Burial and Funeral Insurance for Seniors: A Complete Guide in 2021

Planning for the inevitable can be a significant benefit to you and your loved ones. With funeral costs on the rise, having the proper insurance in place can make all the difference. It’s never too late to create a plan for your burial and other final expenses.

Funeral, burial, and final expense insurance is a great solution for covering your final expenses. With so many options available to choose from, it can feel like an overwhelming decision. Yet, it doesn’t have to be.

To make things easy, we’ve created a complete burial insurance guide that will help you learn about funeral insurance for seniors. We’ll also share the benefits of having this type of insurance and considering when buying it. 

Table of Contents:

What Is Funeral Insurance for Seniors?

Funeral insurance for seniors has many different names. It is most commonly referred to as burial or final expense insurance. Funeral insurance can cover the expenses you leave behind once you pass.

Burial insurance for seniors is an affordable, whole life insurance policy that can help pay for your funeral procession. It can cover things like any medical bills, debts, and other expenses that weren’t paid off.

Knowing what funeral insurance is will allow you the chance to decide if it is right for you.

How Does Burial Final Expense Insurance Work?

Now that you know what funeral insurance for seniors is, understanding how it works can be even more helpful. This whole life policy will take care of a specific need, your funeral expenses. 

Burial insurance works by helping your loved ones pay for all the costs associated with your funeral. A burial insurance policy is a type of life insurance policy with smaller benefit amounts.

This insurance can reduce the financial burden on your loved ones when it comes to having your funeral.

While it is your choice about how your final arrangements, this policy will help you set funds aside, funeral insurance will pay for items such as your casket. It will pay for things like your urn if cremation is an option for you.

A funeral insurance policy will provide funds for your memorial service, a headstone, and a burial plot. There are so many elements that affect the cost of a funeral. This means things can get expensive, very fast.

A policy such as this can provide a sense of reassurance. Your family won’t have to worry about any out of pocket expenses because funeral insurance will eliminate that.

Funeral insurance doesn’t work like traditional policies. It’s used to cover a one-time cost, which can include expenses in the short term. Funeral insurance for seniors isn’t going to replace your income. It also doesn’t work to cover buying a home or taking care of college expenses.

You also wouldn’t use a funeral insurance policy for investments or as a retirement fund because it doesn’t work like that. Once your funeral is paid, your beneficiary could use the funds for any of your end of life expenses.

This type of insurance would take care of any bills that were accrued during the time before your passing. For instance, your utility bills such as electricity and water. It could also take care of your phone bill.

The claims process on these policies is paid after you pass. Your selected beneficiary will be able to use them as they see fit. Funeral insurance works by setting up the next generation to avoid financial hardships when you pass.

What Are the Benefits of Funeral Insurance for Seniors?

With any insurance policy, there should always be benefits that you can expect as a policyholder. Funeral insurance for seniors is no different. One of the best benefits of this type of policy is the coverage never expires.

What that means is for the duration of your life, you will have coverage for your funeral and final expenses. You should also know that rates stay the same. What that means is your premiums won’t increase as you get older.

This is something you can certainly work into your monthly budget, which is a significant benefit.

Another benefit of funeral insurance is that the coverage never changes. You can feel good about knowing your loved ones will have the funds to provide you with a proper burial.

When it comes to life insurance policies, people worry about medical exams.

With funeral expense insurance, you don’t have to worry about taking a medical exam or visiting a doctor which is a nice benefit. The approval time for funeral insurance is quick. In some cases, coverage can be provided in about 20 minutes.

This can be a great way to have some life protection, even if you are a senior who does not have optimal health. One extra benefit is getting funeral insurance over the phone, making it a very simplified process.

Things to Consider When Buying Funeral Insurance?

There are a few things you want to consider when buying a funeral insurance policy. One of the first things you want to think about is the amount of coverage you want. This policy can provide a range of coverage from $5,000 up to $35,000.

When considering the coverage amount you want, think about the amount of debt you may have and the cost of a funeral. On average, funerals cost around $10,000. You also want to consider that the cost of a funeral is continuously rising.

Considering those future costs can be helpful when deciding your coverage amounts.

Another thing you want to consider when buying funeral insurance is the company you choose. This is important as each insurance company is different, and you want to have the best burial insurance. They all have different requirements and coverage options too.

A good rule of thumb is to choose a company that is top-rated by A.M Best. You want to look for an insurance provider with a rating of AAA, which means exceptional. It is recommended that any insurance provider that offers funeral insurance for seniors should have no less than a BBB rating (Good).

If you are considering working with an insurance agent, there are a few more things to consider. You want a trusted agent with years of experience.

Funeral insurance agents can guide you through the process of buying a policy. They also can make recommendations on the level of coverage you should carry based on your unique needs.

Working with an agent who represents many insurance companies can give you more options. The alternative is working with an agent who only represents one insurer. Having an agent that can provide you with two or three customized quotes can be better for you.

This way, you know you are getting the best coverage options based on your needs.

How Much Does Funeral Insurance for Seniors Cost?

Burial insurance cost is known to be low and affordable. There are plans available with monthly premiums for as low as $35 for those who qualify. Many factors go into how much funeral insurance will cost.

For starters, the cost can depend on your age and your gender. The amount can also vary based on your level of health and tobacco use. Again, while there are no medical exams to qualify, you will have to answer a few standard health questions.

The cost will also be determined by the amount of coverage you wish to have. With all the funeral insurance options, understanding the cost can help you make your plans.

Who Should Buy Funeral Insurance?

There is a wide range of people who should buy funeral and burial final expense insurance. If you are between the ages of 50 and 90, now could be a good time to buy. Funeral insurance can ensure your loved ones will have the funds to take care of your funeral.

Funeral insurance can help if you aren’t expecting to have the money to cover your final expenses. There is burial insurance for parents, which is more commonly known as funeral insurance for parents if you have children.

This insurance will help with estate creation. Are you looking to leave some money behind for your loved ones? If so, having funeral insurance is a way to ensure those funds will be available to your family.

We Can Help You Find the Right Coverage for Your Needs!

There is a lot of information about funeral and burial insurance. We can provide you with resources that will help you make an informed decision about your future. 

GETTING COVERED IS EASY

STEP 1 – FREE CONSULTATION

Click the button below to schedule a no-pressure and no-obligation consultation for you to better understand the many uses of Burial and Final Expense Insurance.

STEP 2 – COVERAGE EVALUATION

We take the time to get to know you and your unique situation.  This allows us to put in the due diligence to find the right insurance solution for you.

STEP 3 – CHOOSE THE BEST SOLUTION

With all your options on the table, you can choose a Life Benefits Insurance plan that protects you and your family no matter what happens.

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