Did you know that the population of those 65 and older is supposed to reach 23.5% by 2060? Whether you’re elderly or know someone who is, it’s time to have an open discussion about burial insurance for seniors.
It can be overwhelming trying to find the right plan and understand what’s covered and what’s not. Read this simple guide that breaks it down to help you make an informed decision today.
Choosing Life Insurance for Final Expenses
If you don’t choose Final Expense Insurance, your family will be financially responsible. Be sure that the plan you choose has a death benefit that doesn’t decrease. The best burial insurance for seniors that you’ll qualify for will depend on your health, age, medications, etc.
The Types of Burial Insurance
You have severe health issues, you’ll need guaranteed issue life insurance.
They might ask questions about terminal illnesses. These plans tend to be more expensive.
If you have moderate health issues, then a simplified issue life insurance policy is a better option. If you have a serious medical condition, you might not qualify.
Burial insurance could include:
- Death benefits that won’t decrease
- An increase in cash value
- Lifetime coverage
- Monthly payments that don’t increase
Your family will be able to pay for funeral expenses with this money. Technically, they can spend the money how they’d like.
No Medical Exam
While most burial insurance costs will include a medical exam, all don’t. If they don’t require a medical exam, then they might want to know what medications you’re taking. If you have health issues, the price could vary.
The Price of Burial Insurance
The price will depend on qualifying factors such as your age, health, medical conditions, etc. A simplified issue insurance policy could cost a little over $100/month.
Term life is much more affordable and less than $100. The guaranteed issue will cost more than the other options.
Avoid Term Insurance
Avoid term insurance for final expenses. If you outlive the term policy, the insurer will get to keep the money. Then when you pass away, your family won’t have money.
Term life insurance is affordable since it has an expiration date.
When you speak with an agent, check their reviews and expertise. Avoid a newer agent without experience.
Independent agencies are a great option. Avoid companies that only provide one insurance plan for you to choose from.
How To Find the Best Burial Insurance
Do your own research online on the various plans available. Speak with an agent and consider receiving everything in writing.
Create a pros and cons sheet with the facts about each option.
Better Understanding Burial Insurance for Seniors
After exploring this guide, you should have a better idea of burial insurance for seniors. Take your time deciding which plan is best for you or your loved one.
Would you like to read more informative and educational content?