Burial Insurance For Seniors In 2024 – Your Complete Guide
Posted in Guides last updated on May 3, 2024
Burial insurance for seniors is an important part of financial planning. It provides peace of mind that final expenses will be taken care of in the event of death.
Knowing how much burial insurance for seniors costs, how it works, and which companies offer the best coverage can help you make an informed decision when selecting a policy.
Table of Contents
- What Is Burial Insurance for Seniors?
- How Much Does Burial Insurance for Seniors Cost?
- How Does Burial Insurance Work?
- Best Burial Insurance Companies
- How to Buy Burial Insurance for Seniors
- Frequently Asked Questions
- Is it worth getting funeral insurance?
- What kind of insurance covers burial?
- What is better life insurance or burial insurance?
What Is Burial Insurance for Seniors?
Burial insurance is a type of life insurance policy designed to help cover the costs associated with funerals and other end-of-life expenses. It is specifically tailored for seniors, providing them with financial security in their later years.
For many seniors, burial insurance can be an invaluable resource as it helps ensure that they have the funds available to pay for funeral arrangements and other related expenses without burdening family members or friends.
In addition, it can provide peace of mind knowing that these costs are taken care of should something happen unexpectedly.
The amount of coverage offered by burial insurance policies varies depending on the provider and plan chosen but typically ranges from $5,000 – $50,000 in coverage, but can be more or less.
This money can be used to cover any number of funeral-related expenses such as casket purchases, cremation services, flowers and obituaries among others.
When selecting a burial insurance policy for a senior loved one, it’s important to consider their individual needs and budget constraints when making your decision.
Many providers offer customizable plans so you can tailor the coverage amounts accordingly while still ensuring your loved one has enough protection in place should anything unexpected occur during their golden years.
Overall, burial insurance for seniors is a great way to ensure that their final expenses are taken care of without burdening family members or friends.
With the right policy in place, you can rest assured knowing that your loved one’s end-of-life costs will be covered and they can enjoy their golden years with peace of mind.
How Much Does Burial Insurance for Seniors Cost?
When it comes to planning for the future, seniors should consider burial insurance as an important part of their financial security.
Burial insurance is a type of life insurance policy that provides coverage in the event of death and can help cover funeral costs and other end-of-life expenses.
But how much does burial insurance cost?
The answer depends on several factors, including your age and health status.
Age Affects Cost
Generally speaking, premiums cost more with age because older people are more likely to die sooner than younger people.
For example, a 65-year-old will typically pay less for a burial policy than a 75-year-old, if everything else is equal.
It is ideal to lock in a lower rate at a younger age, as burial insurance premiums almost always remain level.
Health Status Matters
Your current health will also affect your premium rate.
Those with pre-existing conditions may pay higher premiums than healthier individuals due to increased risk factors associated with certain medical issues such as diabetes or heart disease.
Additionally, smokers tend to pay higher rates than non-smokers due to additional risks associated with smoking habits.
Average Costs
On average, a healthy senior between ages 50 – 60 years old can expect to pay around $30 per month for a $10,000 burial policy.
On the other hand, someone over 70 years old could be looking at paying up to $50 per month for the same policy – depending on their individual circumstances.
For example, one must consider overall health and lifestyle choices, as well as special circumstances, such as whether you are living with a disability.
Ways to Save Money
Shop around: The cost of burial insurance varies because different insurers have different pricing structures.
Make sure you compare quotes from multiple providers before making a decision – this way you can get the best deal possible without sacrificing quality coverage.
If you can, pay annually: Many companies allow customers who choose annual payments instead of monthly ones to save up to 20% off total premiums each year.
This might be worth considering if your budget allows since it would mean fewer payments throughout the course of the year, plus potential savings too.
Burial insurance is often an important part of financial security for seniors. Knowing the factors that affect cost and how to save money on premiums can help you make the best decision for your individual needs.
How Does Burial Insurance Work?
As a senior, it’s important to consider the financial burden that can come with end-of-life expenses. Burial insurance is an option for seniors who want to make sure their final expenses are taken care of without putting a strain on their loved ones.
But how does burial insurance work?
Determine Eligibility
First, you need to determine if you’re eligible for burial insurance coverage. Generally speaking, most people over the age of 50 qualify for this type of policy.
However, some insurers may have additional requirements such as medical questions or other forms of underwriting before they approve your application.
Most seniors qualify for traditional burial insurance because the underwriting process is quite lenient.
However, if you have serious medical complications, such as a terminal illness, you can always look to a guaranteed issue life insurance plan for your burial insurance needs.
Choose Coverage Amount
Once you’ve been approved, you will be able to choose the amount of coverage that best fits your needs and budget.
The amount of coverage typically starts at $5,000 and can go up to $50,000 in coverage, depending on the insurer and plan chosen. Other face amounts are available.
Common burial insurance coverage amounts seniors select include:
- $10,000 burial policy
- $20,000 burial policy
- $30,000 burial policy
This money can then be used by your family or designated beneficiary after death in order to cover the price of a funeral or any other related expenses associated with passing away.
Further, your loved ones can use the death benefit for things beyond funeral expenses, such as debt payoff or a charitable donation.
Plan Premium Payments
Finally, just like any other type of life insurance, burial insurance premiums must be paid regularly in order for policies to remain active and continue providing benefits upon death occurring.
Most carriers allow you to pay premiums:
- Monthly
- Quarterly
- Annually
Just be sure to stay on top of your planned payments. The last thing you want is for your loved ones to be searching for free places for burial due to a failure to make premium payments resulting in the cancellation of your policy.
With its flexible options, easy claims process, and affordable premiums, this type of protection offers peace of mind knowing that final expenses won’t become a financial burden later down the road.
Best Burial Insurance Companies For Seniors
When it comes to choosing a burial insurance company, there are many factors to consider such as cost, coverage options, customer service ratings, and reviews from past customers.
To make it easier for you to find the best option for your needs, here are five of the top-rated burial insurance companies.
American Amicable
American Amicable offers several different types of policies including burial life insurance. They also have an A rating from AM Best which means they’re financially stable and reliable when it comes time to pay out claims.
In addition, their customer service team is highly rated by customers who praise them for being helpful and knowledgeable about their products. Up to $50,000 in burial coverage is available.
SBLI
SBLI, or Savings Bank Mutual Life Insurance Company of Massachusetts, has been providing quality services since 1907, so you know they’ll be around if something happens to you or your family members covered under their policies.
Included in their burial insurance plan is free enrollment in the Sequoia Funeral Concierge Plan.
Plus, their customer service team has earned high marks from customers who say they always go above and beyond when helping them choose the right plan for their needs. Up to $35,000 in burial coverage is available.
Mutual of Omaha
Mutual of Omaha offers a high-quality burial insurance plan with a number of free riders, such as the accelerated death benefit.
Their premiums are affordable but still provide comprehensive coverage should something happen unexpectedly during your lifetime or after death occurs due to natural causes or accidental.
Mutual of Omaha’s customer service representatives have earned excellent ratings from clients who appreciate their friendly and professional demeanor. Up to $40,000 in burial coverage is available.
CICA
CICA Life now offers burial insurance through their Superior Choice products, available at Standard or Guaranteed Issue rates.
Expect a quick and simple underwriting process. You will not be asked about your height, weight, or tobacco status. Many common health conditions, such as oxygen use, are approved at Standard rates.
CICA Life’s Superior Choice is available to individuals between the ages of 0 – 85 years old. You may purchase up to $30,000 in coverage, depending on your age.
Guarantee Trust Life
Guarantee Trust Life, or GTL, offers several different types of policies including burial insurance through their Heritage Plan. Seniors only need to answer five health questions to qualify.
GTL also boasts an A- rating from AM Best, demonstrating strong financial backings.
Finally, its customer service department has received great reviews from clients praising its responsiveness and knowledgeability regarding all aspects related to their life insurance policies. Up to $25,000 in burial coverage is available.
Corebridge Financial
Founded in 1919 and formally known as AIG, Corebridge Financial is a top-rated life insurance carrier, providing burial insurance through their guaranteed issue plan.
Corebridge Financial has an A rating from AM Best, which translates to Excellent.
Corebridge’s burial policy is ideal for seniors who have serious health complications and do not qualify for traditional burial insurance, as no health questions are asked. Up to $25,000 in burial coverage is available.
How to Buy Burial Insurance for Seniors
Buying burial insurance for seniors is sometimes a difficult decision, but it is an important one. It’s essential to make sure that your loved ones are taken care of in the event of your passing.
Here are five steps you should take when buying burial insurance for seniors.
1. Research Companies
Before making any decisions, research different companies and compare their policies and coverage details.
Be sure the carrier you are evaluating offers the type of coverage you need, such as a $30,000 burial policy.
Look at reviews from other customers to get an idea of what kind of service they provide and if they offer competitive rates.
2. Compare Quotes
Once you have narrowed down your list of potential insurers, request quotes from each company so you can compare prices and coverage options side-by-side.
Keep in mind, face amount affects quotes. Unsurprisingly, more coverage costs more. $50,000 in coverage will have more expensive premiums than $5,000 in coverage.
This will help you determine which policy best fits your needs while also staying within budget constraints.
3. Understand Coverage Details
Read through the fine print carefully to understand exactly what is covered by the policy as well as any exclusions or limitations that may apply to certain services or benefits included in the plan.
Make sure all questions are answered before signing on with a particular insurer so there won’t be any surprises later on down the line. Verify the process of filing a life insurance death claim with a particular carrier.
4. Shop Around
Don’t just settle for the first quote or policy option presented.
Work with a life insurance agent who specializes in burial insurance for elderly individuals.
Be sure to shop around until you find something that meets both your financial requirements and desired level of coverage protection.
5. Ask Questions
Don’t hesitate to ask questions about anything related to:
- Available face amounts
- Waiting periods
- Riders
- Financial stability
Additionally, inquire about customer service.
These factors, along with the cost of burial insurance, play into whether or not an insurer is right for you. Buying burial insurance for seniors is an important decision that should not be taken lightly.
By following these five steps, you can ensure that you are making the best choice for yourself or your loved one’s future.
Frequently Asked Questions for Burial Insurance For Seniors
Here, we cover frequently asked questions about burial insurance for seniors, and their detailed answers.
Is it worth getting funeral insurance?
When it comes to funeral (burial) insurance, the decision of whether or not to purchase a policy is ultimately up to the individual. For seniors over age 50, funeral insurance can be an important part of their financial planning.
It provides peace of mind that their loved ones will not have to bear the burden of covering the price of a funeral in the event of death.
Additionally, some policies may provide additional benefits such as coverage for medical bills or other debts incurred prior to death. Ultimately, each person must weigh the pros and cons before deciding if burial insurance is worth it.
What kind of insurance covers burial?
Burial insurance, also known as funeral or final expense insurance, is a type of life insurance policy designed to cover the costs associated with funeral and cremation costs.
It typically provides death benefits in amounts ranging from $2,000 to $50,000 in coverage.
This type of policy is available to seniors over the age of 50 who may not qualify for traditional life insurance due to their age or health status, such as living as a diabetic.
The cost of burial insurance is generally more affordable than other types of life insurance and can be purchased without having to take a medical exam.
The funds provided by these policies can help families pay for funeral services such as cremation or burial plots, caskets and headstones, flowers and obituaries.
What is better? Traditional life insurance or burial insurance?
When it comes to traditional life insurance or burial insurance for seniors, the best option depends on individual needs and circumstances.
Traditional life insurance, like term, is designed to provide financial protection for a family in the event of death, while burial insurance is specifically intended to cover funeral costs.
Burial insurance offers a more straightforward approach by providing a modest amount of coverage designed for funeral expenses upon death.
Ultimately, both forms of coverage, traditional and burial, offer important benefits for seniors and their families.
However, depending on one’s situation and budget constraints, burial insurance is often more suitable.
Next Steps
It can provide peace of mind knowing that your loved ones will not be burdened with funeral costs after you pass away.
Burial insurance policies are typically affordable and easy to purchase, making them a great option for seniors who want to make sure their final expenses are taken care of.
With so many companies offering burial insurance policies, it’s important to do your research and find the best policy that fits your needs and budget.
Start by collaborating with an independent life insurance agent – so that you can access multiple carriers and quotes.
