The loss of a loved one is a difficult time for families and planning a funeral 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 people look for the best burial insurance for seniors.
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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. All you need is to request free quotes from funeral insurance companies to get started.
Alert: This is a complete guide on burial policy and appropriates for those who want to save money. So, be patient and read all. We also offer free quotes, so you buy the best burial coverage at the most affordable rate.
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 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 with a death benefit. This guarantees that a monetary amount will be released to the family or assigned beneficiary when the policyholder 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.
AARP Burial Insurance Plans
AARP is a U.S. based interest group that serves all persons who are over the age of 50. The goal is to help those who are retired, or near retirement, to live well. AARP helps aging Americans remain both intellectually active as well as physically fit.
- AARP gives you a group discount.
- AARP can give you a snapshot of the various plans and their options.
- You have to be over the age of 50.
New York Life is the sole provider for life insurance via AARP. If another company were to take over, it could change the nomenclature of the program.
There is no burial insurance so if you’re seeking burial insurance, this is definitely not the policy to choose. However, they will try to push this particular policy as burial insurance. Unfortunately, there are no burial insurance coverages in the final expense clauses.
Simplified Issue Whole Life
This is a true burial insurance policy that you may purchase anywhere from age 45 to 80. There is no discrimination against those who may smoke tobacco or chew tobacco. Other benefits of the policy: the monthly premium won’t change through the life of the policy, there is no waiting period, and the benefits won’t decrease. Unfortunately, it’s a higher premium than most of the competitors. There are 3 basic questions that must be answered.
Guaranteed Issue Whole Life
Guaranteed regardless of health. It runs about midline for pricing. All you do is apply to the policy, pay the premium and you’re covered. If you die in the first year, no benefits will be paid. No health exams or medical questions are asked if you are ill, this may be the best route to go.
AARP, a renowned life insurance provider, offers guaranteed life policy up to $25k that requires no medical exam or health questions. The rate is fixed throughout the term and quite affordable as well. It should be enough to cover medical and funeral expenses for seniors.
How Much Is Senior Burial Insurance?
Burial or funeral policy is a form of coverage that pays for some final expenses, the cost of a funeral, burying, and flowers. A senior in their 60s to their 90s will be able to get coverage in most cases.
The funeral insurance cost varies based on health, tobacco use, pre-existing conditions, general health, and whether an individual is male or female. You can pay your premium weekly, monthly, and even annually.
- A person in their 60s can expect to get $15K of coverage for approximately $62 a month. That same person could get $20K for $80 per month, and $25K in benefits for $100 a month.
- Someone in their 70s can get $15K for about $107 a month, $20K for $142 a month, and $25K for about $175 a month.
- Those in their 80s can expect to pay about $213 for $15K coverage, $285 for $20K, and $355 for $25K. These are monthly premium averages, and they are just averages.
- 90-year-olds may have to self-insure themselves. That means saving money to pay for a funeral because many insurers will only insure those 85 and younger. They may also only insure a person for two years after getting a policy.
As you can understand, the burial insurance cost is dependent on many factors, thus providing a fixed rate is no less than impossible. So, all you need is to click here and obtain free insurance quotes from us, so you come to know the exact current rate on the market for 2020.
Funeral Insurance Planning Tips:
When planning for funeral insurance it is also important to consider specific details such as the type of burial the policyholder wants. Cremation, ground burying, 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.
How to claim a death benefit?
The beneficiaries and claiming 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 provider. A death certificate along with the insurance policy and other necessary documents must be provided for claiming 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 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 issues 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 the 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.
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.
On the downside, 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. Regular funeral insurance for seniors is likely to cover a plan such as this.
What Are the Inclusions of a Standard Burial Coverage?
Generally the items covered by a standard burial policy for elderly are the following:
- Casket or urn
- Grave marker or headstone
- Cremation cost
- Cost of embalming
- Funeral cars
- Digging and filling of the grave
- Burying plot
How Do You Choose the Coverage Amount?
Choosing the amount of coverage for burial insurance for a senior citizen 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 coverage 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.
Getting Free Burial Insurance Quotes
You can start your comparison shopping here and branch out to include other companies until you find the policy and rates that best fit your budget. We encourage you to start with us and see why so many have chosen our services when it comes to having the lowest rates for the best burial policy.