Nobody can really predict the future, so many families decide to buy burial insurance for seniors in order to make sure that they have plenty of money to pay funeral expenses and handle other bills that tend to crop up after a loved one passes away. Because funeral insurance pays in cash, the beneficiary can spend the money in any way that he or she needs to at the time. If you buy burial insurance for your elderly parents, you will not be tied to any particular funeral home, location, or type of funeral. We know that there is not one best type of burial policy for your parents or yourself. That is why we provide multiple ways to compare burial life insurance for seniors. If you would like to compare quotes from the comfort of your home or office from the nations best burial insurance companies, simply provide the quote box at the top of this page with your ZIP code. You are also very welcome to give us a call and ask to speak with a licensed agent.
Statistics About Burial Expenses
These averages come from the National Funeral Directors Association:
- Total average US burial costs with vault in 2012: $8,343
- Total average US burial costs with vault in 2009: $7,755
- Percentage increase: 7.9 percent
These averages do not include the cemetery fees, monuments, flowers, and other expenses. They also do not account for other final expenses that may have to get paid like medical bills, moving costs, travel, transporting a body to another city, or compensation for losing time at work. It is also important to remember that these average costs have been rising, so it is likely that they will be even more expensive in the future. Also, you are free to help your parents shop for funeral insurance. You are also free to pay the premiums for your loved ones. But there are a couple of things to keep in mind:
- You do need to involve the person who will get named on the insurance. He or she might have to take a short phone interview or sign a form. Many elderly people are quite relieved to be able to help their children plan for a dignified funeral.
- We suggest setting up automatic payments with an ACH from a savings or checking account to make sure the policy does not lapse in case a bill gets lost in the mail or the person who pays gets indisposed or gets called out of town.
How Much Does Final Expense Insurance Cost?
The cost of a burial policy will depend upon coverage amount, age, health, company, and exact location. While many seniors find the rates affordable, grown children often also offer to pay the premiums because they are actually the ones who will benefit from this coverage. In any case, senior citizens and their adult children are usually relieved to find a good way to financially plan for the expense of a dignified funeral. These are some example monthly rates for relatively healthy individuals for a $10,000 face value plan in different states in the US:
- A 55-year-old woman in Florida who does not smoke: $29.37
- A 55-year-old man in Texas who does smoke: $41.41
- A 75-year-old woman in Georgia who does not smoke: $75.83
Important: These are only sample rates, and it is important to understand that these could vary because of company, underwriting, or location.
Can Everybody Qualify for a Burial Policy?
There probably is some type of burial plan for almost everybody, but it is important to understand how these plans work in order to find the right one. Before selecting one, you should consider both the price and the benefits. You might also consider some of our online or offline suggestions for companies with good reputations. These plans are actually a type of whole life insurance that are very easy for older people to apply for. While qualifications differ by company, they are often open to people from middle age to about age 80. Some companies accept applicants up to 85. Consider these two basic types of final expense insurance, so you will understand how they work:
- Guaranteed acceptance life insurance: These ask absolutely no health questions on the application, and they accept every qualified applicant.
- Simplified issue: These ask a few health questions in order to filter out applicants with very serious illnesses.
You might wonder why anybody would want to answer medical questions if they don’t have to. Typically, there will not be any questions about minor medical issues like controlled high blood pressure, high cholesterol, or a broken leg. By answering a few health questions, the applicant might qualify for cheaper rates and coverage with no waiting period. With guaranteed acceptance life insurance, there will be a waiting period between 24 to 36 months that the insured person must survive in order to make the full death benefit payable. If the insured person does not survive this waiting period, the plan may pay out a defined part of the full death benefit or return premiums, possibly with interest. Obviously, it is better to qualify for no waiting period and cheaper rates, but a guaranteed acceptance plan might be the right choice for an elderly person who is seriously ill and cannot qualify for a plan with an immediate death benefit and lower rates. Since companies offer to refund premiums or pay part of the face value if the insured person does not survive he waiting period, the family will not lose any money. We can help you find he right choice for yourself or an elderly family member.
Find the Best Burial Policy for Your Parents of Yourself
The right choice of burial life insurance depends upon age, location, health, and the amount of coverage desired. Some folks just want to be sure they have enough money to pay for a funeral, but others would like to purchase a larger plan that can also provide enough money to leave their beneficiaries an inheritance. Using life insurance as a way to leave an inheritance offers many advantages. We work hard to make shopping for the right burial insurance policy as easy as possible. First, we offer online burial insurance quotes, so that you can compare different companies and options from your own computer. All you have to do is enter your home ZIP code to get started. After comparing some good choices, you can also call us and ask to speak with a professional and licensed agent. By offering our clients Internet life insurance tools and personalized service from experienced agents, we strive to help as many people as possible find the right solution at the right price.