In 2021, the average cost of a funeral with burial was nearly $8,000. Unfortunately, the prices rise yearly. Thus, you might spend more than this on a funeral in a few years.
As a result, people turn to burial insurance for seniors. Burial insurance provides a cash payout for funeral costs, making the financial impact of a funeral easier on families.
Buying burial insurance is the best solution for people who can’t afford traditional life insurance policies.
Here is a brief explaining burial insurance and the top things you need to know.
Burial Insurance for Seniors Has Age Limits
Burial insurance is often referred to as final expense insurance, but both are the same policies. In addition, many insurance companies pose age limits for purchasing burial insurance, but some don’t.
However, most people purchase burial insurance policies after the age of 50. This is because it’s ideal for people older than 50, as the chances of dying increase after this age.
Additionally, you might look for burial insurance with no waiting period. If your policy has a waiting period, you might not have coverage for the first few months or years.
It Offers Enough Coverage for Funeral Costs
The purpose of burial insurance is to receive financial compensation to cover the policyholder’s funeral costs. Funeral costs are high, depending on what you choose for your funeral.
But do you want to leave your family with these expenses? If not, buy funeral insurance. Once you secure a plan, your beneficiary receives the stated amount of coverage when you die.
Of course, they must file a claim and show proof of death. Once this occurs, they receive the policy amount.
It’s Whole-Life Insurance
One of the differences you’ll notice with life insurance is the terms. The primary difference is some policies last for a term, while others never end.
For example, term-life insurance lasts for 10 or 20 years, depending on the person’s choice.
On the other hand, whole-life insurance policies never end. Instead, they offer a guaranteed payout regardless of when the person dies.
As you compare types of burial insurance, take note of this fact. The best burial insurance policies are whole-life insurance plans, which means they never end and always guarantee a payout.
You Won’t Have a Health Exam
One additional thing to note is that some insurance companies require a health exam to qualify for burial insurance policies. Our company doesn’t require a health exam to receive coverage.
Thus, you can qualify for burial insurance regardless of your health status. Of course, the prices depend on your age, policy amount, and other factors. But the costs of burial insurance are lower than other life insurance types.
Learn More About Burial Insurance
Burial insurance for seniors is ideal for people who want to reduce the financial burdens on their families. You can find out if it’s right for you by contacting us.
At USA Life Insurance Services, we make buying burial insurance a breeze. Contact us to learn more.