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One thing nobody really wants to talk about is planning for a funeral. This is especially true when it’s our own. According to the National Funeral Directors Association study in 2010, they found that only 25% of people made arrangements for their funeral. This statistic is alarmingly low given the fact that it’s an issue non of us can avoid.
Want to know something really cool?
Just as talking about sex won’t make you pregnant, talking about funerals won’t make you dead.
That quote is so true, not to mention funny. We would love to claim that saying as our own, but Gail Rubin at agoodgoodbye.com deserves the credit.
What’s the bottom line?
You are probably here to learn about burial insurance for seniors. Our entire company specializes in this product, and we can confidently and humbly proclaim that we are the leading authority on this matter.
In this article, we will explain what final expense life insurance for seniors is, how they work, what options you will have, and how to find the best plan possible.
We have compiled a cheat-sheet infographic if you are the type of person that is more visually oriented. On the other hand, if you prefer an in depth written explanation, we have that too right after the infographic.
What Is Burial Insurance For Seniors?
We get asked a lot about what is a burial policy?
So let’s dig into it.
First and foremost, burial insurance for seniors, or anyone else for that matter, is a form of life insurance. It’s just a very specific kind that was created specifically to cover funeral costs, and they are available to anyone who is 50-85. If this is news to you, please remember this is not a bad thing. In fact, it’s quite the opposite!
Check this out
Life insurance is the only financial vehicle that can immediately protect you to ensure that you never leave you loved ones with the burden of unpaid funeral expenses.
Oh and let’s not forget
If there is any money left over after your final expenses are all paid, the money stays with your family! How great is that knowing that you will have everything taken care of along with the fact that any leftover proceeds will help your family financially.
How These Policies Work
Burial insurance plans for seniors are always whole life plans. Being whole life, they are incredibly easy to understand. Honestly, there is no fine print that you must be mindful of. They are affordable plans that were designed these plans to be super easy to understand, and boy did they succeed. They can be summed up in the following 3 sentences:
- They cannot ever expire at any age for any reason.
- The monthly payments are fixed and cannot increase for any reason.
- The benefits can’t decrease for any reason.
That’s it. That’s all there is to these plans. Basically, you have a policy that has a set death benefit. When you pass away, the insurer will cut a check tax free to your beneficiary(s). This will give them the money to pay off your funeral costs. Like we mentioned, any excess money simply stays with them to use as they need.
A Simple Breakdown Of The Various Types of Life Insurance
You may or may not know this, but there are many kinds of life insurance out there. We won’t go into great detail in this article about how they differ, but it’s important you understand the difference.
Before we go into detail about how funeral insurance plans stand alone, we feel it important you understand how the two main types of life insurance work. It’s critical to understand these differences when you are shopping for life insurance to cover burial expenses.
The reason we are bringing this up is because there are LOT’S of companies today that are trying to sell you fake burial insurance disguised as the real thing. Please take a look at the graphic below we made that illustrates the two main types of life insurance.
What Is Term Life Insurance And How Does It Work?
Term life insurance is temporary life insurance. Term is short for terminate. When you take out a term life policy, it has a predetermined expiration date. In general, most term life plans expire at or before age 80. Basically, you are renting life insurance coverage for a preset period of time.
Once it’s over, you are simply uninsured. You don’t get any money back, and you can’t buy a new policy. As the saying goes, you are up a creek without a paddle.
As we said, there are many companies out there that will try to sell you term life insurance and pawn it off as burial insurance. Please do not be fooled by them.
Here’s the bottom line
If you get a policy that expires at age 80, how will you pay for your final expenses once you outlive it? That’s the million dollar question there. You won’t be able to which is why it’s a crying shame that companies sell term insurance and market it as burial insurance.
There are two main companies that do this. More than likely, you are familiar with both. You probably get mail from both of these companies every week.
The two most common term companies are:
- Globe Life
If you have ever seen mail, online, or TV ads from either of those companies, they were trying to sell you term life insurance.
the unique features of burial insurance for seniors
Now that you understand the difference between term and whole life, let’s talk about how these whole life burial insurance plans for seniors stand out. You will only find these features among final expense life insurance plans (except #5)
1) Very Small Death Benefit Options
You can buy as little as $1,000 in coverage, or as much as $50,000.
2) The Payout Is Very Fast
The insurance companies realize these policies are for funeral expenses. Given this, they payout death claims very quickly once the required papers have been signed and returned to them.
3) The Underwriting Is Ridiculously Lax
This just cannot be overstated enough. These final expense life insurance plans for seniors were created to absorb the risk of some very serious health issues. In general, almost everyone can easily qualify in spite of some serious health issues.
The only question is which company will accept you. That’s where a company like Choice Mutual comes in to find you which company will best suit you. We work lots of burial insurance companies, so we can shop and compare for you to find which one will give you the best deal.
4) Guaranteed Issue Is Available
Guaranteed acceptance burial insurance for seniors are plans that have no health questions or medical checks. The insurance company will literally just issue the policy. Granted, there is a two year waiting period before the policy will pay any death benefit, and it does cost anywhere from 10-30% more.
Here’s the bottom line with these no health question plans
Guaranteed issue is the only way some people can get life insurance. If you have cancer now, or AIDS for example, guaranteed acceptance is the only way you can secure a new policy. These kinds of plans are truly not the best option for most people. However, for those that can’t get underwritten coverage due to their health, these are great.
5) Really Healthy Applicants May Have An Increasing Death Benefit
In short, if you are really healthy, you could potentially qualify for a burial insurance plan that has a death benefit that increases over time. If you qualify for it, you could see your death benefit grow every year for as long as you live. The longer you live, the more growth you will enjoy.
Why Do Seniors Need Burial Insurance?
This is really a subjective question, but it touches on a topic that we must all deal with. Everyone will one day leave this earth. The only question is when. With that, having a plan in place to prepare for that is key.
Start by answering the following two questions
- If something were to happen to you, do you want to ensure you don’t leave your family with your final expenses?
- If the answer to question #1 is yes, do you have a plan currently that will ensure your final bills will be paid for?
For starters, if you honestly don’t care about who is left to pay for your funeral, we are honestly confused why you are on this website in the first place. Nevertheless, you are free to browse all you like.
At the end of the day, our information is geared towards people who feel it’s unacceptable to leave their loved ones with the crushing burden of unpaid final expenses.
Having said that, we are going to assume you are a Yes to question #1, so let’s move on to question #2.
If you don’t currently have anything that would pay for funeral costs, you need a burial insurance plan as soon as possible.
Think of it this way
If something happened to you tomorrow, next week, or next year, wouldn’t that mean your family has to pay for your funeral?
And isn’t that the very thing you professed you DIDN’T want to happen?
Any senior who does not have a plan to pay for funeral expenses needs a burial insurance plan (assuming of course they care about not leaving a financial burden to their loved ones).
How To Find The Best Burial Insurance For Seniors
So you have come to the conclusion that you want the peace of mind that a final expense life insurance plan can provide. The only thing to do now is find the best plan for you.
Maybe you are shopping for burial insurance for parents. Regardless of whose buying it, the formula for success is the same.
First of all, let’s be real clear here and define precisely what constitutes the “best burial insurance”.
The best burial insurance for seniors is merely whatever plan from whatever financially stable company that costs the least and covers you the soonest.
There is a lot of deception on the web about how you should select a company when shopping for burial insurance. Honestly, 90% of it is totally misleading and willfully bogus.
So here’s the bottom line
To find the best burial insurance, you need to put your trust in a company that is highly qualified to help you. We can confidently and humbly proclaim that Choice Mutual is the best and most qualified agency to help you with this. With that, here is the formula you need to follow whether you work with us or not.
To find the best burial insurance for seniors, you must at all costs work with an experienced independent brokerage that represents lots of insurance companies. Ultimately, a company like this will shop around and compare quotes from multiple companies to find you the best deal.
Burial Insurance Underwriting
Underwriting is merely the process by which an insurance company assesses you as a risk to determine if they can approve you or not. Final expense underwriting is extremely easy to understand. There are no grey areas. It’s all very black and white which is why it’s so simplistic and easy to comprehend.
Want to know something awesome?
There are NEVER any physical or medical exams with funeral insurance. Furthermore, you won’t need to provide doctor records or anything of the sort.
There are 3 ways in which the insurance companies will gather data about you. They are:
- Your Answers to the health questions
- Your prescription history
- Your MIB file
All of this information will be used to complete their risk analysis. In most cases, a decision regarding your eligibility will be rendered within 15 minutes.
The Health Questions
First of all, all burial insurance health questions require a simple YES or NO answer. There is nothing more to it. You either have the condition they ask about or you don’t. They will not ask you how severe you diabetes is, or how high your blood pressure is. They only ask simple YES or NO questions.
As part of the application, the insurer will seek your authorization to access your medication history. Basically, they will check what medications you have been taking, so they can verify your medical history. There is nothing you need to do. It’s all done electronically super fast, and they take care of it all.
Medical Information Bureau
MIB, as its most commonly referred to, compiles health data about people. In a nutshell, when you apply for life or disability insurance, the insurer will make a brief report about you to MIB regarding any information you disclosed. It’s important to note that only information YOU provide to a participating MIB insurer is what is reported about you.
This might sound confusing which is understandable. Ultimately, insurers use MIB as a way to weed out applicants who lie.
For example, if you told company A you have cancer, they will make a report to MIB detailing just that. If you go to apply for life insurance with company B and fail to disclose your cancer, they will see your MIB report and see that you disclosed your cancer to another insurer. Company B will decline you once they find your cancer diagnosis that you disclosed to Company A (and rightfully so).
Here’s the deal with MIB
Don’t be concerned about it. Rarely are MIB reports ever an issue. This is especially true for people who are honest.
It’s amazing how inflation touches every business imaginable. This is especially true for the end of life industry. Presently, the average cost of a traditional burial is $7000-$10,000. Cremation expenses are expensive too coming in around $2,000-$5,000.
In the end, funerals are not cheap. You can save money by reducing things to a bare minimum, but even then we are still talking about thousands of dollars.
Selecting The Proper Coverage
To do this, you first must decide whether or not you would prefer to be buried or cremated. Once you have established that, you can look at what burials and cremations cost in your area. Websites like parting.com can show you local funeral pricing.
If you want to go by the averages above, that works too. Just remember, you really cant buy too much coverage because any money left over will simply go to your family.
Here’s the most important thing
When you are selecting your coverage amount, there is one thing you must remember at all times. You must select a plan with a monthly premium that is super comfortable in your monthly budget.
Life insurance is no different than any other kind of insurance. You are only protected as long as you make your payments. If you fail to pay your car insurance, your auto coverage goes away. It’s the same with burial insurance.
Your life insurance is not something you can just drop and pick back up anytime. Remember, your health overwhelming dictates your burial insurance options. If you drop it due to financial issues, your health may prevent you from securing a new policy that protects you immediately and comes in the lowest rates possible.
Make sure you budget properly so you know it will always be there for your family.
One Final Note
If you know you want the peace of mind a burial insurance plan provides, please do it now. We honestly don’t care if you go with another company other than us. We sincerely want you to apply with whoever (although we hope you allow us to earn your business) as soon as possible.
Like we said, your health is a major component in this process. If your health changes for the worse, it could force you to pay much higher rates and subject you to a waiting period. Not to mention, if you have no protection now, you are at risk of leaving your family with a huge financial burden if you should pass.
If burial insurance is on your to-do list, please allow us to help you. We believe there is no more well equipped or experienced company out there that can help you with this like we can. Fill out the quote form with your phone number and we will contact you shortly. You can also call us at 1-800-644-2926.