Did you know that the average life expectancy in the United States is 79.05 as of 2022?
Though it’s unpleasant to think about, we must come to terms with our mortality eventually. This is especially true if something were to happen to you sooner than expected.
This is where final expense insurance comes into play. No matter when your time comes, have confidence knowing you and your loved ones can afford to cover the cost.
Here’s what to look for when it comes to affordable burial insurance for seniors.
What Is Burial Insurance?
Burial insurance (also known as final expense insurance) is for the benefit of the loved ones you leave behind. It enables them to pay for the cost of your funeral and burial or cremation.
Burial insurance for seniors will also help your family members pay off any existing debts you might have had. This may include medical bills, credit card bills, or mortgage loans.
Before Picking Burial Insurance
Get your ducks in a row before you can pick the final expense insurance that’s best for your family.
In other words, make an estimate of what you think your expenses will be at the end of your life. It will include things like medical bills and living expenses.
Next, calculate if your estate money will be proficient for these expenses. Make sure your family can access the money from the estate that they’ll need to pay these expenses.
Types of Burial Insurance
Knowing how much more money you’ll need to cover your end-of-life expenses will guide your burial insurance decision. Affordable burial insurance will also leave your family more money.
You’ll be choosing between final expense insurance and preneed insurance. For preneed insurance, it’s common to sign a contract with a funeral home ahead of time about the costs. You can pay upfront or over the course of a few years.
In other words, the funeral home or cremation service is the “beneficiary” of your insurance payments. Your loved ones do not receive any cash benefit after your death.
This is advantageous if your policy allows you to choose a funeral home within their network. If you do this sooner rather than later, you can secure a permanent and affordable rate now, even as prices rise in future decades.
Final expense insurance, which comes from your life insurance provider, is not connected to any funeral home. You continuously pay premiums over time.
Affordable Burial Insurance Checklist
Ask yourself these questions when shopping for affordable burial insurance:
- Do premiums increase over time?
- Is there a medical exam (ideally, you wouldn’t want one)?
- Does this policy build cash value for your entire life?
- Is the insurance company reputable?
- Is the burial insurance no waiting period in effect?
Affordable Burial Insurance for Seniors
Burial insurance for seniors can be intimidating when you’re starting out. However, leaving huge funeral debt for your family is the last thing you want to do. Hopefully, this guide will be helpful as you search for final expense insurance.
Ready to buy affordable burial insurance for seniors? Contact us today.