In addition to dealing with a sad time after a loved one passes away, many families face the stress of trying to figure out how to finance funeral arrangements that can easily cost several thousand dollars in this state. Burial insurance, also known as final expense insurance, provides an affordable and convenient way for many senior citizens and their families to ensure that there is plenty of cash to pay for funerals, burials, cremations, and other final expenses. The beneficiaries are free to use any leftover cash in any way they please. There is not one best type of final expense insurance for everybody. The right choice depends upon age, location, health, and more. However, we make it simple to find the best burial insurance in Illinois for you or your elderly parents. Here’s how to get started:
- Enter your home ZIP code into our online quote form to see a list of burial insurance companies that do business in your town.
- Call us and ask to speak with a licensed agent if you have questions or need assistance.
Quick Facts About Burial Insurance for Seniors
- Expected life span: 77
- Average household income: $56,853
- Typical cost of a funeral and burial: The Illinois Funeral Directors Association says that average funerals range from $5,000 to $8,000, and that might not include the grave.
- Typical cost of a cremation package: These could range from a little less than $1,000 to over $2,000.
- Chicago population: 2,695,598
- Aurora population: 197,899
- Rockford population: 152,871
- Joliet population: 147,433
- Naperville population: 141,853
The Cost of an Illinois Burial Policy for Seniors
These plans are meant to be affordable for most families, but premiums will vary because of the applicant’s age, health, location, and even company. While price might be important, it is also important to consider the benefits offered and the company’s financial strength. These are example prices for a 45-year-old Illinois woman who does not smoke:
- $5,000 face value: $12 to $16
- $10,000 face value: $22 to $30
- $15,000 face value: $31 to $43
Note: These are only example prices, and they could change or be subject to health underwriting.
Who Buys Funeral Insurance in Illinois?
Many older people purchase a policy for themselves, but often, adult children offer to pay the premiums because they are the ones who will benefit from having the cash proceeds of the burial policy. It is very convenient to set up payment via an automatic ACH withdrawal from a checking or savings account to be sure the policy does not lapse if the bill gets misplaced or the payer ends up indisposed.
Can Everybody Qualify for a Burial Policy?
Unlike some other kinds of life insurance, burial insurance for seniors is very easy to apply for. These plans are usually open for people from about 45 to 80, but some accept people over 80. There are two basic type of plans:
- Guaranteed acceptance life insurance: These ask absolutely no health questions, and everybody who qualifies gets accepted.
- Simplified issue: These have a short application that does ask a few health questions, but those questions are only meant to disqualify people who are seriously ill.
If you can qualify by answering a few questions, you will usually get offered cheaper rates and an immediate death benefit. Guaranteed acceptance plans might provide an option for people with serious health conditions, but if the insured person passes away before a waiting period lapses, beneficiaries might not be entitled to full benefits. That’s why it is important to understand the way each plan works before you decide.
Find the Right Burial Policy for Seniors for Yourself or Your Parents
You are welcome to shop for your parents, but you will need to involve them in the process. Since prices and benefits differ by company, it is important to compare burial insurance companies. Get started by entering you home ZIP code in our quote box to compare quotes, and then call us if you would like to speak with a licensed agent. We provide the right tools and services to help our clients find the right burial plans.