How To Find The Best Burial Insurance For Elderly People
No matter what product youre buying, its no secret that you should compare offers from multiple companies before you commit to one.
The same is true when looking for affordable burial insurance for seniors.
Browse websites like Choice Mutual that allow you to compare quotes from multiple insurance providers. That will give you a good sense of what coverage will likely cost you.
In the end, if you want a life insurance policy with no waiting period at the lowest price possible, you will need to speak with an agent.
Its helpful to remember that most burial insurance companies that sell coverage directly to the consumer usually impose a two-year waiting period before youre insured.
Generally speaking, only licensed agents can offer you plans that pay out the full death benefit immediately.
But dont speak with just any agent. Here are the criteria you should look for when selecting an agency to work with:
- Independence: Be sure to work with an independent agency with access to at least ten insurance companies. They will compare offers from multiple providers to match you with the best one. Its highly advisable to avoid captive insurance companies. Those are companies that have only one insurance company they can offer you. State Farm is one such example. If you ever talk to a State Farm agent, they cannot offer you any other insurance company. So be sure to work with a broker who can choose from dozens of insurers to find the best one for you.
How We Chose The Best Burial Insurance
The world of burial insurance is large, and no two policies are quite the same. To choose the best burial insurance policies, we took the following factors into consideration:
Simple Qualification ProcessEach company has its own regulations about what standards must be met for an individual to qualify for a burial insurance policy. Some companies have very few requirements, while others require applicants to answer detailed surveys and undergo a medical examination. For this guide, we chose policies that do not require any physical examination. While some do require a questionnaire, we favored those that ask fewer qualifying questions.
Guaranteed PremiumsThere are many burial insurance policies that allow the premium rate to increase as you age. All of the policies included in this guide have locked-in or guaranteed premiums that will never increase once youve been accepted. The company will also never cancel the policy on you, even if your health situation changes, unless you stop making payments.
MaturityMany burial insurance policies mature, or have an end date, based on your age. We only included policies with no maturity age or high maturity ages that you are unlikely to outlive. Policies that do have maturity ages often pay you the full benefit amount if you do outlive it.
What Is Your Next Step
Most compelling evidence, we have had clients call us with this exact same problem on a daily! They were sold this policy and now here they are over 80 and no burial coverage.
But what do seniors over 80 do now? As a matter of fact, most likely you are going to outlive this policy.
Think about that! If you have AARP now, give us a call immediately.
We will compare funeral insurance quotes with same-day instant approval carriers and save you a ton of $$$!
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Additional Questions & Answers On Funeral Insurance For Seniors
Is funeral insurance a good thing?
For some seniors, funeral insurance can be a good way to cover the costs of their final expenses.
Can I get funeral insurance at age 60?
Yes, you can get funeral insurance at age 60.
What is the best way to get funeral insurance?
The best way to get funeral insurance is to work with an independent life insurance agent. An agent can help you compare policies and find the best deal for your needs.
What is the average cost of funeral insurance?
The average cost of funeral insurance varies depending on your age, gender, location, coverage amount, and your general health.
What is the best funeral insurance for seniors over 60?
The best funeral insurance for seniors over 60 is a policy that provides coverage for your final expenses. It is important to compare policies and find the one that best meets your needs.
What are some of the benefits of having funeral insurance?
Some of the benefits of having funeral insurance include peace of mind, knowing that your loved ones will not have to bear the financial burden of your final expenses, and having the funds available to cover the costs of your funeral.
Can I get funeral insurance at age 70?
Yes, you can get funeral insurance at age 70.
What is the average cost of funeral insurance for seniors over 70?
The average cost of funeral insurance for seniors over 70 is higher than for those under 70, because life expectancy decreases as you get older.
Can you pay monthly for a funeral plan?
Compare Policies And Ask Questions
When it comes to burial insurance, theres no universal best option available. Its important to take your time reviewing the various companies, their policies, and what they have to offer before making your final decision. While some policies will allow you to apply online without speaking to an agent, its best to call the company to clear up any questions you might have and to get a feel for their customer service practices. Before selecting a policy you should know:
How To Compare Policies For The Elderly
The best way for seniors to compare policies is to do their research, both on standard and pre-need plans and the companies that offer them. The best ways to compare include:
- Getting a custom, free online burial insurance quote from at least two or three companies
- Working with an experienced insurance agent who will compare policies for you and recommend your best options
- Asking loved ones about their experiences with their current policy providers only use recommendations as a starting point, though, and be sure to get a quote from any company youre considering
Whats The Difference Between Funeral Insurance Funeral Plans And Funeral Bonds
Funeral insurance is a guaranteed product that provides financial assistance to your family when you pass away. The money can be used to pay for your funeral or any other expenses as soon as they arise. By contrast, a pre-paid funeral plan requires you to pay for your funeral upfront before you pass away. A funeral bond is an investment that accrues money over time and can be withdrawn after you pass away, but this may not be enough to cover your funeral if the average costs have risen.
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How To Find The Best Funeral Insurance For Seniors
The best way to find the right funeral insurance company if youre looking for burial insurance for seniors over 70 and burial insurance for seniors over 80 is to compare quotes from different funeral insurance companies to see who offers the best price and the one that suits your needs.
When youre ready to purchase final expense life insurance, no exam, you will need the aid of an independent broker like Funeral Funds to do the shopping for you. We work with the top-rated funeral insurance company in the nation, and we will help you compare policies and prices. You can be assured that you will get the policy you want within your budget.
If you have any questions regarding funeral insurance or want to know more about life insurance for seniors, call us at 862-9456.
Burial Insurance For Seniors Over 80
Most insurers will begin to restrict the availability of burial insurance policies once you have reached the age of 85, and you’re unlikely to find a burial insurance plan with no medical exams or health questionnaires. However, you can still find coverage through reputable insurance companies. For example, Foresters offers its PlanRight whole life insurance plan, which has death benefit coverage ranging from $2,000 to $35,000 for those up to the age of 85.
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Burial Insurance Basics: What You Need To Know
Burial insurance is a type of life insurance, and the world of life insurance uses many specialized words. The following quick definitions will be useful to you as you learn about and compare your options.
Burial Insurance by Other Names
Burial insurance is exactly the same as final expenses insurance and funeral insurance. Since its typically just a low death benefit form of whole life insurance, it may be called something that has no reference to funerals, yet still be suitable as a form of burial insurance. Its worth noting that pre-paid funerals are not a form of burial insurance.
Difference Between Funeral Insurance And Other Insurance Policies
It is important to understand the difference between a seniors funeral insurance plan and other types of life insurance .
Term Life insurance is a policy that will be in place for a set time and then will expire. It can be renewed until a certain age of the policy holder. Most term life insurance policies will not be able to be renewed once a policyholder becomes a senior.
Whole life insurance is a policy that will remain in place for the duration of the policyholders lifetime. It will not expire with age. A whole life insurance policy will have a much greater overall benefit for the policy holders beneficiaries. If you do not have this policy in place already, it might be challenging to get it as a senior.
A seniors funeral insurance policy is designed to be a much smaller policy, providing enough money to cover only the funeral and burial expenses. It is much easier to get than larger life insurance policies.
Also, if you have pre-existing medical conditions, a seniors funeral insurance policy is an option for you. This financially smaller policy will have a significantly lower premium. As these policies are designed for seniors, there is very little chance of you being disqualified from being able to obtain one. In addition, these can also be purchased without having to complete a medical questionnaire .
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What Happens If A Family Cant Afford A Funeral
Federal government assistance: If you cannot afford a funeral or burial, you may be able to get assistance from a federal program such as:
- Veterans benefits: If you are a veteran, you can be buried in one of the 141 national cemeteries at no cost. Spouses and children of veterans could also qualify. Veterans might also qualify for a burial allowance up to $2,000 for veterans who died on or after Sept. 11, 2001, and $1,500 for veterans who died before Sept. 11, 2001. Check with the U.S. Department of Veterans Affairs for eligibility requirements.
- Federal Emergency Management Agency : For deaths as a result of an event that was declared a major disaster or emergency, you may qualify for FEMA Funeral Assistance to help with expenses such as a casket or urn, burial or cremation, and the cost of a marker or headstone.
State government assistance: Many states have programs to help if you cannot afford a funeral or burial. In states that have programs, youll have to apply for assistance at the county or municipal level. Here is a list of programs by state, compiled by Funeralwise.
Crime victim compensation programs: Some states have funds to help pay for funerals for victims of violent crimes. Here is a list of state programs from the National Association of Crime Victim Compensation Boards.
Quick Burial Insurance With No Waiting Period & Medical Exam
It was mentioned above that a funeral insurance policy has a waiting period that can last years. But there are also policies that have no waiting period and need no medical exam to qualify.
In this type of policy, your beneficiary can receive the entire death benefit even if you have only paid one payment in the policy. The policy will be immediately effective.
The only problem is, it can be quite hard to find an insurance carrier that sells this kind of policy.
To get a policy like this, you would have to work with a broker that has access to all of the major insurance agents, like Seniors Life Insurance Finder.
Working with such a broker can help you pinpoint which company has underwriting that will accept your age and whatever medical condition you have with no waiting period.
When applying with a company that sells affordable burial insurance with no waiting period, you will have to answer medical questions.
This is not the same as a medical exam, as your blood pressure or other medical tests wont be required.
The best way to get approved for a policy with no waiting period is with a company that doesnt ask about your specific medical conditions.
If they dont ask about it, it means that they dont care whether you have the condition or not.
If they ask about a particular condition that you have, it doesnt necessarily mean that you will not qualify for a no-waiting-period policy.
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Guaranteed Acceptance For Seniors Over 70
A guaranteed issue policy is a whole life insurance plan with no health or lifestyle questions. Regardless of your past health issues, youre still approved.
All guaranteed issue life insurance policies always have a 2-3 year waiting period.
Any non-accidental death during the waiting period will only result in a refund of your premiums plus a small amount of interest.
In addition to the waiting period, policies without health questions are much more expensive.
A life insurance company that knows nothing about your health takes on substantial risk. As with all forms of insurance, a higher risk translates to a higher price.
You dont want to buy a guaranteed issue policy if youre in good health. Only people who have dire illnesses should opt for this type of policy.
Foresters Financial: Planright Whole Life Insurance
Best for Member Benefits
In business for over 140 years, Foresters Financial is a highly respected insurance company that offers competitive burial insurance plans complete with valuable member benefits. It offers competitive pricing and accepts a number of pre-existing conditions, including mental health conditions, diabetes, and heart issues. In addition to its respected products, the company is also well known for its philanthropic mission and is heavily involved with charities like the Ronald McDonald House and the Red Cross.
Forester Financial also offers members some unique benefits to assist with more than final expenses. All burial insurance customers have access to a variety of benefits including scholarships, emergency assistance programs, a granting program, financial counseling, orphan benefits, and family fun events. Theyre available to all customers at no extra charge, regardless of what policy is purchased.
|Dependent On Final Approved Plan
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Choosing The Right Coverage Amount
Selecting the amount of coverage for funeral insurance for seniors can be best done after assessing the current prices on the market for everything that will be needed for the funeral.
You should also consider the other cost that may be incurred, such as medical bills and any outstanding debts, and you must give room for unexpected expenses.
Suppose your primary objective is to simply pay for the final expenses such as cremation or burial, funeral service, and memorial service. In that case, you need to visit your nearest funeral home to get a better idea about the cost of each good and service.
Here are some average costs from the National Funeral Directors Association:
- Full-service Funeral with burial and burial vault $9,135
- Full-service Funeral and Cremation $5,150
- Direct Cremation with Urn $2,000
- Memorial Service
Best Life Insurance Policy Option For Seniors Over 70
When youre older, you may have more health issues or be at risk for chronic conditions. Unfortunately, final expense insurance companies know this and are more likely to deny your claim or your higher premiums.
Thats why its essential to get the right whole life insurance policy for seniors over 70. its must also have a plan in place for your funeral and burial expenses.
Theres no doubt that Burial insurance for seniors over 70 is an essential consideration in your retirement planning. Here are some of the best life insurance policies to consider:
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What Happens To The Excess Proceeds Of Final Expense Insurance
Final expense insurance doesnt guarantee a certain amount of money towards funeral costs 100% of the death benefit goes to the primary beneficiary. If you do any kind of funeral planning in advance, you can document your final wishes for your primary beneficiary and show how much of the policy benefit you want to go towards final arrangements.
Funeral Cover With No Waiting Period
Looking for funeral insurance for seniors today? Give us a call today for your free funeral insurance quotes online.
We look forward to helping protect you and your family from financial burden.
In conclusion, Peace Of Mind.
Why does insurance often provide peace of mind? Because knowing when we leave this earth, our children or our childrens children will never feel the financial burden when they say goodbye one last time. Grieving is hard enough
Insuranceforburial.com specializes in Affordable burial policies for seniors.
In addition, we also specialize in all health impairments.
Are you hesitant because you have a health problem/condition and you feel you would not qualify?
In this case, this is especially when you NEED to call us for final expense quotes. We have many final expense carriers for you to qualify with zero waiting period!
Even if you do not qualify for level benefits, In fact, you will qualify for a Guaranteed Acceptance Policy. Ask Us Today!
For more information on health and aging: .
Funeral Insurance For Seniors is a great way to protect those aging loved ones you care about. When seniors reach their 70s and 80s, they may be in need of the extra protection that senior funeral insurance provides.
If youre thinking about purchasing this type of policy for your senior parents or grandparents, its important to know how much coverage will cost them before signing on the dotted line.
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