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Do You Need Burial Insurance for Seniors?

Lenny Robbins
Mar 4, 2015 5:00:00 PM

hands holding up a sign saying free estimates on our do you need burial insurance for seniors articleHave you been thinking about what will happen when you or a loved one passes? Who will pay for the funeral? Who has the money for that? If these are some of your thoughts, you probably need burial insurance for seniors.

What is Burial Insurance?

Burial insurance is another name for final expense insurance. As it says, this is insurance to cover your expenses at the end of life. There are several different kinds of insurance. The face amounts start as low as $2,000 of coverage. The amount of coverage you want is one part of deciding which coverage is best for you. Your health will also help with the decision. There is coverage available for anyone who wants some.

  • Universal Life Insurance- requires a medical exam. Starts at $25,000 and can be purchased for large sums if you need it and can qualify.
  • Simplified Issue Whole Life- also called final expense life insurance-no medical exam needed. Starts at $2,000 and goes up to $40,000. If you want more coverage you must apply to multiple carriers.
  • Guaranteed Issue- available to anyone. No medical questions. However, this type of policy only returns premiums for the first 2 years, after that it pays the full death benefit. Maximum coverage is $25,000. If you want more you have to apply to multiple companies.
Who Needs It?

Anyone can get final expense insurance, also known as burial insurance. However, we find it's usually seniors who are at the point of thinking about this type of coverage. Did you know it costs on average over $7,000 for a funeral? 

Here are some reasons you might want to consider this coverage for you or a loved one.

  • You don't have enough money to pay for your own funeral.
  • Your family doesn't have enough money to pay for your funeral.
  • You have some debts and you want to be able to pay them as well as for your funeral.
  • You want to leave the money you have to family so you need some way to pay for your funeral.
  • There are many other reasons...pick one! 

What Should I Look For?

You should talk to an agent who has experience working with seniors. As we get older we have more medical issues. Each of policies have different underwriting requirements and certain medical conditions may cause a decline in one type of coverage but not another.

An agent who is experienced with seniors will know what will work best for you and where you can get the best value for your money. Every company has different underwriting guidelines, so one company may look favorably on a medical condition while another won't. You want a company that is highly rated and financially stable. Ask what the company rating is!

Your independent life insurance agent is your best resource. You can't find prices for senior burial insurance online by yourself. There are no quote engines for this type of coverage. Also your agent will know which company is going to be best for your personal situation. Let your agent be your personal insurance shopper!

The Bottom Line

Final expense insurance can take the worry away! You don't have to be concerned for your family, or concerned about how you will bury a loved one. A little preparation can ease your mind and make the inevitable a little less painful.

Download The Final Expense Life Insurance Handbook