What Is Burial Insurance?

There is an insurance product which is often called burial insurance or final expense insurance. Lots of families are very concerned about the cost of funerals in the US. Estimates vary, but average funerals seem to cost $8,000 or more. In addition, there may be other expenses associated with this sad event. People may need to travel and take time off of work for a funeral. There may also be some medical expenses or other debts to take care of. So a product called burial insurance has been developed to prepare for this.

Burial insurance policies are actually lower face value whole life insurance polices. Face values usually range from about $2,500 to $25,000. They have been designed so that most seniors or middle aged people can be accepted. And so underwriting rules are more lax. Because the face value is low, they are also affordable for many families. You can get burial insurance quotes here.

Make sure you understand that there are 2 basic types of policies. A guaranteed issue plan has been designed to accept everybody in the age group it is marketed to. However, the full death benefit will not be paid unless the insured person survives a waiting period. A simplified issue plan should have an immediate death benefit and cheaper premiums. Most reasonably heathy seniors should qualify even if they have to answer a few health questions. So make sure you are buying the right burial insurance plan for you. 

Do You Need Burial Insurance?

If you have plenty of savings to cover final expenses, like burials and travel, you may not need a plan like this. But if you are concerned about paying for a funeral, this can be an affordable way to be prepared. Sometimes older people purchase these policies for themselves, and sometimes family members – like grown kids – will purchase it to cover the older person. It can be a touchy subject to bring up, but many older people are relieved that this problem is resolved.

If you are not sure if a final expense policy for seniors is right for you, it may be a good idea to visit here: life insurance comparisons.

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1. What is Senior Life Insurance?

Have you heard of senior life insurance plans?

If you ever watched daytime TV, you must have seen ads for products like the Golden Plan or Platinum Care plan, or some colors that suggest silver hair and a pleasant old age. They promise to cover senior citizens in their retirement years, though some will market to people in their 40′s or 50′s too. You usually see a silver haired TV personality or a pleansant looking older couple discussing their worry about not having enough life insurance in retirement. If you are a senior citizen, or if you care for an older person, you must have noticed these ads unless you never watch tv during the day.

Whole Life Insurance With Smaller Face Values

Actually these tv spots are put on to get your interested in whole life insurance plans for seniors. They have smaller face values, from a couple of thousand to a couple of tens of thousands, that have been designed to be easy for most older people to qualify for, and also affordable for many families.

Sometimes these plans are also called burial plans or final expense insurance. They are intended as a way for older people to make financial plans for those expenses that come at the end of life. One large expense would be a funeral, of course. But the plans could also pay out cash to settle debts, help survivors travel, and they could even leave some extra money as an estate.

Who Buys and Needs Senior Life Insurance?

Sometimes an older person will purchase a policy for themselves. Sometimes the concerned children or other close family member will pay the premium. The insured person must still answer application questions and sign the application, but the policy could be owned by another person. It is, of course, a delicate subject to discuss. But many times the older person, who wants to be insured, will bring up the subject. The other family members have also been concerned about the high cost of funerals, realize that they don’t have that much savings, and are happy to cooperate.

How To Find Final Expense?

If you are curious, you can get more information on plans and policies that are marketed in your area. It is always good to do some comparison shopping because, as with any other type of insurance, the price and policy will vary by location.

Visit Here: Final Expense Insurance For Seniors

Is Final Expense the Only Option?

Actually some reasonably healthy older people can still qualify for other types of life insurance, and that even includes cheaper term insurance. The choice of policy will depend upon your own goals.

You may want to check out your options here: Term Life For Older People

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1. About Senior Life Insurance or Burial Insurance Plans
2. Term Life Insurance For Mid Life and Beyond
3. Buy Cheap Senior Life Insurance?

Do You Want Retirement Planning Life Insurance?

If you are middle aged or older, you may be looking for a retirement plan. Many boomers are tryng to tie up lose ends for retiremet. That may include getting a home paid off, saving money for retirement income, and even, working on a transfer of wealth to the next generation!

Life Insurance As Retirement Planning

Life insurance can be a part of these plans. If you want to have your home paid off by age 65, maybe you would also like to have a paid up life insurance policy that will provide for your beneficiaries after you pass away. These plans can make sure your kids or grandkids have cash for your funeral, to settle final expenses, and maybe even something left over to remember you with.

Final Expense or Paid Up Cash Value Life Insurance Provides Security

Research Final Expense Insurance Rates as a surpringly affordable way to plan for this. You can find paid up policies, that can be paid for in 10 to 20 years. After that, you will have the security of knowing you have lifetime protection in the form of a cash value life insurance policy.

At the same time that your home is paid up, your retirement income is in order, etc., you have the peace of mind of being able to present your family with a paid up life insurance policy. They will not have to scramble around for cash to provide a nice funeral or settle your last bills. Instead, your heirs can rest assured that they will be able to have a cash payment upon your death in order to care of things.

Find Life Insurance For Boomers!

Find over 50 life insurance with our fast, safe and free insurance quote forms! Take a couple of minutes to fill out your needs and details, and then click SUBMIT! The best life insurance companies will compete for your business!

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1. Are Older People Buying Life Insurance?
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