Choosing The Best Burial Policy
It is a challenging endeavor to find a policy that is right for you. Before looking at the different burial insurance policies, it is vital to sit down with your family and decide your funeral, such as the burial, funeral service, memorial service, etc.
Only then can you take the right step on what kind of policy and coverage you will require. Instead of comparing prices of policies offered by insurance companies, you should choose an insurance company that is financially secure and has high ratings.
Avoid policies that have long waiting times so that you can avail full death benefits from day one. An ideal policy protects you from the very beginning. Companies that offer customizable options and clear terms can further help you in your decision-making. So, you must also be aware of top assisted living properties in Florida. If you are still unsure, you can take help from an independent agent like Gary Cubeta.
Review Of Company & Services
Royal Neighbors of America is one of the best insurance companies out there offering a great value for the benefit they offer. They are also one of the most liberally accepting of many health conditions other insurers will not underwrite.
Their successful track record of being in business for 120 years and strong financial rating makes them a great reliable insurer.
Their premiums are the cheapest in the market. This company comes highly recommended for your final expense insurance.
Universal Life Insurance For Seniors Over 70 Or 75
Universal life insurance is a mix of whole and term life insurance. Its permanent with a guaranteed death benefit, but it has low monthly premiums, and it usually requires a health test. You may be able to update your policy rather than purchase a new one if your needs change, and some providers offer refunds for your premium payments after youve held the policy for a certain amount of years.
The cost of universal life insurance that requires a health test is lower than other UL products, such as guaranteed. However, its rates arent as low as final expense plans, which dont require a health exam. Because of the complexities of universal life insurance, its best to talk to your life insurance agent for a quote.
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Burial Insurance Companies For Seniors Over 70 #1: Security National Life
Year of Establishment: Security National Life was established in 1965 and is based out of Salt Lake City, Utah.
A.M. Best Financial Rating: A.M Best currently has not rated Security National Life. However, it is very solid financially. They do have other business products like mortgage loans and life insurance making them more stable as well.
Burial Insurance Companies For Seniors Over 70 #1: Gerber Life
Year of Establishment: Gerber is one of the most recognizable companies and brands in America. They have been in business since 1927 with the life insurance products being sold since 1967 for children, adults, and seniors alike. They have been in business successfully for nearly 8 decades now.
A.M. Best Financial Rating: A.M Best Financial Rating rates Gerber with an A rating. This signifies excellent financial standing and future outlook. Their Better Business Bureau rating stands at an impressive A+ suggesting some very successful client experiences.
Name of The Plan
Gerber offers life insurance products in several categories. The life insurance product they have designed for final expense or burial insurance is called: Guaranteed Life Insurance.
Guaranteed Life Insurance is one of the best burial insurance plans in the market. The plans are whole life insurance plans, meaning they will never expire, premiums will never increase, and benefits will never decrease.
Gerber is one of the few insurance companies that offer nothing but just the guaranteed whole life insurance plans for burial and final expenses. This means there are no medical history checks, no health questionnaires, no height-weight restrictions, and no medical exams. They guarantee anyone looking to purchase their policies.
There is a mandatory 2-year waiting period for everyone who purchases insurance with Gerber.
Benefits to Receive
Review of Company & Services
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Why Is Life Insurance For Older Individuals More Costly
Life insurance policy for seniors over 70 expenditures a great deal a lot more since the older you get, the more likely you are to have wellness problems. Theres also an additional possibility of you developing wellness conditions throughout regard to your plan. And additionally, your life expectancy happens shorter as you age.
Thats why its a lot more pricey. Yet there are means to decrease the cost of your life insurance policy, so read our suggestions.
Massmutual: Finest Entire Life Insurance
The entire life insurance configuration made use of by MassMutual uses an ensured demise benefit for your whole lifetime. There is a cash worth that gathers as well as can be gotten to sometimes when you require it typically, for example, for an additional retired life salary, medical expenses, or numerous problems.
Although that the MassMutual strategy does not assure profits, the company has really supplied out earnings to qualified insurance holders constantly since 1969, so you might get the benefit of obtaining revenue installments without buying a method intended to provide earnings on conjecture returns.
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Does This Insurance Have A Waiting Period
In short, no unless your health is extremely poor. We pride ourselves on our high level of training, our agents are trained to know all the ins and outs of these companies to get someone with what may not be the greatest of health day one level coverage and if not a graded or modified benefit, the bottom line is ACCEPTANCE IS GUARANTEED!
Our training tells us that John age 70 COPD diagnosed over 2 years ago that just has a prescribed nebulizer and no other health issues can be approved for day one level coverage. Not all companies will approve this but certain companies that we work with a will and that would be exactly where our agents would place you or your loved one.
Now our training also tells us Susan age 70 with COPD and an amputated leg from diabetes from 2 years ago with a few more health issues would be accepted just into a guaranteed issue policy with a 2-year limited benefits period. In the 1st year typically if death occurs the beneficiary will receive the premiums paid into the policy plus 10% depending on the company which is still an excellent benefit!
Again acceptance is guaranteed.
Universal Life Insurance With Burial Rider:
Universal life is another investment-based policy that allows you to build a cash value. But these most final expense policies offer more flexibility than whole life. For example, you can make withdrawals from your account while still alive.
This type of policy also allows you to change your premium payments as needed, so its an excellent option for seniors who need more flexible coverage but still want protection against burial expenses.
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Why You Should Avoid Term Insurance As A Senior
Tread carefully before moving forward with a term plan because it will expire. Common term plans expire on your 80th birthday, which is the case with AARP life insurance.
A whole life policy is best if you intend to cover funeral expenses. If temporary coverage is what you are looking for, a term plan could be perfect for you. It comes down to your goals with the policy and what you want it to cover.
Final Thoughts About Life Insurance For Seniors
a. Final expense insurance for seniors has excellent benefits, including affordability, a price that never increases, a death benefit that never decreases, and a cash value that builds over time.
b. Regardless of health, all seniors can qualify for final expense life insurance with no medical exam.
c. Other life insurance products can help pay for funeral expenses, but each has drawbacks. To understand the pros and cons of life insurance, speak with a specialized agent.
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Burial Insurance Companies For Seniors Over 70 #1: Great Western
Year of Establishment: Great Western is a relatively newer insurance company established in 1983. This company specializes specifically and solely on whole life insurance products only.
A.M. Best Financial Rating: A.M. Best Financial Rating rates Great Western Insurance Company with A- rating. This demonstrates strong financial standing and ability to meet obligations. For a relatively new company, this rating is a good sign of stability and future outlook.
Simplified Issue Life Insurance Policy
Simplified life insurance policy plans guarantee you without health evaluation yet need you to respond to wellness inquiries. The life insurance policy plan service identifies your qualifications for the method based upon your reaction to these health and wellness questions. Relying on your life insurance plan provider, you might be asked for some or each of the following:
History of any kind of sort of type of lengthy remain at the healthcare facility
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What Do We Mean By Product Benefits
This phrase can be a confusing one to wrap your head around, especially in relation to burial insurance. You will be pleased to know that there are a lot of upsides to investing in burial insurance.
First of all, the price will never increase. Thats right, as soon as you take out that policy then the price is immediately locked in and it will never increase. We know that this is really important for senior citizens because you will live on a fixed income.
We wanted to highlight this to give you a source of comfort because the thought of a random price increase is extremely worrying and also jarring. This would be a factor that would put you off investing in burial insurance for sure.
But, we hope that we have given you some kind of peace of mind that there will not be this rogue price increase.
A burial insurance plan will give you the reassurance that your price is totally cemented in, so you can budget and know that this price is not going to alter any time soon.
It is also important to note that your coverage will never terminate. This means that once you have taken out your funeral expense coverage, then the amount will never go down or it will never just come to a sudden halt.
Investing in burial insurance is a permanent fixture, and it will always be there for your family when the time comes that they require access to it.
Burial insurance never will. This is what makes it such an important investment.
Can I Buy Final Expense Insurance For My Senior Parent
It is common for children to buy coverage for parents or grandparents. However, some guidelines must be followed to have a valid and enforceable contract. There has to be an insurable interest, and the applicant must be involved in the process. This means your parent needs to answer medical questions and sign their name. You cannot get coverage on someone without their consent.
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Affordable Burial Insurance For Seniors Over 70
Do Want the inside scoop on getting Burial Insurance For Seniors Over 70? Of course, you do thats why youre here! Well, thats what we are going to review today.
Reaching the age of 70 is a pretty huge milestone in your life, but there is something that can be really easy to overlook when you reach this age.
Turning 70 should be a celebration, of course, and we do not want to taint this we just want to add a sort of clarity and reality to the situation overall.
It is really important that you get your burial insurance in line, because funeral expenses are a pretty major item that needs to be planned for. Yeah, funerals are actually expensive affairs.
It is true that funeral costs can actually be anywhere from $8,000 right up to $12,000, which is pretty crazy and is not the nicest surprise.
The cost of a funeral can come as a huge shock to loved ones who are going through the grieving process and who are also trying to honor the life of the deceased.
However, getting your burial insurance in line can really take away from this stress and pressure and it can be really helpful for your loved ones.
Burial insurance is something that you can do to help your loved ones, and it can really take away from the stress that is arranging a funeral on top of the grieving process.
However, lets break everything down first of all and just get to grips with everything in a step-by-step process.
Additional Questions & Answers On Burial Insurance Over 70
What is the best burial insurance for seniors?
The best burial insurance policy varies from one senior to another. Some factors that you will want to consider when shopping for burial insurance include the cost of the policy, first-day coverage, the benefits that are offered, and the age at which you will be able to receive benefits.
Is there an age limit for burial insurance plans?
Most life insurance companies accept applicants who are 85 years old and younger .
What is the difference between funeral insurance and burial insurance?
Funeral insurance, burial insurance, cremation insurance, and final expense insurance refer to whole life insurance that pays a sum of money to cover the costs of funeral and burial expenses.
Is final expense insurance a good deal?
Final expense insurance is a good deal for those seeking coverage in case of death. The premiums are typically low, and the policy offers a benefit amount that can cover funeral and burial costs.
Can I buy life insurance at 70?
Yes, you can buy life insurance at 70. Most life insurance companies will accept applicants who are 85 years old or younger. Some companies go up to age 89. Once approved, all plans will last until age 121 years old.
What is the best time to buy burial insurance?
The best time to buy burial insurance is NOW when you are healthy and have no pre-existing medical conditions. This will ensure that you qualify for a policy and receive the best rates.
When should I buy burial insurance?
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Burial Insurance Companies For Seniors Over : How Does Final Expense Insurance Work
Final Expense insurance is very easy to acquire and does not require months or weeks to evaluate. It does not require medical exams and other such paperwork of life insurance policies.
You will need to purchase this insurance policy from a broker or agency as insurance companies dont typically sell this product directly to customers.
Once you have assessed the right policy for you , there can be a waiting period before the benefit becomes payable. This means that there could be a two-year waiting period before the benefit is payable. This is so that people dont rush out and buy an insurance policy and pay a month of the insurance premium and then become eligible for a full payout.
Having said that, many insurance companies provide no waiting period coverage as well. Those will require a medical questionnaire to fill out and approval from the insurance company to qualify.
Typically these insurance policies are smaller than life insurance policies and have no term after which it expires. The benefit amount is usually between $2,000 $50,000 and designed to cover final expenses and leave a little bit of cash for your beneficiaries.
Those who wish to be insured by this type of policy are generally between the ages of 50 to 85 years.
Because of the smaller benefit amount, the premiums are very affordable. More so than the other life insurance policies.
Burial Insurance Companies For Seniors Over 70: some key benefits of final expenses insurance policies
Seniors Over 70 In Lower Health
- Again, it is best to get in touch with me to see what you qualify for, as many of my carriers make exceptions for certain health issues. You never know until we try!
For these seniors, I would expect them to have COPD, Diabetic neuropathy, mental illness, etc. In some cases, I can still get these clients day one coverage, but sometimes there is a waiting period involved.
It is hard to say what these clients would expect to pay, as it can fluctuate by the health condition, so I always recommend to get in touch so we can pinpoint that perfect carrier and price for you and your situation.
My top carriers offering burial insurance for seniors over 70 in lower health conditions are:
- Prosperity Life
These companies are absolutely excellent, and provide the best coverage for my clients in these situations.
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Is This Insurance The Best Option For Seniors
In short yes it is, the best reason being is that carriers like ours have an A rating or better. Now obtaining a rating like that does not happen overnight it is obtained over doing great business with happy customers over a long period of time.
Burial insurance for seniors over 70 will pay for everything related to expenses from a loved ones death. It will cover the burial plot and any left over debts like credit cards or medical bills.
Also, our carriers have a long-standing track record of paying a death benefit within 24 48 hours of receiving a death certificate. So your family will receive this payout quickly and be able to make the funeral arrangements.
No owing the funeral home money or trying to find a loan!
Some people believe they could set aside money in a separate account for when that inevitable day comes. The truth is:
Funeral homes are not known for waiting on money. That is why a policy with a quick payout is always the best option especially for seniors on a fixed income.
So when it comes to funeral insurance for seniors and especially funeral insurance for seniors over 70, this program is perfect.