Compare Burial Insurance for Parents

If you are looking to help your parents with some of their final planning, you are probably interested in a life insurance policy. Having life insurance is a great way to ensure that funeral costs and other financial expenses are covered when you need the money the most, but it can be difficult to find the right coverage for senior citizens. Luckily, burial insurance for parents can be a great option, and learning about and finding one of these policies is easier than you probably think.

What is Burial Insurance for Parents?

Burial insurance for parents is different from term life or traditional whole life insurance because it generally comes with a lower face value. For many elderly applicants, the face value ranges between $5,000 and $15,000. Another difference is the fact that burial insurance is generally much easier to acquire. Although term life and whole life insurance policies can require medical exams or long health-related questionnaires, burial insurance is considered “simplified issue” coverage. This means that the policies are much easier to get.

Why Choose Burial Insurance for Parents?

Many traditional life insurance companies have stringent requirements when it comes to accepting seniors. A lot of them require medical exams, including those that don’t often ask a lot of health-related questions. Since it is natural for elderly individuals to deal with some minor and moderate health-related issues, this can pose a challenge when it comes time to find coverage.

Luckily, companies like Royal Neighbors of America, Americo and Assurity offer burial insurance for parents and individuals between the ages of 50 and 85 without much of a hassle. Although they do ask some health-related questions, they generally aren’t concerned about average everyday health concerns. Instead, they are typically only worried about more serious issues like heart attacks, cancer and strokes. This can make finding coverage a lot easier for your family.

These burial insurance policies also generally come with lower premiums than whole life and term life policies do. This will help ensure that your family has the necessary coverage without breaking the bank.

Lastly, you or the beneficiary will have full control of the funds after the death benefit has been released. This means that you can determine how much needs to go to funeral expenses, and you can then handle other final costs.

Different Types of Burial Insurance for Parents

There are three main types of burial insurance for elderly parents. The type of insurance that your mother and father will qualify for will depend on health-related issues, but you might be surprised by the options that are available for seniors who aren’t in the best of health.

Level Burial Insurance Policies for Parents

are generally reserved for adults who are in the best of health. These policies become active right away, and your loved ones will receive the death benefit immediately after death without a waiting period.

Graded Burial Insurance Policies for Parents

typically involve a two-year waiting period before the entire death benefit will be paid out, but this doesn’t mean that you won’t have some coverage during the first 24 months. Instead, a percentage of the policy will be paid out if death occurs during the waiting period. For example, the company might pay out 25 percent during the first year, 75 percent during the second year and the full amount any year after.

Modified Burial Insurance Policies for Parents

are similar to graded policies but will payout less during the waiting period. If death occurs during the typical two-year waiting period all premiums that have been paid to date will be paid back plus interest.  If the individual lives beyond the waiting period the full death benefit would be paid to the beneficiaries.

Tips for Choosing and Purchasing Burial Insurance for Parents

If you are shopping for burial insurance for parents, you probably have a lot of questions. Luckily, shopping can be pretty easy if you follow these tips:

  • Always look for quotes online if you want to find cheap burial insurance for parents. This will allow you to compare different policies and find the most affordable rate.
  • Remember that the insured individuals will have to be involved. Luckily, you can handle a lot of the paperwork for your mother and father yourself, but they will need to participate in the final application and signing of the paperwork in order to obtain coverage.
  • Work with a top-rated company that you can rely on. If necessary, do a bit of research about the insurance company that you are thinking about going with to make sure that it is reputable.

Fortunately, finding online quotes is easy when you work with us here at United Life Group. We help senior citizens and their children find the best cheap coverage possible, and we are licensed to sell burial insurance, whole life insurance and term life insurance to individuals in multiple states. Not only do we work with A-rated companies, but we also make it a breeze to find a quote and get started with your application. To get started, enter your ZIP code into the form at the top of the page.