Permanent Burial Insurance Policy
Options Regarding burial insurance for seniors, the opposite of a term insurance policy is a permanent policy. A permanent burial insurance policy is permanent as long as you pay the premium.
For your whole life, regardless of how long you live, you receive guaranteed coverage to provide a specific death benefit payable to the beneficiary of your choice. Like myself, burial agents commonly recommend permanent burial insurance for seniors to those looking for final expense coverage. Why? Because the design of the policy matches the reality of the problem
Guarantees in Your Burial Insurance Policy
As mentioned earlier, a burial insurance policy that does NOT cover you past a certain age doesn’t do you any good. With a permanent burial insurance policy, as long as you pay your premium, you have coverage.
And you’ll never be in a situation where you outlive it! When you do pass away, assuming the premiums are current, the policy pays the death benefit as directed in the policy. Within the category of permanent coverage, there are several different options.
Your goal is to find a policy you or your loved one (if you’re a spouse or child shopping for burial insurance on a parent) can qualify for. What follows is a breakdown of the different options for permanent coverage.
Guaranteed Acceptance Burial Insurance Policy
First of all, you have guaranteed acceptance whole life insurance. Guaranteed acceptance insurance means that the policy will be issued under any circumstance, regardless of health. Beyond age limits, the company cannot decline you. Simply put, if you have a pulse and can sign your name, you’re approved.
This is a great policy option for people who are otherwise uninsurable, like those with Alzheimer’s, current cancer (those who have been cancer-free for over a year have better options), and kidney dialysis.
As you can imagine, there are drawbacks. Let me explain. Generally speaking, a guaranteed issue burial insurance policy provides first-day 100% full coverage for accidental death only.
Death caused by natural reasons are not fully covered for minimum of the first 2 years. Here’s the truth. Most seniors die from natural reasons, and not accidental death. Therefore, if guaranteed acceptance burial insurance for seniors is your only option, you won’t have natural death coverage until 2 years after the effective date of the policy.
Why Would One Get A Guaranteed Issue Burial Life Insurance Policy?
The main reason to buy a guaranteed issue policy is because one has tried other options first. They’ve tried to get full coverage elsewhere and have simply not qualified for it. Therefore, a guaranteed acceptance life insurance policy is the last choice you should pursue.
The big problem with no questions asked life insurance is this: it is commonly offered to the public as the first choice for burial insurance! Shockingly, the most common options available for burial insurance for guaranteed acceptance insurance.
You should highly consider talking with a burial life insurance agent that may have the option to provide you full first-day or even partial first-day coverage. Why? Because death is uncertain.
And while many of us assume we’ll live a long time; we all know deep down that we’ll never know our final day. Our time is limited. We don’t know when it’ll be, and we have to be prepared regardless, which brings us to the next option: full coverage burial insurance for seniors.
Agent to Work with
The ideal scenario is to qualify for a day-one, full-coverage burial insurance whole life policy. Luckily, this is not a very difficult process. However, not all burial insurance whole life options are equal. Let’s break it down further and explain the difference between working with a broker versus a captive agent.
If you are beholden to one insurance company or agency, then you are a “captive” agent. In the world of burial insurance, the captive agent typically represents only one company. Since captive agents’ options are limited to one company, they must only offer one coverage option to you, the client.
And while that may sound fine, the problem is this: one option is usually not a good option for the vast majority of people! If working with a captive agent is not in your best interest, what is?
You want to work with someone who offers Why? Because with a captive agent, you lose, either on quality of coverage or pricing. Let’s compare buying burial insurance to buying groceries. When it’s time to shop, would you go to a store that only sells one type of meat, one type of bread, and one type of vegetable?
Or would prefer a store with a variety of options for food at better prices? It’s the same with burial insurance. To clarify, if your agent only offers one type of product, you’ll most likely end up paying more for less coverage.
Whereas if you worked with an independent agent, you may have had a much higher chance for the best combination of pricing and value for your burial insurance.
How to Get Low-price, High-quality Burial Insurance?
So, what is the solution? The best option is to work with an independent agent. An independent agent is somebody who offers the best burial insurance policies available. independent burial life insurance agent will get more coverage and save hundreds of dollars year! Also, the burial insurance policy will often cover issues that the captive agent could not cover.
For example, common issues that can be covered with an independent burial insurance agent include conditions such as COPD, heart history issues, diabetes, cancer, kidney and liver problems, neurological problems, and mental health problems.
Unfortunately, in many cases, captive agents can only offer you high-priced guaranteed acceptance policies. However, an independent agent may be able to offer you full first-day coverage policies!