The National Funeral Directors Association conducted a recent survey of median funeral prices across the United States. Without including the grave or cremation fees, monuments, or cement burial vaults, the median price was over $7,000. Cremation fees, a grave site, and a grave marker can add thousands of dollars to that total. In order to plan financially for a dignified funeral, some families purchase burial insurance.
There is no one single life or burial insurance plan for everybody. We can help you compare different companies and prices in your city or town. Enter your ZIP code on our online form to review quotes. If you need more help, give us a call and request a consultation with a licensed agent.
Burial Insurance Plans for Seniors
Typically, people buy burial insurance over age 50, and you can even find plans that accept applicants over age 80. Companies make it easy for older people to apply for these policies, and many families find the rates affordable. Also, they pay a cash benefit that the beneficiary is free to use in any way that he or she decides to, so the beneficiary will not be locked into using a particular funeral home in a particular city.
These are some things to know about burial policies:
- Preexisting health issues: You can find guaranteed acceptance plans that ask no health questions and accept every qualified applicant.
- Rates: Prices depend upon the applicant’s location, gender, age, tobacco use, death benefit, and sometimes, health.
- Death benefits: These plans provide choices that usually range from $5,000 to $25,000 or $35,000.
Should You Answer Health Questions on a Burial Plan Application?
Guaranteed acceptance plans use waiting periods instead of asking health questions. That means that the insured person has to outlive a waiting period before his coverage will pay the full death benefit. If he passes away before that, the plan may either return premiums or pay a portion of the death benefit.
This means that it is better to qualify for answering some questions about health. Most active older people should still qualify even with some minor medical issues. By answering health questions, the applicant can qualify for the full death benefit as soon as the policy gets issued, cheaper rates, and more benefit level choices.
Can Seniors Afford Burial Plans?
By now, you probably want to know how much funeral insurance costs. These are some example rates for a $10,000 death benefit for a relatively health woman who does not smoke:
Age 55: $25.61
Age 65: $41.01
Age 75: $72.41
Note: This list only shows price samples, and these could vary because of health underwriting, location, and company.
Some elderly people find their own prices very affordable. In other cases, grown children will offer to pay the premiums for their parents because they are the ones who actually benefit from having this type of protection. No matter who pays, these are some things to keep in mind:
Payments should be made with automatic debits against a bank account. This keeps policies from lapsing in case bills get lost or overlooked.
The burial insurance application process requires help from the applicant. Even if other family members offer to pay premiums, the applicant must either take a quick telephone interview or provide signatures.
Find the Best Burial Insurance Over Age 50
We offer burial insurance quotes for seniors, and you only need to provide your local ZIP code to begin. If you would rather speak with a licensed agents, gives us a call. Either way, we work hard to find our clients the best burial plan benefits and prices.