Burial insurance for Seniors Over 70, 80, 82, 85, 89, 90
These ads for the “final expense” insurance undoubtedly raise doubts in the minds of consumers. Many people wonder if burial insurance is necessary, or perhaps they begin to wonder how their own funerals will be paid. Those are big questions, and each person must do their own research. But here is some general information to start the search as you begin to analyze the issue of burial insurance.
Is burial insurance not “duplicate coverage?”
You may wonder why a person would buy final expense insurance if their life insurance will cover the cost of a funeral. That seems, after all, as a duplicate coverage, is not it?
The truth is that if you already have excellent life insurance coverage, in amounts that will cover your final expenses, your outstanding debts and whatever it takes to provide for your survivors, you probably do not need burial insurance for elderly. But that is a personal decision that you will have to make for yourself.
Burial insurance for Seniors
On the other hand, if you have little or no life insurance, and a serious health condition will not allow you to buy more, final expense insurance may be a good option. Many funeral insurance policies are “guaranteed problem”, which means that you can not be denied coverage.
The compensation, however, can be much higher premiums than standard life insurance. While researching this type of insurance, ask each company three things:
• Will I be asked for a physical exam before coverage?
• What kind of premiums will someone in my physical condition pay my age?
• Is the policy guaranteed?
Is the “final expense insurance” the same?
While we have used the phrases “burial insurance” and “final expense insurance” interchangeably in this article, the truth is that there are differences between the two. Burial insurance, as the name implies, is written in appropriate amounts to cover the average funeral service. The insurance of final expenses is generally intended to cover the expenses left by the deceased. This could include credit card debts, funeral expenses, legal expenses or anything that traditional life insurance does not pay for. When you begin to investigate this type of coverage, ask what type of insurance the companies are selling and in what amounts the policies can be written. Again, any type of insurance will probably be more expensive than typical life insurance.
Why not just pay for the funeral with the available funds?
If you are asking that question, it is likely that you have never planned a funeral or that you have reserved a substantial amount of money for emergencies. If it is the first situation, you may not realize how expensive a simple funeral can be. You can expect to pay for: transportation of the deceased to the funeral home and cemetery, funeral or limousine rental, embalming and preparation of the remains, flowers and memorials, use of the church or funeral home, payment to the person officiating in the service, opening and closing the grave, the cost of the coffin, the vault and the commemorative marker, and a whole series of miscellaneous fees associated with funerals and burials.
At this point, you may be considering cremation as a more affordable option. When you’re looking for burial insurance and how much you’ll need for final expenses, keep in mind that the standard funeral in the United States costs between $ 3,000 and $ 10,000, and cremation can cost between $ 1,000 and $ 4,000, on average.
The final decision on whether or not to buy burial insurance over 85 is yours. Contact several companies, in case you decide to buy insurance to cover the final expenses, and make sure you understand how your premiums are set and what your policies should cover. With that information in hand, you can make a decision that is right for you.
- Burial insurance for Seniors Over 70, 80, 82, 85, 89, 90 Years Old Age.