Final Expense/Burial Insurance for Seniors 2024 Complete Guide
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Are you a senior citizen looking for an affordable final expense life insurance plan? If so, then final expense life insurance is the perfect product for you!
Final expenses are costly and can often be difficult to cover. With final expense life insurance, your beneficiaries receive the money needed to pay for these costs after your death. The best part is that this coverage doesn’t have any medical examination requirements or underwriting reviews.
This blog post will discuss what final expense life insurance is and how it works in detail with helpful tips on shopping around for affordable rates today!
Final Expense Life Insurance For Seniors
Let’s talk about final expense life insurance for seniors….
A final expense life insurance for seniors is a permanent life insurance policy designed to cover immediate expenses related to an insured’s death — funeral, burial, medical bills, etc.
These policies are typically affordable burial insurance for seniors, never expire and are level premium. Also known as last expenses insurance. Considering burial insurance for seniors means you not only have to think about but also talk about your death.
Never mind that death is inevitable for all of us, it is definitely not a subject into which most of us enjoy wading. When you were younger, old age and death seemed light-years away.
Some of us actually felt that mandatory life insurance at our workplace was just another excuse for our employers to deduct more money from our paychecks.
Prepare Now For Final Expense Burial Insurance
If, on the other hand, you did realize that planning for final expense life insurance for seniors was necessary, it was indeed something that you could deal with later.
Now, that you have accepted the fact that you will have to prepare sooner than later, the solution has arrived. let’s get right into it.
You’ll feel so relieved when you have a clearer understanding of what is out there, and you know you have your final expenses covered. Even if you’re over 75 and looking for life insurance.
No-nonsense answers to five of the most often asked questions about final expenses for seniors.
How Does Burial Insurance Work
Burial Insurance is put in place to cover your final expenses. Burial Insurance pays the death benefit to the beneficiary you have chosen. This is put in place to help cover your funeral.
What Is The Best Burial Insurance Company
Many clients ask, What are the best final expense companies? Below are just some of our fave top carriers for final expense. Each carrier has its own niche’.
- Mutual of Omaha ~ Living Promise for ages 45-85. Will build cash value. Mutual of Omaha’s face amounts range from $2,000 – $50,000.
- American Amicable ~ a fantastic company for no medical exam. Level benefit. Whole life coverage from day 1. The face amount is between $5,000-$50,000 up to age 65.
- American National ~ Graded, level death benefit options. Face amount for level is between $2,000-$50,000. A policy that builds cash value and offers terminal illness rider.
- Liberty Bankers ~ Another great company that offers a simplified issue life product. This is for ages 18-85. .
Critical Illness Benefit Riders
Another great company is Nassau Life (formally known as Phoenix Life). They offer a whole life final expense insurance with living benefits ~ Remembrance Life.
Remembrance Life features:
- Lump-sum death benefit – upon the insureds death, the beneficiary will receive the death benefit, normally income tax-free.
- Accidental Death Benefit – pays an additional lump-sum upon the insured’s death equal to 100% of the lump-sum death benefit if the death is a covered accident. This is for insureds under 65 years of age at issue of policy. In addition, this terminates when the insured reaches 75 years of age.
- Advance of up to 95% for serious illness – if you become seriously ill, you can accelerate your death benefit up to 95%.
Funeral Insurance For Parents
For life insurance carriers, as long as you have “insurable interest”, you are able to purchase life insurance for your mom and/or dad. “Insurable interest” shows the company that you will suffer a financial loss in the event of their death.
How to buy burial insurance for parents? Call PinnacleQuote Life Insurance Specialists. I am the owner and agent. (Danny Ray) I do everything life insurance.
However, speak to Lisamarie for burial insurance. She is a state-licensed field underwriter. She does the field underwriting for the top insurance carriers and will know who to get you qualified with and find you the best rates!
Funeral Insurance For Seniors
What Is The Big Deal About Final Expense For Life Insurance For Seniors?
I’m not going to know the difference after I’m dead, anyway. Why bother? If this is how you feel? Imagine your spouse or significant other, grieving over your death while also having the added burden of trying to figure out how to pay for your burial or cremation and your funeral.
The average cost of a funeral runs around $10,000.00. When you add to that the price of things such as a headstone and burial plot, we’re talking a huge chunk of change.
It’s important to know what your loved one final wishes are and the difference between burial vs cremation life insurance.
For retirees who may be living from paycheck to paycheck, this is devastating so it is key to have seniors funeral insurance. The less expensive alternative is cremation. The cost of cremation will depend on where you live and your personal choices of the services offered. You can expect the price to run anywhere from $700.00 to around $3000.00.
This is quite a price difference. You will most likely have unpaid medical bills. Most people, at the time of their death, leave some form of current debt in the form of credit cards, mortgage payments, etc.
Do you have Children?
Possibly you have children to consider. For one thing, you can have the peace of mind that comes with providing for these expenses before your death. Loved ones won’t be left struggling to pay those bills or potentially lose the family home
Can I Still Get final Expense Life Insurance For Seniors If I have A Pre Existing Health Condition
It is entirely possible to obtain final expense life insurance for seniors with pre-existing conditions. Depending on your particular state of health and your age, you may expect to pay more.
It is comforting to know that there are companies that specialize in insuring high-risk individuals. Their primary concern will be how life-threatening your condition is.
However, you might feel relieved to know that insurance companies are adjusting to the fact that medicine is advancing and treatments are improving.
People with serious illnesses are living longer. There are beginning to be lower rates for people with some pre-existing conditions.
It is in your best interest to make an effort. Speak with a dependable and experienced insurance agent. They can guide you and will do everything they can to get you approved. There is no charge for this service.
In fact, even with major health impairments, there is a guaranteed acceptance life insurance policy that is for burial insurance for seniors over 80.
PinnacleQuote will help make the process so simplistic…
What Kinds Of Final Expense Policies or Burial Insurance Are There
Do life insurance policies cover funeral costs? There are several types of life insurance designed to cover final expense life insurance for seniors. Your agent can help you choose the right one for your needs.
- Term life insurance: This type of policy delivers death benefits for a specific time range from 5 to 30 years. It is basic and less expensive insurance. As such, it is difficult to get if you are over 70 years of age.
- Burial insurance: This is usually a term life insurance policy offering sufficient benefits to cover your planned burial expenses. Burial Insurance is affordable coverage that can is processed easily and quickly and is a favorite choice of seniors on a budget.
- Permanent life insurance: This is a final expense policy which is also commonly referred to as whole life or universal life, this type of insurance policy offers more than just final expense coverage. It covers you for life and comes with cash value accumulation as well.
- Pre-need funeral insurance: This an alternative to burial insurance and you may purchase it through a funeral service provider for a specific funeral home. It features an installment payment plan that can extend for 1 to 10 years and remains in effect for your entire life after you have paid all the premiums. Seniors often choose this type of policy because it allows them to be in charge of their funeral plans rather than leaving the details up to their loved ones.
Below Is An Example Of Some Of The Top Carriers And Prices For A Healthy 68-Year-Old
(Mutual of Omaha being our favorite product as it offers additional benefits. Such as Accelerated death benefit for terminal illness or nursing home confinement.)
How Does Final Expense Life Insurance Work
Taking Care Of Your Senior Citizen Burial Insurance or Final Expenses Before Your Death
If you decide to take this route, it is advisable to go with a reputable funeral home who is not likely to go out of business before your final day arrives.
Also, do your homework and be knowledgeable about the many options they offer and for what you are paying. Some options are just that — options. You may not need or want some of the bells and whistles. For burial insurance for elderly citizens should not be complicated.
Funeral life insurance for seniors is very important to not leave a burden on your loved ones when your no longer here. Call us today to go over final expense life insurance for seniors.
How Long Does The Process For Final Expense Policies Take
Your time is valuable.
Great news! It will only take a few minutes of your time for your agent to speak with you over the phone. As a matter of fact, an experienced agent will have no problem helping you to choose just the right company for you.
They can guide you smoothly through the application and answer any questions you may have regarding burial insurance for seniors or final expense life insurance for seniors. ext here…
The underwriting process is another story and will come down to whether or not you choose a policy that requires a medical exam. A simple answer would be 4 – 8 weeks for a traditional plan and just days for a no exam policy. But there is more to know.
A no exam policy
A no exam policy is the speedier way to go without a doubt. Keep in mind that choosing a no medical exam policy does not eliminate the need for an underwriter. All final expense and burial policies are simplified issued. Even so, you could still obtain approval within about a week. No needles or poking around and fast, to boot. Awesome! Right?
Well, that is, if they approve you without taking a look at your medical records. If they dig into your health history, it may not be as speedy as you had hoped.
Wait! Maybe you don’t precisely understand what an underwriter does. Indeed, a lot of people don’t. Really. Let’s clear that up right now. Simply put, they are highly trained professionals who work for insurance companies.
Underwriters review all the available information as to the extent of the risk of insuring you. They have to determine if it would be profitable for the insurance company to take a chance on you. Finally, they must set the premiums you will pay based on their assessment.
Final Expense Life Insurance No Medical Exam
Information On Final Expense Life Insurance That Will Help Affect Your Decision
There is more information of which you should be aware that may affect your decision of whether or not to go with a no exam policy. It is also important to know what options for life insurance are available with burial insurance for seniors.
Even though you won’t be required to endure a medical exam, there will be a few health-related questions that you will be required to answer on your application.
This questionnaire may be followed up by a phone interview with the underwriter who will ask most of those same questions, again. You will be asked things like when you last visited your doctor and for what purpose.
They will undoubtedly ask if you smoke. They are merely looking for health conditions that might affect your life expectancy.
Also, they have to be completely confident when they review the medical records that they don’t accidentally mix you up with someone else who has similar identifiers.
Preparing For Your Final Expense
Phone Interview With Your Agent.
In preparing for final expense life insurance for seniors policies and/or Burial Insurance it will not be a lengthy interview. Be aware that it is pertinent that you are completely honest with your answers.
Insurers have access to medical databases. If you lie or it appears you are trying to hide a medical condition, it is highly likely they will know. Actually, Even if you think they never noticed, to lie or dance around the truth to obtain a life insurance policy is a fraud.
If the Insurer discovers it after your death, the plan will be null and void. Truthful answers are the only way you can be sure that the final expense benefits will pay off when the time comes.
Be aware, that in addition to these facts, the cost for no exam insurance is 10% – 40% more than if you just go ahead and get the exam.
In fact, the traditional life insurance policy with a medical exam is a more affordable choice even though it takes much longer to process.
Is It Possible For Me To Purchase A Final Expense Policy For My Elderly Spouse
Yes, you can find a cheap burial insurance policy, ( or funeral insurance) but there are conditions. You cannot purchase this type of insurance without the involvement of the person in question.
The individual for whom you are hoping to provide coverage must know about the purchase, understand it, and agree to it. They must be able to sign the application. You may offer a helping hand in the process and even pay for the policy but only with the person’s consent.
You will need to show that you have an insurable interest. To emphasize, insurance companies cannot legally insure a third person without confirmed insurable interest. This occurs when you would undoubtedly suffer financial hardship in the event of the death of the person in question.
Moreover, examples would be when two cohabiting adults share household expenses. keep in mind, if one person dies, the other could be in danger of losing the home.
Perhaps, the person left behind would be left responsible for the funeral expenses. Once the policy is in effect, you will be able to go online and make changes to details such as the designated beneficiary if it is necessary to do so.
What To Do Now…
- Again, think about precisely what it is that you want to accomplish with Burial and Final Expense Life Insurance.
- Take a good look at your budget to decide what you can afford.
- Fill out the Instant Quote Box to the left, get a quote in seconds
- Call 855-380-3300
- Make that call and speak with an experienced agent who can walk you through the application process and answer any questions you may have.
- Or Visit, www.PinnacleQuote.com click on “Instant Quote”
- Or Email, in**@Pi***********.com . We are based in Jacksonville, Florida and licensed in 49 states!
- Smile and relax, knowing you have successfully handled one of life’s most important responsibilities.
Reminder:
Above all, Final Expense Coverage is extremely important. “Go Fund Me” accounts are not life insurance. In Fact, many people think this is the only option, however, life insurance guarantees all your expenses will be taken care of without leaving a burden on your family. Call today to get the most affordable final expense insurance rates!
More information about Final Expense, Click Here.
FAQs
Burial insurance typically offers a smaller coverage amount compared to standard life insurance and is specifically intended to cover end-of-life expenses.
Most burial insurance policies are available to seniors, often starting from age 50 and up, with some plans available up to age 85 or even 90.
Most burial insurance policies for seniors do not require a medical exam. They often involve answering a few health questions or may be offered as guaranteed issue with no health questions.
Coverage amounts typically range from $2,000 to $25,000, depending on the policy and the insurer.
Premiums are generally influenced by age, gender, health status, and the amount of coverage purchased.
Yes, many policies are available for seniors with pre-existing conditions, though the terms and premiums may vary.
As a type of whole life insurance, burial insurance does not expire as long as premiums are paid, and it pays out the death benefit regardless of when the insured passes away.
Some insurers offer joint policies for couples, but it’s more common for individuals to purchase separate policies.
Along with purchasing burial insurance, it’s important to communicate funeral wishes to family members and possibly detail them in a will or estate plan.
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Conclusion
A final expense life insurance for seniors is a permanent life insurance policy designed to cover immediate expenses related to an insured’s death — funeral, burial, medical bills, etc. But wait! There’s more! This type of coverage also provides additional benefits that may be useful in retirement or even during one’s lifetime. For example, if you have this type of plan and are diagnosed with cancer before age 60 (the earliest eligibility), your monthly benefit will increase by 10%. And there are other perks too: If you live past the maximum age listed on your contract without filing a claim some plans provide income tax deductions while others offer free accidental death and dismemberment protection for children under 18 years old. What do you think?
