[2024 Update] Burial Insurance For Elderly Explained

Elderly individuals are increasingly looking for burial insurance options that fit their needs.

Burial insurance is a type of final expense life insurance policy designed to help seniors and their families cover end-of-life costs, such as funeral expenses or medical bills.

But with so many different types of policies available on the market, it can be difficult to determine which option is best suited for you or your elderly loved one’s individual situation.

Everything you need to know about elderly burial insurance is found here. We’ll cover important definitions, frequently asked questions, and steps on how you can purchase an appropriate plan quickly and easily.

Table of Contents:

1. What Is Burial Insurance?
2. Do Elderly Need Burial Insurance?
3. How to Choose the Best Burial Insurance
4. Pros and Cons of Burial Insurance for Elderly
5. Steps to Buy Burial Insurance
6. Steps After Purchasing a Policy
7. Frequently Asked Questions
8. Can you get burial insurance on anyone?
9. Is burial insurance for elderly a good deal?
10. Next Steps

What Is Burial Insurance?

Burial insurance is a type of life insurance that pays out a death benefit to your beneficiaries to cover funeral and burial expenses.

It can be an important part of financial planning for yourself and your loved ones, as it can help alleviate the burden of these costs in the event of your death.

For those who are elderly, burial insurance may provide peace of mind knowing that their final expenses will be taken care of when they pass away.

The price of a funeral and burial can range from thousands to tens-of-thousands of dollars depending on the services chosen.

Burial insurance provides a way for you to ensure those costs are covered without having to leave behind debt or burdening family members with this expense at an already difficult time.

Key Details

When selecting burial insurance, there are several factors you should consider such as:

• Coverage amount (e.g. $15,00 burial policy).
• Premium payments.
• Age eligibility requirements.
• Pre-existing medical conditions (e.g. diabetes).
• Other riders or benefits offered by different providers.

Almost all burial insurance policies are permanent in nature.

As long as you make your premium payments, you cannot outlive your policy, which makes the form of coverage ideal for when it comes time to file a life insurance death claim to pay for your end-of-life expenses.

Independent Agent

It is important for elderly people who are considering purchasing burial insurance coverage to research – through the help of an independent life insurance agent – different companies offering this type of product. 

This will allow them to find one that best fits their needs while providing adequate protection at a reasonable price point.

Key Takeaway: Burial insurance is an important part of financial planning for elderly individuals, as it can help cover funeral and burial expenses at the time of death. 

Do Elderly Need Burial (Final Expense) Insurance?

As we age, our needs change and the need for burial insurance becomes more important. 

It can provide peace of mind to those who are worried about leaving their loved ones with an unexpected financial burden after they pass away.

End Of Life Planning

Burial insurance ensures your loved ones are not burdened with the task of searching for free burial places for you, due to not having adequate funds to pay for your funeral.

For elderly people in particular, burial insurance is especially beneficial because it can help them plan ahead for their own end-of-life expenses, like cremation costs, while also providing peace of mind for their family members or beneficiaries.

With this type of coverage, elderly individuals don’t have to worry about having enough money saved up to pay for all the costs associated with funerals.

When choosing a burial insurance policy, there are several factors that should be taken into consideration:

• Amount of coverage needed.
• Whether or not there is an option to add riders.
• What specifically you want the policy to pay for.
• Who will be the policy’s beneficiaries.

It is important to consider premiums when selecting burial insurance, as some policies require larger payments than others depending on the amount of coverage desired. 

Key Takeaway: Research different companies offering burial policies in order to compare rates between providers and find one that fits within their budget while still providing adequate protection against end-of-life expenses.

How to Choose the Best Burial Insurance

Choosing the best burial insurance for elderly people should be done with care. 

When looking at different policies, it is important to ensure that they cover all of your final expenses such as funeral costs, medical bills, and any other debts you may have.

You should also look into what type of death benefit the policy offers – this will determine how much money your loved ones will receive upon your passing.

Burial Insurance Companies

It is also important to compare different life insurance companies before making a decision so that you can get the best rate possible. 

To start, we highly recommend you evaluate the following highly-rated burial insurance carriers, know for the their competitive premium rates and excellent customer service.

1. SBLI
2. American Amicable
3. Guarantee Trust Life
4. Corebridge
5. Mutual of Omaha
6. CICA Life

Most companies offer additional benefits such as accelerated death benefits which allow you access to part of the death benefit if needed while still alive in certain circumstances like terminal illness or long-term care needs.

Needs Assessment

One of the most important steps you can take is to determine just how much burial insurance you need to cover your final bills.

To start, grab a pen and paper, and jot down the following estimated costs:

1. Final medical bills.
2. Cremation cost (if applicable).
3. Funeral price.
4. Modest debts.
5. Other financial goals or obligations.

Select a burial insurance coverage amount that will cover your projected financial needs at the time of your passing. Common face amounts seniors purchase include:

• $20,000 burial policy
• $30,000 burial policy
• $40,000 burial policy

If it fits within your budget, error on the side a larger coverage amount so that you are confident that all of your final bills are paid for.

Health Evaluation

While burial insurance is easy to qualify for, you will need to answer some health questions in order to qualify for a traditional policy.

For example, be ready to communicate if you have been diagnosed with a major medical complication, such as diabetes, cancer, or heart disease.

Even with some health complications, many seniors are still approved for coverage. Further, there are burial insurance options for elderly individuals who are very compromised health-wise.

Look to a guaranteed issue life insurance plan if you have serious medical complications, such as a terminal illness.

Guaranteed issue burial insurance asks no health questions and everyone qualifies, as long as you meet the age requirements, typically age 50 to age 85.

Key Takeaways

It is also essential to read through each policy carefully and understand exactly what it covers before signing.

Doing so will ensure that there are no surprises down the road. Be sure to communicate to your beneficiary the details of your policy and where it is stored so that they can easily file a life insurance death claim when the time comes.

Taking time now to research burial insurance plans can save both time and money in the future when final arrangements and settling financial matters after a loved one passes away must be taken care of.

Pros and Cons of Burial Insurance for Elderly

You will want to weigh the pros and cons of burial insurance for elderly individuals before moving forward with a policy purchase. 

Pros

One major benefit of burial insurance for seniors is that it provides peace of mind for both you and your family members.

Knowing that your funeral expenses will be taken care of can provide comfort during a difficult time.

Additionally, burial insurance policies often have no medical exams required in order to qualify – this makes them accessible even if you’re in poor health or have pre-existing conditions.

Another great feature is that burial insurance is almost always permanent insurance. You will not outlive your policy.

Your loved ones will receive your life insurance proceeds at the time of your passing, as long as you continue to make your premium payments. 

Finally, many policies offer flexible payment options so you can choose what works best for your budget.

Cons

The main downside to burial insurance is its high premiums in relation to the face amounts offered. For example, most carriers cap their coverage amount at a $50,000 burial policy. – primarily due to the fact that underwriting is lenient.

To compare, term life insurance policies often have much higher face values. But, not everyone can qualify for term life insurance as underwriting is stricter.

Plus, your policy will expire at some point (often 10 – 20 years). Term coverage is typically not ideal for securing money to pay for your end-of-life costs.

Is Burial Insurance a good idea?

Whether or not burial insurance is worth it depends on a variety of factors such as age, health status and budget.

Generally speaking, it can be a good option if you are looking for an affordable way to provide some financial security after death without having too much of an impact on your current finances while alive.

Ultimately though, it comes down to personal preference and situation; it is recommended that you speak with an expert before making any decisions about purchasing a policy.

Key Takeaway: Consider factors such as age, health status and budget when deciding if this type of policy is right for you, and it may be wise to speak with an expert agent before making any decisions.

Steps to Buy Burial Insurance

Buying burial insurance is an important step for seniors to ensure their final expenses are taken care of. It’s important to research your options and choose the right policy that fits your budget and financial needs.

Here are some steps you should take when buying burial insurance.

1. Research Your Options

There are many different types of burial insurance policies available, so it’s important to do your research before making a decision. Compare rates from multiple companies, such as SBLI.

You can also ask friends or family members who have purchased similar policies for advice on which company they recommend.

2. Determine How Much Coverage You Need

When choosing a policy, consider how much coverage you need in order to cover all of your final expenses, including funeral costs, cremation costs, medical bills, and other end-of-life costs.

Make sure the amount, such as a $25,000 burial policy, is enough to cover these expenses without leaving any gaps in coverage.

3. Choose a Payment Plan

Most burial insurance policies offer monthly or yearly premiums that can be paid in installments over time.

Consider what type of payment plan works best for you financially and select one that fits within your budget while still providing adequate coverage levels for yourself or loved ones after death occurs.

4. Compare Policies Carefully

Before signing up for any policy, read through the terms carefully so you understand exactly what is covered by each plan as well as any exclusions or limitations associated with it.

This will help ensure there won’t be any surprises down the road when it comes time to file a life insurance death claim, during an already emotionally difficult time.

When comparing plans, be sure to inquire about additional benefits of burial insurance. For example, an accelerated death benefit rider allows access to funds while still alive if certain conditions apply, such as a terminal illness diagnosis.

This can help you get maximum value out of every dollar spent on premium payments.

Key Takeaway: Research your options, determine how much coverage you need, choose a payment plan and compare policies carefully in order to get the best value for your money. 

Next Steps After Purchasing a Policy

Once you have purchased a burial insurance for seniors, it is important to understand the terms and conditions of your policy.

Make sure that you are aware of any exclusions or limitations on coverage.

It is also important to keep track of premium payments and other details related to your policy such as the date it was issued, the amount of coverage, and any changes in benefits over time.

Understanding Your Policy Terms and Conditions

Before signing up for burial insurance for seniors, make sure that you fully understand what is covered by the policy.

Read through all documents carefully before signing anything so that you know exactly what type of protection you will receive in case something happens to you or your loved one.

Be aware of any exclusions or limitations on coverage so that there are no surprises if a claim needs to be filed later on.

Keeping Track Of Premium Payments And Coverage Details

Once your burial insurance plan has been approved, make sure to keep track of all premium payments and other details associated with the policy such as its start date and the amount covered by the plan.

This information can be useful if questions arise about eligibility for benefits or when a death claim needs to be filed at some point down the road.

It is important to review your burial insurance policy regularly as time passes and life circumstances change.

Consider purchasing an additional policy (e.g. $10,000 burial insurance) as a hedge against inflation or adding additional riders, depending on individual situations, such as marriage or divorce.

Doing this will provide peace of mind knowing that everything is taken care of should something happen unexpectedly while providing financial security for yourself and family members during difficult times.

Key Takeaway: Understand the terms and conditions of your policy, as well as keep track of premium payments and coverage details. Regularly review your policy over time to ensure it meets changing life circumstances.

Frequently Asked Questions for Burial Insurance for Elderly

Here, we cover some commonly asked questions about burial insurance for elderly individuals? 

Can you get burial insurance on anyone?

No. 

If you are hoping to buy burial insurance for a loved one, such as your elderly parents or perhaps your grandparents, there are two things you need to prove:

1. The elderly individual agrees to the life insurance policy. 
2. You would experience a financial loss at the time of the person’s death. 

You cannot buy burial insurance on someone if those two circumstances do not apply. 

Is burial insurance a good deal for the elderly? 

It can be. Burial insurance is worth it more often than not.

If funds are not in place to cover the cost of end-of-life expenses, burial insurance is highly recommended. 

Keep in mind, the average cost of a funeral is north of $10,000 in most states. The cost rises every year, as well. 

If you do not want to burden those you care about most financially at the time of your passing, consider a final expense (burial) policy to pay for:

• Medical debts
• Hospital bills
• Hospice
• Casket or cremation
• Burial plot
• Memorial service
• Flowers
• Charitable donation in your name

Next Steps

Burial insurance for elderly people is an important part of financial planning. It can provide peace of mind and help cover the costs associated with end-of-life expenses.

When choosing a policy, it’s important to consider factors such as coverage amount, premium payments, and eligibility requirements.

Understanding the answers to frequently asked questions about burial insurance can also be helpful in making an informed decision.

Finally, taking steps to buy burial insurance – with the help of an independent agent – is essential for elderly individuals, who want to ensure their final wishes are taken care of without burdening their loved ones financially.

Are you an elderly person looking for burial insurance? Look no further than LuminaryLife.

Our comprehensive insurance product offers final expense, Medicare, health and cancer plans to help you protect your loved ones and ensure that your final expenses are taken care of.