Burial Insurance for Seniors Over 80
Even though it’s smart to sign up for some sort of life insurance policy while you are young, a lot of older Americans are without coverage. It can be really easy to put off buying coverage, but doing so can leave your family in a bad predicament in the event that you pass away and leave them to cover your final expenses. Luckily, it’s never too late to buy coverage.
As many seniors find out when shopping for life insurance, a lot of regular term life and whole life insurance providers do not offer coverage for older individuals, such as seniors over 80. However, there is still an option for you to look into burial insurance.
Basically, burial insurance for seniors over 80 or anyone else who is interested in buying coverage is a type of whole life insurance policy. Unlike some policies, however, the coverage amount for final expense insurance is usually relatively small. However, your average coverage should pay out enough to pay for your funeral expenses and other final costs so that your family is not left with the burden. Different policies offer different levels of coverage, however, so if you are looking for burial insurance for your elderly parents over 80 or for yourself, it’s important to compare your options.
Different Types of Burial Insurance for Seniors Over 80
First of all, you should know that there are different types of burial insurance that you can apply for. These are a few options that you should know about:
- Level Benefit – With this option, there is no waiting period; instead, you have full insurance right away. This is generally considered an option for those who are in good health.
- Graded Benefit – Graded benefit policies are often the best option for those with minor health issues. If you pass away within the first couple of years after signing up, only a percentage of the payout will be paid to your beneficiary. However, within a few years, your beneficiary will be able to receive the full amount if you pass away.
- Modified Benefit – Modified policies are designed for those with more serious health issues. The good news is that you can still get approved, even if you have serious health issues. However, if you pass away within the first couple of years of issue, your premium payments and a small percentage of the full payout amount will be paid to your beneficiary. After a few years, however, the full amount will be paid to your beneficiary if you pass away.
The options that you qualify for sometimes depend on things like your age or your answers to the insurance company’s health questions. However, the good news is that many companies offer Burial Insurance for seniors over 80, so even if you can’t get your full benefits right away, you should be able to find insurance for yourself or your senior parents.
How to Find Burial Insurance for Seniors Over 80
If you are looking for funeral insurance for your burial expenses, you might be wondering how you can find affordable options. Luckily, we make it easy for you to do so online, and some companies will even allow you to start your application right away! If you’re looking for cheap life insurance for seniors, use our handy online tool to get quotes in mere seconds!