Burial Life Insurance for Seniors
Burial Insurance is a low cost, low payout solution to cover buirial expenses. For this reason, it’s easier to get approved for compared to other types of life insurance. This insurance is for people only wanting enough coverage to pay for a burial to keep the cost down. . If you need a policy that will pay for burial expenses so your loved ones won’t have to, this is the policy for you.
Burial insurance in detail
Is burial insurance the best policy to help pay final expanses?
If you want a policy that will last for your whole life, will never increase the premiums, and never decrease the death benefit, burial insurance is your best bet. It provides life time coverage with a premium that will never increase and can be issued for smaller amounts of $3,000 to $50,000.
What is burial expense or final expense insurance? And how does it work? Typically final expense or the burial expense insurance provides the funds needed for burial or the final expenses, to individuals who are between the ages of 50 and 85. Every once in a while, there are insurance companies that go over 85, but that’s pretty rare. Burial insurance policies are what they call permanent life insurance. That means that these policies do not have specific time period or the term of coverage; these are permanent premiums paid throughout the life of the individual.
With the burial and final expense type of coverage, you usually have two levels: one is what they call the level benefit, which means that the full face amount of the policy will be enforced the day the application is approved. The second one is the graded benefit. This generally has a 24 month waiting period before the full face amount of policy is enforced. This type of policy is usually with an individual that has some health problems. If in any particular time, the individual does pass within the first 24 months of that particular policy, the policy will be paid according to the amount that was paid plus 10% interest.
Is there a difference in burial and final expense insurance?
No, Final expense insurance is also a form of permanent life insurance that’s specifically designed to pay off your final expenses. These policies start with as low as $3,000 death benefit increments and usually go up to $50,000. They’re designed to be there for you to pay off things like burial costs. That might be the right policy for you if you might have some debt, or if you don’t have much money in the bank and you want to make sure that you’re not burdening your spouse or family with paying for things like burial expenses.
If your health situation is one that does not allow you to get a traditional life insurance policy, because you may have recently had cancer or a heart attack or some kind of major health issue that does not allow you to get a traditional policy, then you may want to look into something called a graded death benefit policy. These are types of insurance policies that have a waiting period, sometimes two or three years, until the full death benefit goes into effect, and they’re designed for people that have some kind of preexisting health condition. With a graded death benefit policy, the only downside is that you have a waiting period. But as long as you outlive that waiting period, the full death benefit is in effect. If you don’t outlive that waiting period, your family would get all the premiums you paid, plus some additional interest on the money. So you can still get insurance, even if you have some kind of preexisting health condition, and I specialize in high-risk life insurance. With all these options, you want to make sure that you’re comparing rates, finding the best quote, the best company for you specifically, and we can help you do that.
What Will Your Family Do? Do They Know Your Final Wishes? Can They Afford Your Funeral? Get Affordable Senior Burial Final Expense Insurance today. Get an instant quote now! Complete the quote engine form to receive an instant quote or call us at 1-830-220-0305.
Life Insurance policies with Living Benefits
Does your life insurance policy include living benefits? Benefits you don’t have to die to use. The best policies do. Call 830 220 0305 to find out why.