Although it may seem improbable to some, there is burial insurance for seniors over 85 that is available and affordable. With funeral costs rising on an annual basis, covering your loved ones with proper burial insurance offers a hedge against the financial burden that otherwise would be in place. Usually, people make a common mistake by finding one insurance company and never bother to look elsewhere. When you compare the rate online with multiple free quotes, you save money.
You might be wondering!
What is the amount of coverage should I buy? Today, the average funeral cost has soared from roughly $6,000 a decade ago to roughly $9,000 today for the typical burial. The cost itself does vary from state to state and there are other expenses such as headstones and services which may not be included in the average as well.
The more events and arrangements you add, the higher the cost will be. So, how big you’re planning for your final arrangement, is an important factor while calculating burial insurance coverage. You should consider having more coverage as you can’t anticipate the exact final expense.
The sudden passing of a parent or grandparent is an unwelcome event that brings about much sorrow and reflection. However, the financial burden can be considerable when it has not been properly covered by burial insurance.
What are the Benefits of Burial Insurance?
There are a number of advantages in purchasing burial insurance for people over 85. In fact, many seniors have benefited from having this insurance available because of their financial situation.
Safety Net: The purpose of a burial insurance for elderly over 85 is to cover the inevitable expenses of the funeral. While everyone will eventually pass from this Earth, the proper planning for seniors will help save considerably on the expense.
Coverage: By taking out a proper business insurance plan for 85 years old and older, the policy will allow for a proper funeral. Many families without burial insurance often have graveside services only or even choose cremation simply because they lack the funds to provide for a proper burial service.
Convenience: Many burial insurance policies do not require a health exam or even ask health questions. However, there may be a maturity period in which the insurance goes into full force that may be months or years down the line. This protects the insurance company from a last-second purchase where the person being covered is expected to pass away shortly.
Of course, an additional benefit is that families will not need an extensive savings account to cover the expenses as the insurance should cover at least the most expensive aspects of the funeral.
Types of Burial Insurance:
There are few convenient types of burial insurance for seniors over 85 available. If you’re too old to go out of home, you can call local burial insurance agents and brokers to help you out. Some funeral home also offers affordable burial insurance for seniors locally. Here we are providing excellent deals for senior citizens over 85 and you must try them.
Few Important Tips:
Be smart while choosing the beneficiary of death benefits. You can either select your family as beneficiary or funeral director who can arrange the event for you. The pre-pay burial insurance is a great way to save money. If you pay for services like cremation, headstones, flowers and burial plots before your death, they’ll be cheaper. The single premium policy needs you to pay the full amount instantly and you’re qualified for full death benefit. The graded death benefits will offer installments. There is another traditional coverage which continues as long as you pay. The coverage ends up when you stop paying for the policy; for instance when you die.
How Much is Burial Insurance for Seniors over 85?
Good quality burial insurance can be provided for as little as $3 – $5 a week in many circumstances, allowing families to more the adequately cover the costs without having to worry about additional expenses. Isn’t this crazy, getting coverage with such low cost? There are monthly premiums from insurers as well.
This is important to know…
The premiums will depend on a number of factors that range from where the policy was purchased, the total amount of the benefits and any special circumstances associated with the burial insurance itself. This means that families will need to plan on how much they want to spend for the funeral services as well as the cost of inflation over time.
Example of Figure –
A prudent course of action would be to have burial insurance of at least $15,000 to ensure that the most common expenses are covered. However, the premium for such a policy would be considerably higher than one for $6,000 which may not cover everything that is desired.
Warnings and Suggestions:
To find an affordable burial insurance for over 85, this is very important to look at some issues. You should not make any deals with any provider unless they are licensed and have the full authority to do business in the state.
The state law is vital to obey by both insurance provider and policy holder. You might ever need to move somewhere else after purchasing a policy, so make sure the funeral home or provider allows you to do so. Today money-back guarantee is an essential feature which allows you to cancel the policy within first 30 or 60 days and get back the full money you paid.
If you’re not satisfied with them, you can do so. The underwriting should be done with your presence and make sure every single promise and offers are written on the agreement paper before you sign up.
So, the bottom line is..
Burial insurance at 85 is not only possible, it is a practical solution for families who want to protect their finances while providing for their loved ones.