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Burial Insurance for Seniors

Burial insurance for seniors, also often known as a final expense or funeral insurance, has been designed to be a type of whole life insurance policy that is very easy to apply for. Because the face values are relatively small compared to policies that people may buy when they are younger. The premiums are still affordable for many older adults and their families. This type of burial policy is more accessible to qualify for than most term life policies, and many life insurance companies offer this type of life insurance.

Burial Insurance for Seniors Overview

Even though insurers try to offer reasonable rates for older adults, many senior citizens live on a fixed income, which leaves them with little cash to spare. Since the responsibility of these senior citizens ultimately falls to their adult children, who help with burial arrangements, these children often offer to buy the burial insurance policy and make payments for their parents. In this case, those same adult children get named as the beneficiaries, allowing them to collect the proceeds from the insurance when their loved one does pass away.

Although adult children often don’t want to burden their parents with burial insurance details, they need to understand the following information:

  • Application: The person who will get covered must give permission and participate in the process.
  • Payments: Set up automatic payments with a checking or savings account to avoid having your burial insurance policy lapse.

What Types Of Burial Insurance For Seniors are Available?

It is necessary to distinguish between the different types of burial insurance plans on the market. While they share some standard features, there are a variety of options:

Level Burial Insurance Plans for Seniors

These burial insurance plans are sometimes called level benefit or simplified issue. While these plans ask a few health questions, they usually accept reasonably healthy older adults. A medical exam is typically not required. Minor health issues like high cholesterol or routine medications are no reason to refuse coverage for this type of life insurance policy.

Modified or Graded Benefit Burial Insurance Plans

These plans are open to seniors with serious health issues that may keep them from qualifying for level plans. They are offered when the senior cannot satisfactorily answer health questions, or they may ask no health questions. The advantage of qualifying for a level benefit is that the death benefit is payable immediately upon issue.

The best burial insurance policies for seniors will not need specific health questions answered. Still, there is typically a waiting period before the entire cash value of the death benefit is payable. Suppose the insured person does pass away before this waiting period ends. In that case, the company will either offer to pay a percentage of the total face value or will refund previous premium payments. This is typically the case for the first two years, although it varies from company to company and final expense whole life policy to policy. If the company offers to refund premiums, they may also pay interest. Each plan’s details should be clearly understood before signing for any final expense life insurance policy.

Regardless of the specifics, nobody loses money by buying any burial insurance for seniors. Whether premiums are refunded, or part or all of the benefit is paid, there will be money available to put toward the cost of a funeral. The money does not have to be paid toward the funeral home, though, so it could be put toward other final expenses.

What Companies offer Burial Insurance For Seniors?

The choice and cost of burial insurance companies vary by where you live, age, and health condition.

Some top burial insurers are:

  • Aetna
  • Cigna
  • Mutual of Omaha

How Much Does Burial Insurance For Seniors Cost?

Whether you are shopping for yourself or your loved ones, you should begin your search by determining the cost of coverage for different death benefit levels.

We have experienced burial insurance agents available online or via the phone who can answer any questions you may have.

Begin by entering your local ZIP code in the simple quote box and reviewing burial insurance quotes for top local choices.