The loss of a loved one is a difficult time for families and planning a burial can make it even harder. Carrying out the last wishes of a loved one may also prove to be difficult at a time like this. Not to mention, costly. These are just some of the reasons many elderly people look for burial insurance for seniors. A plan like this can help the family be as stress free as possible, and at the same time all last wishes of their dearly departed can be planned and carried out without incurring any major financial setbacks.
Burial Insurance for Seniors Overview:
According to the National Funeral Directors Association, the average cost for an adult funeral in 2014 was approximately $8500. Depending on the arrangements made, the price can go up to $10,000. Seniors who may not have an existing life insurance policy but want to settle death plans may consider purchasing funeral insurance for seniors.
In simple terms, this is a type of small life insurance policy with a death benefit. This insurance guarantees that a monetary amount will be released to the family or assigned beneficiary when the policy holder dies. The money may be used towards funeral fees, medical bills, debt and other expenses that may arise.
Proper planning is a must when buying any type of insurance and details of final expense insurance for seniors should also be addressed.
Planning and Claiming of Insurance Death Benefits:
When planning burial insurance it is also important to consider specific details such as the type of burial the policy holder wants. Cremation, ground burial, crypt and entombment all have different outcomes and prices. Plan owners must consider how they would like to be laid to rest. Burial location should also be factored in when considering the type of burial to be done.
The choice of service to be carried out should also be part of your planning. These include graveside service, funeral service and memorial service. Other details to be planned include the type of casket, music and flowers. When planning, professionals are present to assist and document the details.
Knowing these details is very essential since it will help give a better understanding of the amount of coverage needed. In cases where plan holders are not ready to make such choices, it is possible to just set aside a specific amount for the different services.
The beneficiaries and claiming of death benefits are also deliberated when planning. A beneficiary may be assigned to receive the payout, whether it is a lump sum or monthly payments. Upon the death of the insured the beneficiary must contact the insurance company. A death certificate along with the insurance policy and other necessary documents must be provided for claiming of benefits.
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Types of Burial Coverage:
Burial coverage also includes options for arranging details after the insured’s passing. These are found under a prepaid coverage or preneed coverage.
A prepaid funeral can be paid for in advance without the details being completed especially if this is being bought as a burial insurance for the elderly parents. Family members may fulfill details for arrangements later on. It may also be done with all the details and last wishes of the plan holder. In cases such as this the funeral service operator provides the details of the costs.
On the other hand, a preneed burial plan allows the owner to take care of all the details of their funeral in the future. In this case, the plan holder may make decisions on his own or along with family members. All arrangements are then carried out when the right time comes.
When you apply for an affordable burial insurance for seniors, age matters and thus you will find different pricing for people of different ages.
Pros and Cons of Prepaid Burial Coverage:
Prepaid funerals are also a good choice for people with pre-existing health issue since it can be a way to help prepare for your passing.
The upside to having a prepaid funeral is that the cost which is planned for remains the same, even if the funeral is years away. In short, it is not affected by inflation. It also allows the owner to take carry out last wishes and arrangements without worrying about price changes. Installment payments are also possible for this type of funeral arrangement.
On the contrary, it may not be flexible if the owner moves out of state, although some plans may be transferable. Also, in case the owner changes their mind about the plan, a refund may not always be possible.
Pros and Cons of Pre-Need Burial Coverage:
In this case, the plan holder may take matters into his own hands and decide on all the necessary details for his passing. This can help ensure that all the necessary details are already taken care of and carried out according to the plan holder’s desires. Everything from documents down to flowers, music and the type of burial will be settled. Not only does this allow for desired arrangements to be carried out but it also keeps loved ones from having to make these decisions. This makes it a good choice when buying burial insurance for parents.
Learn more about pre-need coverage.
On the down side, since this service is not paid for in advance, it must be paid for at the time of death. This can be paid for in cash by family members or through other means. A regular burial insurance for seniors is likely to cover a plan such as this. To know how to obtain affordable burial insurance, click here.
How Much is the Cost of Senior Burial Insurance?
Premiums vary depending on the inclusions you want, your age and your burial insurance provider. You can pay your premium weekly, monthly and even annually. In general, a top quality coverage only costs around $2-$5 per week and this already gives you at least an $6000 coverage.
It should be noted that when looking for this kind of insurance, it is important to check that the premiums do not increase after a certain period of time.
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What are the Inclusions of a Standard Burial Coverage?
Generally the items covered by a standard burial insurance for elderly are the following:
- Casket or urn
- Grave marker or headstone
- Cost of Cremation
- Cost of embalming
- Funeral cars
- Digging and filling of the grave
- Cost of burial plot
How Do You Choose a Coverage Amount?
Choosing the amount of coverage for burial insurance for seniors can best be done after doing some research. Consider the current prices for the different arrangements that need to be carried out. This will give you a good idea of what the standard inclusions will amount to. Additional costs must also be considered and you should give room for unexpected expenses.
Things such as outstanding bills, medical costs if there is no other insurance and any existing health conditions can also be added to the estimate. All these will give you a good idea of how much final expense insurance is needed.