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Do Seniors Need Burial Insurance?

By Marilyn Katz

Republish: EasyPublish™
Published: 15Nov2008
Word count: 503
Viewed: 274 time(s)

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I have seen a lot of articles for seniors life insurance recently, and that insurance is usually marketed as a policy that will provide money for funeral expenses and other bills that come up at the end of the life. This topic is certainly worth considering since funerals average over $8,000 in the US, and also since many senior citizens live on fixed incomes. They do not want to burden their children or grandchildren with this expense, but they also do not know how they can save the money when their incomes are low and other expenses keep rising.

A senior's burial policy is, simply, a whole life insurance policy with a small face value. It has been designed to accept most older people with simplified underwriting that asks few health questions. In fact, only simplifed issue policies even ask health questions. Guaranteed issue policies do not ask any health questions but they use a waiting period instead of underwriting by health.

But a simplified issue policy will pay out an immediate death benefit upon issue. A guaranteed issue policy may have a 2 or 3 year waiting period before the full face value will be paid to beneficiaries. If the insured person passes away before the waiting period expires, the policy will usually refund the premiums, sometimes with interest.

Simplified issue policies cost less too, and they have been designed to accept most seniors who are reasonably healthy and active. So before you, or somebody you know, buys the first guaranteed issue policy that is advertised on TV, be sure and look into simplified issue policies for seniors.

Now a burial policy can be a very affordable way to plan for a funeral's cost and other final expenses. The face value, or death benefit, of the policy can also include other planned expenses like travel, food, and paying off debts. Most of the time, a policy can be issued with a face value of anywhere from $2,500 to $25,000. Any money that is left over, after paying for final expenses, belongs to the benficiary to use as they please.

Many seniors purchase this coverage for themselves, but just as often, grown children will purchase the policy to cover their aging parents. The covered person must answer any application questions, and of course, they must sign the policy, so they will be aware of the coverage. But most of the time, the elderly people are happy and relieved that this important obligation has been taken care of.

Both senior citizens and their caretakers may find that burial policies are an affordable way to plan for a major expense. It is a relief to everybody that nobody has to worry about where to come up with thousands of dollars in cash at a time of loss.

Just be sure to inquire about different policies to make sure that you find the best coverage that you can qualify for, and also shop around to get that coverage at the best possible rate!

Let us explain burial insurance for seniors. We also provide fast, safe, and free quotes for life insurance for older people.

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