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What is Burial Insurance for Seniors?
Burial insurance for seniors is also called funeral insurance. It is considered also final expense insurance and it's beneficial for loved ones paying for a departed family member or someone close to you funeral, headstone, memorial service, urn and other final expenses. Burial insurance for seniors is easy to qualify for as a whole life insurance policy to ensure your funeral expenses don't become a burden to your family. We're one of insurance companies that offer these affordable policies to seniors of all ages.
Burial insurance for seniors is a whole life insurance policy that has minimal underwriting. There are usually no medical exams and seniors with some health issues can still qualify but normally in a higher risk class.
The main reason for purchasing a funeral insurance is to pay for burial and other funeral expenses. The death benefit of most policies range between $2,000.00 and $50,000.00, however there are some exceptions depending on the plan provider.
What Age Range is Best for Seniors Burial Insurance?
Coverage for burial insurance for seniors is usually best suited for people ages 50 to 85, although most companies offer plans to those as young as 30 days of age. Most burial insurance policies are a type of life insurance called “whole life insurance.” This type of insurance has no term to it and is considered paid-up at age 100 in many cases.
This type of plan should be part of every senior’s end-of-life financial planning, but we don't recommend you wait until you’re retired to start preparing. Plans get definitely more expensive the older you are, and most providers have a maximum age limit for buying one, so it’s a good idea to look into getting one as early as possible. The younger you are, the cheaper your rates will be. If you’re over 50 and think you will benefit from this type of coverage, look into your options when you’re drawing up a will and updating your power of attorney (POA) and other guardianship documents, and assigning beneficiaries to your financial accounts.
Keep in mind medicare offers only $255.00 for burial expenses for seniors, which is nowhere near enough to cover a modest funeral service.
Final Expense Life Insurance for Seniors
Yes, final expense insurance is also called burial insurance and nobody really wants to think about being buried but It's something we do need to discuss. As you know life insurance isn't always an easy topic to bring up, but most seniors are in a different state of mind than someone in their 40's, 30's or 20's.
Insurance for seniors is a hot topic and it can be hard to purchase for several reasons, but primarily due to their age and the risk involved. Many life insurance companies decline applicants who are seniors and people who suffer from a disease.
This doesn't stop many from pursuing insurance because they don't want to leave burdens of debt to love ones, so they plan to make sure there's enough money to pay for their funeral or burial costs.
What Are the Pros of a Whole Life Insurance Policy?
Whole life insurance for seniors isn't a very complex insurance plan. Listed below are true about Whole Life Policies.
- Coverage cannot decrease for any reason
- The policy will not expire at age for any reason
- Monthly payment are fixed or level for life and can't increase for any reason
- Cash value accumulates which you can borrow against as a loan against the policy.