Burial Insurance, also known as final expense insurance, and funeral insurance is an insurance policy which covers your end-of-life expenses such as the cost of cremation, casket, delivery, flowers, funeral ceremony, etc. There are many types of burial insurance for seniors. In this article we will discuss them all, so that you can make a wise choice for yourself or your loved ones.
Term Burial Insurance
Term insurance is also known as temporary insurance. As the name suggests, term insurance stays for only a short period of time. For example, most of the term insurance expires after the age of 45 or 50. After that, you will have to renew your term insurance. The renewal cost is almost double.
We do not recommend term insurance for burial. Term insurance overall is a recommended policy, that as well if you are planning to save money for a specific period of time, like for retirement.
Premiums in term insurance often starts from a very decent amount, which is a major reason why people choose term insurance in the place. But with time premiums goes high and become unaffordable. What you need to do is discuss with your insurance agent or consultant everything before jump into this policy.
Death Benefits in term insurance decreases with time. Some term insurances don’t provide death benefits at all. Again, you will have to discuss all this with your insurance agent.
Permanent Burial Insurance
Permanent burial insurance as the name indicates, is a never-ending burial insurance for yourself and your loved ones. Permanent insurance never expires as long as you’re paying your premiums, or you don’t cancel it yourself one day.
Premiums in permanent burial insurance are fixed. Unlike term insurance, they do not increase or decrease with time. The cost of premiums depends on the type of plan you qualify for. If you are healthy and younger than 65 or 70, you most probably will qualify for an inexpensive permanent burial insurance plan.
Death benefits in Permanent insurance are guaranteed and do not decrease with time. Different insurance plans come with different amount and types of death benefits. Your death benefits will benefit your beneficiary, as well as covers the cost of extra expenditures, like clearing hospital bills, debts, credits, etc.
Why Choose Permanent Insurance over Term Insurance
That’s why we recommend what’s called a whole life final expense plan as the best life insurance for elderly. They range from as small as a couple thousand dollars all the way up to a $100,000. It just depends on the need of the client.
The rates of the policies never increase –usually they’re locked in for life. Otherwise, you pay on the policy for a certain number of years. Then you stop paying and you own the insurance like you stop paying and you own the insurance like you own your car after you pay off your car loan.
Also, the coverage never cancels because of age or health. The great thing is that we can usually find insurance that will cover my clients with first-day 100% coverage even if they have a history of health problems. I can’t guarantee it, of course. But because I shop around for the best carriers, I can usually find the best deals for my clients.
To sum up, to get first-day coverage regardless of your health, you should find a whole life final expense plan.
Best Burial Insurance for People Between 85 to 90 Years Old
I wrote this post because most companies don’t offer coverage past the age of 85. Meaning the moment, you turn 86, 99% of companies cut you off from getting coverage.
This includes companies such as the ones you see commercials on TV for and receive junk mail from. However, if you’re in that situation where you’re 86 years old or older and you’re looking for some kind of policy to pay for your final expenses –don’t worry there are plans available for you that I can help you with.
If you’re looking for something affordable that will cover you from the first day, you do have options if your health fits.
Independent Agent v. Captive Agent
I work with numerous life insurance companies. There are several that will offer you burial insurance even after you turn 86 depending on your health, of course. This is one of the benefits of working with an independent agent rather than with a captive agent.
Best Burial Insurance for People Between 50 And 60 Years Old
When it comes to final expense coverage, most of the people we sell to are 50 to 90 years old. So, the 50 to 60-year-old crowd is a little bit different than the older people as far as health goes. Therefore, there are differences in which is the best plan for you, and which plans to stay away from.
No Questions Asked Life Insurance – What’s The Catch?
We work with people 50 and older. In the course of business, we’re often asked about these life insurance ads people get in their junk mail.
People wonder what these programs are all about and are usually rather skeptical. In reality, you should be skeptical about how these no questions asked life insurance plans really work.
The truth is these policies have a two-year waiting period for natural death causes. This means, if you die from cancer or heart issues, they will not pay the full death benefit. Unfortunately, several people died literally days before the two years were up who were left with no coverage.
What’s really sad is there are so many options out there to get coverage, even while battling diabetes, COPD, cancer history, heart history, and all sorts of other issues.
In conclusion, don’t go with a no questions asked life insurance plan until you have looked at all other options. Furthermore, you should talk with an independent agent. He will shop around to see if he can get you the best deal. Fortunately, that’s what we do at funeralinsurancecoverage.com.