information, and in many cases, you can even begin to apply for burial insurance online.