Do Want the inside scoop on getting Burial Insurance For Seniors Over 70? Of course, you do; that’s why you’re here! Well, that’s what we are going to review today.
Reaching the age of 70 is a pretty huge milestone in your life, but there is something that can be really easy to overlook when you reach this age.
Turning 70 should be a celebration, of course, and we do not want to taint this – we just want to add a sort of clarity and reality to the situation overall.
It is really important that you get your burial insurance in line, because funeral expenses are a pretty major item that needs to be planned for. Yeah, funerals are actually expensive affairs.
It is true that funeral costs can actually be anywhere from $8,000 right up to $12,000, which is pretty crazy and is not the nicest surprise.
The cost of a funeral can come as a huge shock to loved ones who are going through the grieving process and who are also trying to honor the life of the deceased.
However, getting your burial insurance in line can really take away from this stress and pressure and it can be really helpful for your loved ones.
Burial insurance is something that you can do to help your loved ones, and it can really take away from the stress that is arranging a funeral on top of the grieving process.
However, let’s break everything down first of all – and just get to grips with everything in a step-by-step process.
Table of Contents
What Exactly Is Burial Insurance?
You might be here because you are trying to work out what exactly burial insurance is, and why you should invest in it.
Well, burial insurance is also referred to as final expense coverage, or it can be referred to as funeral insurance, or it might even be called a senior final expense program; but you will be pleased to know that here we will stick to burial insurance to avoid any confusion.
Here’s the thing, for monthly payments that are not only affordable, but that are simple too, burial insurance can really help your loved ones. It can give family members or loved ones who have been left behind that much-needed financial support.
Burial insurance is specifically designed for more senior citizens – and we guarantee that there will be some kind of plan on the market that works best for you.
It is important to note that this kind of product is a type of whole life insurance, in fact, there are some factors which work to separate funeral insurance right from that traditional whole life insurance plan.
When it comes to burial insurance, you are not required to take a medical exam. This is all to do with the process that the application goes through, this process is called simplified issue underwriting.
Without needing to do a medical exam, seniors can actually apply over the phone. This is something that you can do from the comfort of your own home. This might suit you a lot better as it might cater better to your mobility and also your anxiety and stress levels.
Through the over the phone process, you will just have to answer a series of yes or no questions that are all to do with medical facts. The entire process can take you just half an hour, but of course, this is a benchmark figure and the whole process can differ for every individual.
This kind of mentality also applies to policies themselves because there is a variation in costs of the policies. They can range from anywhere between $2,000 right up to $40,000.
In turn, this will help to make those monthly premium payments so much more affordable in comparison to these bigger insurance coverage options. Additionally, this will still include valuable payment benefits – so really you are on to a winning situation over here.
What Do We Mean By Product Benefits?
This phrase can be a confusing one to wrap your head around, especially in relation to burial insurance. You will be pleased to know that there are a lot of upsides to investing in burial insurance.
First of all, the price will never increase. That’s right, as soon as you take out that policy then the price is immediately locked in and it will never increase. We know that this is really important for senior citizens because you will live on a fixed income.
We wanted to highlight this to give you a source of comfort because the thought of a random price increase is extremely worrying and also jarring. This would be a factor that would put you off investing in burial insurance for sure.
But, we hope that we have given you some kind of peace of mind that there will not be this rogue price increase.
A burial insurance plan will give you the reassurance that your price is totally cemented in, so you can budget and know that this price is not going to alter any time soon.
It is also important to note that your coverage will never terminate. This means that once you have taken out your funeral expense coverage, then the amount will never go down or it will never just come to a sudden halt.
Investing in burial insurance is a permanent fixture, and it will always be there for your family when the time comes that they require access to it.
We know that there are a lot of different insurance policies out there, such as term life from AARP, which are marketed specifically to senior citizens – however, these kinds of policies will have a termination point.
Burial insurance never will. This is what makes it such an important investment.
Lastly, burial insurance actually works to build up cash value, meaning that over a period of time your burial insurance plan will collect a kind of cash value over time.
So, for each payment that is made a certain amount will then be set aside and then the policyholder can actually borrow this in the future.
What Can Burial Insurance Cover?
Another part of burial insurance that is really important to mention is that there are no set rules on what exactly the policy can be used for, this is something that is left to your discretion.
Essentially, it is up to you what exactly you do with your money! That is what is so refreshing about the policy, it is all in your control.
Naturally, there are some select things that burial insurance tends to get used for, naturally, it is used for funeral costs along with whether you decide that you want to be buried, or that you want to be cremated.
Alternatively, burial insurance can also be used to help you with other costs. For instance, burial insurance can help with legal expenses along with any outstanding medical bills.
It does not stop there though, in fact, burial insurance can be used to help you with any other debt that you might have. Also, burial insurance can help you in making charitable donations or it can help you leave your loved ones with an inheritance.
In all honesty, burial insurance can help with any other final expenses – there is not necessarily a checklist of the right and the wrong things to use your burial insurance for.
It is completely subjective, and it is totally up to you what you decide to use your burial insurance for. When all is said and done, this is your burial insurance policy that you have paid and saved.
So, you are completely entitled to direct this to be used by your loved ones however you think is best. Or ultimately, your loved ones will be the ones who have free choice over how this money can really help them.
How Much Will Your Funeral Insurance Cost You?
So now we have outlined just what burial insurance is, it is especially important to take into consideration what exactly the cost of your burial insurance premium will be.
You might already be anticipating this answer, but the price of burial insurance policies can really vary and there are a lot of reasons as to why this may be.
We want to pre-warn you that in all honesty, the more complicated that your medical history is then the higher the price that you can be expected to pay.
This also works in the reverse order, so the more simple that your medical history is then ultimately the less that you can really be expected to pay.
The factors that can have an impact on just how much you pay for your burial insurance is your age, your gender, and also whether or not you are a smoker. Also, the monthly price you pay for your burial insurance premium depends on the value of your premium.
For instance, if you go for a lower premium price then you will pay less per month than if you opt for a higher insurance premium price.
But, we can break down just how premium prices will be calculated in a lot more specific detail, rather than just throwing around some terms and then letting you do all the leg work.
So, health is obviously a pretty big factor that is taken into consideration when your premium price is being worked out.
It is true that as an applicant, then your health will ultimately carry the most weight in terms of an insurance company who is determining the price of your premium.
For instance, the more unhealthy the medical history then the higher the risk that the applicant would be to cover. Like every kind of insurance in life as a whole, the higher the risk of something then the more it will cost for you to get insurance.
When we mentioned age, what we mean is: the sooner you sort out your burial insurance the better. One of the best ways to get yourself an affordable premium is to not put off investing in burial insurance.
We spoke about this before, but this is all to do with that golden rule of the price never increasing. That’s right, once an applicant has gotten approval for coverage with a particular insurance provider then the monthly rate will never end up changing.
It is important to note that the point in time where the price will really vary is all the years that continue to go by where you have not secured yourself a burial insurance policy.
The truth is, putting off and waiting around to secure your burial insurance premium will increase the cost of the burial insurance premium by a lot.
We also mentioned gender, and this is not something that we want you to get hung upon. This is all to do with statistics and will not have as great a bearing on your premium cost compared to your medical records.
However, it is important for us to give you the full picture here. Statistically speaking, females live for up to 4 years longer than men. This, therefore, puts men at that slightly extra risk to insure, so women can end up paying slightly lower rates than men due to this.
But, as we said before – the keyword here is slight – this is not a drastic difference that you should notice when your premium is priced up.
Lastly, the policy amount can also have an effect on just how much you end up paying. What we mean by this is that the more burial insurance coverage that you take out then the more that you will end up paying per month.
But, this is a logistical point that we just wanted to remind you of. The higher the policy amount, the more you end up paying.
What Is The Best Burial Insurance For Seniors Over 70?
In case it was not obvious before, picking your burial insurance is very personal. And, so we can’t just give you a ‘one size fits all’ kind of approach. This is why we are here because we want to help you find the right, affordable burial insurance company for you.
This is an especially saturated market that can be really difficult to navigate, and there are lots of different things that can influence this.
Here at Simplified Burial Insurance, we want to make sure that you can find an affordable plan that suits you and your lifestyle the best. Burial insurance is by no means something that should be an extra stress to you and to your daily living.
It should just be something that you can be content with knowing that it is there, whilst just going about your daily life.
The whole point of burial insurance is just to give you that extra peace of mind, knowing that your loved ones will be totally okay and that you have supported them so that they can in turn support you when the time comes.
You can really help take away any extra stress on top of the grieving process of your loved ones by ensuring that everything is as in order as possible.
Sure, it is obvious that some of the best burial insurance for seniors over 70 can come from Mutual of Omaha, or Aetna, or even AIG – because these are the top three insurance companies that provide coverage for a wide variety of health conditions.
When it comes to seniors over 70, final expense insurance is an especially important option to consider just because it is so simple and straightforward, and we want to be here to help you navigate through this process.