Our own mortality is not something most of us want to be faced with or think about. Whatever your current age, thinking about your own demise is not exactly the happiest of thoughts, but it is a reality we are all faced with. All of us will pass away at some point, and it may be suddenly or unexpectedly. None of us want to leave those who survive us with an unexpected and unnecessary financial burden because of an untimely death. A funeral insurance policy can relieve us of that concern.
Here are a few simple features and benefits associated with maintaining burial insurance.
People Ages 20-86. Before you dismiss such an insurance policy because you are too young, remember that accidents and unexpected illnesses can occur at any time. Be sure to take the time to understand the general overview of how burial insurance policies work.
Low cost. Because this insurance is designed to cover your burial and funeral arrangements without all of the other provisions a full or whole life insurance policy might carry, it is a very cost-effective solution. Upon obtaining a burial insurance quote, you might be surprised at the low monthly premium for such coverage.
Does not impact other insurance policies. Some might question why they would want or need a burial life insurance policy if they already maintain a senior life insurance policy. It is added coverage so that the life insurance payout is undisturbed by funeral expenses. The life insurance benefit might already be earmarked for paying off a mortgage, providing for a spouse, educational expenses for children or grandchildren, or simply as a heirloom left for the children. By maintaining separate coverage for final expenses, those funds in the life policy can remain untouched.
For those who do not carry a life insurance policy, it is even more important to look into obtaining a burial policy. Nobody wants to leave this world as a burden to their family or loved ones. A burial life insurance policy can be purchased if you are in perfect health or even if you are facing certain health risks. It is a great way to take on the financial responsibility of your funeral arrangements and ensuring that the money is there for your final wishes to be carried out.
Who Is Covered By This Policy?
Burial expenses can cost several thousand dollars, making it difficult to pay for if you don’t have outstanding life insurance. Burial insurance for seniors offers coverage between the ages of 50 and 85. Most major burial insurance companies offer this coverage type, including American Memorial, Aetna and Royal Neighbors of America. Being a legitimate insurance source, it pays out upon the policyholder’s death, depending on their health at the policy’s inception. In general, burial insurance for seniors over 80, is going to cost more then burial insurance for seniors over age 70, obviously the older you are, the higher the monthly rates.
What Kind Of Coverage Is There?
Once you determine your funeral insurance needs, such as cremation versus cemetery burial, you can select the coverage that works for your budget. Typically, policies range between $5,000 and $15,000. Each month their is a fixed premium payment just like any other life insurance policy. Be sure to pick a plan that fits your budget. Our agencies wants to work with you to find the most comfortable policy to fit your monthly income.
Your Medical History
One of the major benefits of senior burial insurance, is their is no medical exam. You can even start the coverage over the phone by answering basic questions about your health. If you have limited transportation, staying home and finding a policy is a huge relief. You may want your spouse or children home with you when you make the call. They can help you cover all the questions accurately for a fast application process.
Good Health Benefit
Your phone interview consists of basic questions about your recent health. If you have been healthy in the past few months, without any major events, you qualify for a level benefit. For example, you start the policy with $10,000 of coverage. If you pass away in three months, your beneficiaries receive 100% percent of the policy’s amount. Although you only just started the policy, it can be paid out immediately upon activation. Medically-controlled conditions, including high blood pressure, still qualify under the good health parameters.
Recent Health Scares
If you had a major event in the past two years, including cancer or heart attack, you may qualify for a graded payout. For instance, you had a heart attack last year. You start the policy this year. If you pass away within the next calendar year, you only receive a quarter of the payout. When two years pass, and the insured passes away, your beneficiaries receive half of the payout. Generally, three years must pass before an entire 100 percent payout is possible. However, you have some coverage through that waiting period.
Adult Children’s Involvement
It is a smart idea to involve your children in the burial insurance buying process. However, they cannot buy the insurance themselves. You must be part of the phone interview conversation and application process. Children can help research senior burial insurance for their parents and answer questions, but the policy purchase is up to the senior’s discretion. If your parents are considering a policy, you can help them understand their options. Make this insurance purchase a family affair to ensure that all burial costs are covered adequately.
Burial life insurance takes the monetary stress out of a family death. Contact United Life Group today to talk about your options. With a license in multiple states, United Life Group offers ample coverage for seniors from the top burial insurance companies in the nation.
Be sure to also take a look at our helpful burial insurance FAQ page to help answer more questions.