Lots of people put off buying a burial insurance plan because they're too busy or because they would rather put their money toward something else. The problem with this is that many people put it off way too long and find themselves getting much older but still without coverage. If your senior-aged parents are in this situation right now, you might think that it's too late for them to fill out an application and get approved for coverage. Luckily, though, this is not the case. Senior burial insurance plans can be a wonderful option that you might want to look into for your senior-aged mom or dad. Many seniors apply for this coverage and find that it's their best choice.
If you don't know much about life insurance, you might not really understand what burial insurance plans actually are. Actually, it's a type of life insurance that is very similar to the whole life insurance policies that are out there. The difference, though, is that burial insurance plans also called funeral insurance, is more designed for seniors; for example, many companies offer it as an option for those who are between the ages of 50 and 85.
It can be so easy to put off buying coverage when there are so many other things in life to worry about. However, the problem with this is that many senior citizens wait way too long, and they end up leaving their loved ones to cover their final expenses. Funerals aren't cheap, and it can be very difficult for grieving family members to try to come up with the money to pay for them. With burial coverage, your loved one can ensure that his or her final expenses are covered, which can provide peace of mind and can make things much easier for the family. Coverage amounts usually range between $5,000 and $15,000.
When you're trying to compare burial insurance plans or quotes, you might be presented with different options. To ensure that you choose the top plan for your loved one and that you and your family know what you are getting yourself into, you should have a basic understanding of the three main types of policies that you might find when shopping for rates and plans online.
With a level benefit plan, what you see is what you get. As soon as your loved one signs up, he or she will have instant coverage. In general, these policies are designed for senior citizens who are in good health overall but who haven't had any major issues. If possible, this is probably what you will want to try for when looking for coverage.
A graded benefit plan is typically the best choice for someone who might be suffering from various health issues or who might have had a heart attack or stroke in recent years. With a graded benefit policy, there will be a waiting period of about three years, although the length of the period can vary between different burial insurance companies. In the meantime, though, your loved one will have some coverage. The company will pay out a percentage of the full benefit in the event that your loved one passes away, and the percentage will gradually go up until the period is over.
For those who have more serious health issues or who might be in a nursing home, a modified benefit might be the only option. This type of coverage will also have a waiting period, but if your loved one passes away during this period, only the premiums that were paid in will be paid to the beneficiary.
If you are looking for burial insurance for seniors over 80 or for any other senior citizen, we can help. These are some of the top companies that we suggest you look into:
We make shopping for coverage from one of these companies easy. If your loved one is between the ages of 50 and 85 and would like to get coverage, you can use our site to shop around for your options. This can make shopping for burial insurance as easy as possible.