When it comes to getting coverage that protects your family financially from funeral expenses, burial insurance for seniors offers a good answer. Burial insurance doesn’t only take care of final expenses, but the leftover after funeral arrangement can be used for other purposes as well such as paying mortgage loan and debts.
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Why Choose Burial Insurance?
There are some advantages when it comes to choosing burial insurance for seniors especially over 70, particularly for those who have been ill or have suffered from debilitating medical conditions. This is because burial insurance is generally easier to qualify for than traditional life insurance. Although it should be noted that this type of insurance is generally more limited in terms of benefits than many life insurance policies. Still, for seniors who only need coverage for the funeral cost this may be the best, most affordable type of insurance they can get.
Factors that Affect Burial Insurance Rates:
There are a number of factors that go into getting affordable burial coverage, particularly for seniors who often pay higher rates than those who are under 65.
Health: A health examination is an important part of traditional life insurance, but is simply not as large a factor when it comes to burial insurance. This is due mostly to the lower benefit rate, but for those who are suffering from debilitating medical conditions it can still be a very important factor.
Age: As with life insurance, the older you are, the more expensive burial insurance will become. Therefore, it is better that if you choose this type of insurance coverage that you make the purchase sooner rather than later. However, the price of the coverage is not nearly as much when compared to traditional life insurance policies.
Why Choose Burial Insurance?
There are a number of reasons why burial insurance for elderly parents is a good choice, particularly for those who are on a tight budget.
Cost Effective: Arguably the best reason to get this type of insurance is that it is cheaper than traditional life insurance plans. This means that you only pay for the coverage that you need and not for anything else. This can be really effective if you have non-burial costs associated with the passing of a loved one adequately covered.
Funeral Planning: With the average funeral or burial cost around $9,000, having this form of insurance will help you better plan for the expenses. This means that families can be better prepared for the funeral in terms of what is needed which will take away much of the burden that otherwise would come from having to plan the funeral while still grieving for the loss of a loved one.
Easy to Get Quotes: Because so many insurance companies carry this type of coverage, it is fairly easy to get good burial insurance quotes so that you can choose the right amount for your needs. We offer free burial insurance quotes online and you will definitely find a suitable rate in your range.
While it is true that burial insurance has a lower amount of benefits than life insurance, it is also far easier to obtain and will help seniors plan for their funeral so that their family will not be burdened by the cost. For those who only need coverage for funeral expenses, the burial insurance is the right option to take.