Burial Insurance for Seniors

There are many reasons for purchasing life insurance coverage. Some buy this protection in order to pay off large unpaid debts such as a mortgage or credit card balances, while others may want to reduce or eliminate estate taxes. Still others may wish to replace ongoing income that would be lost upon their death so that loved ones won’t have to drastically alter their lifestyles. This is especially important when young children are involved.

Yet, one of the most basic purposes of life insurance goes back to paying for what is referred to as “final expenses”. This is why life insurance is sometimes simply called by some as final expense, funeral, or burial insurance.

Factoring the Cost of Dying

Today, the average funeral can cost upwards of $10,000. But this is just an average. Many people may not realize the many expenses that are involved. These can include:

  • Cemetery plot
  • Headstone or marker
  • Casket and case
  • Body preparation
  • Funeral service
  • Transportation / funeral procession
  • Flowers
  • Photos
  • Funeral programs and holy cards
  • Miscellaneous expenses

There may also be additional costs, as well, if the decedent incurred any uninsured medical or hospice expenses prior to death. All of these costs can add up – and, they can make it financially difficult for loved ones who may not have access to immediate resources to pay them off. A funeral insurance policy, however, can help to quickly and easily solve this issue.

What is Burial Insurance?

Burial insurance is a type of life insurance coverage that can be purchased by seniors who are seeking a way to pay for final expenses. Unlike traditional forms of whole life or term life coverage, it does not typically come with stringent qualification criteria. In addition, these policies are often quite affordable in terms of premium cost.

Having this type of coverage can alleviate a great deal of stress from loved ones who are oftentimes faced with paying for one’s final expenses out of savings or other assets. In some cases, loved ones may even need to use credit to pay these costs, racking up large and ongoing interest charges.

In most instances, life insurance companies will offer final expense insurance to applicants who are between the ages of 50 and 85 – although there are certain carriers that will underwrite applicants who are older.

These types of plans will typically have two forms of death benefits. With a level benefit, the full face amount of the life insurance policy will be in force immediately after the applicant has been approved for coverage.

Alternatively, with a graded benefit, there could be up to a 24-month waiting period before the full amount of the death benefit is available. Therefore, if the insured passes away during this time, the insurance company will usually return the amount of premium that has been paid, plus some amount of interest, to the beneficiary.

How to Apply

Although you will not typically need to take a medical exam in order to qualify for a funeral insurance policy, it is likely that you will be required to answer some basic medical questions on your application for coverage.

The underwriters will also inquire about basic information, such as your:

  • Age
  • Gender
  • Height and weight
  • Health condition
  • Smoking habits
  • Marital status
  • Occupation (if applicable)
  • Hobbies / Exercise habits

How to Pay for Premiums

Because many seniors are on a fixed income, life insurance companies will usually allow a choice in how burial insurance premiums are paid. In addition to allowing a traditional monthly premium payment option, premiums may also be made as a lump sum. With this option, the policy holder can simply make one large premium so that the policy is immediately “paid up.” In this case, no more premiums will need to be made.

Another premium payment option is to use a graded payment. This allows the policy holder to choose the length of payment and the policy will provide an amount of coverage that is equal to the amount of coverage that the premium paid will essentially purchase.

The Many Benefits

There are many advantages to purchasing funeral insurance over the more traditional forms of coverage. Oftentimes, individuals can apply for final expense insurance up to age 85 – and, those who have certain types of health conditions may still qualify for coverage. This is because there is usually no medical exam required.

In addition, once you have qualified for coverage, your premium will not usually be raised throughout the life of the policy. This can be an especially nice benefit for those who are living on a fixed income and budget.

Where to Purchase

When purchasing burial insurance, it is wise to first compare several options. This is because both policies and premiums may differ a great deal from one life insurance carrier to another. We can help you to compare the final expense insurance options that are available to you. We work with many of the top rated life insurance carriers in the marketplace today.

In order to get the process started, simply use the form on this page to get a set of funeral insurance quotes. Should you have any additional questions regarding burial insurance, premium quotes, or even about life insurance in general, please feel to give us a call toll-free at 888-229-7522 and we will be happy to help.  Our team at SeniorLifeInsurance360.com is dedicated to serving you and helping you find the right policy for your needs.

Knowing that you have a choice when it comes to burial insurance can provide you with the peace of mind that you’re purchasing the coverage that is right for you, your loved ones, and your premium budget.