Most seniors are concerned with creating a financial burden for their spouses and families when passing away. However, problems arise for seniors who are on fixed incomes and not able to afford standard life insurance or have substantial savings that can be used to pay for their funeral expenses. The good news is that there is even burial insurance for seniors over 80 that is relatively inexpensive and cover the cost of the average funeral. In order to get the latest price list, request multiple quotes from us.
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What is Burial Insurance?
This is a form of life insurance where the benefits only cover funeral expenses. Insurance companies sell them, but many are found through funeral homes where the benefits are tapped by the funeral director once they are needed. While the insurance is often tied to the funeral itself, it can be purchased separately and used to cover the cost of the burial.
This type of insurance is similar to standard life insurance policies save for the fact that it has a particular purpose and relatively small benefit amount as a result.
What does the Average Funeral Cost?
Today, the average cost of a funeral is $9,000. Naturally, the price will vary a little depending on the wishes of the deceased. It should be noted that cremations are far less expensive, often ranging in the hundreds of dollars up to a thousand. However, standard burials that involve preparation, a coffin, tombstone, and services will cost from $8,000 up to $10,000 or more.
How Expensive is Burial Insurance?
The cost of funeral insurance over 85 will depend on several factors, but the older you are, the more it will cost. You will be expected to answer a few health-related questions, and you may not receive the full benefit amount until a pre-set amount of time has passed.
However, for an 85-year-old senior in good health, a $10,000 policy will cost an average of $10 to $20 per week which translates to roughly $55 per month on average.
Other factors include where you purchase the insurance, your gender, and any restrictions placed upon the policy. You will want to check with your insurance agent for further details or click here to get free quotes online.
Why Purchase Funeral Insurance?
Inexpensive: Burial insurance tends to be far less expensive compared to standard life insurance policies. This makes it ideal for those who are looking for a means to pay for funeral expenses without placing a financial burden on themselves or their family.
Fewer Restrictions: Because the insurance is designed to cover burial expenses, it is easier to obtain for most seniors above the age of 85 compared to standard life insurance policies. It helps that the benefit amounts are lower as well.
Plus, the insurance can be tapped by the funeral director if you so desire who can carry out your wishes. This type of insurance works well with funeral pre-planning, so the family does not have to be distracted while in their time of grief.