A Complete Guide To Buying The Best Burial & Final Expense Insurance for Seniors in 2024

Buying burial insurance for most seniors is as easy as trying to qualify for a whole life insurance policy. The benefit of which is a quick cash payout within a few weeks to cover funeral costs of the deceased. There are some companies that have up to a 2 year or 24-month wait period, but they may also offer options for immediate coverage minus the waiting period.

In this article, we’ll go over what you can expect to pay for the best burial and final expense insurance, as well as how to identify the right insurer for coverage. We will also outline the death benefit offered by these policies.

What is Burial Insurance for Seniors?

It is also referred to by insurers as senior burial insurance, which does not usually require a medical exam and has lenient underwriting. Even seniors with a multitude of health issues can qualify despite the risk of their ailments.

The proceeds, as mentioned earlier, help to cover burial or funeral costs. Most seniors can get coverage for between $2k and $50k, with premiums ranging from $50 to $150 on the high end. Premiums also depend on the person’s gender, age, and the type of coverage they have purchased.

“Burial insurance” was a term that was coined a few decades ago, and it is mostly for marketing reasons. Other terms used are “final expense insurance for seniors,” “funeral insurance,” and “cremation insurance.” Most of these words or terms are used interchangeably by burial insurance companies. But it is important to note that all these terms mean the same thing.

The important thing you need to understand is that the whole life burial policy for seniors is a pretty straightforward policy, i.e.:

• The monthly payments need to be made for life but are fixed by the insurance company. In other words, you don’t need to worry about an increase in what you are paying.

• The coverage can’t be decreased.

• You can borrow from the cash value accumulated on the policy.

• The policy does not have an expiration date associated with it so as long as you continue paying.

When the day finally comes, the beneficiaries mentioned for the payout will receive a check for the amount. The amount they (the beneficiaries) get is tax-free. However, it gives them the opportunity to cover the costs of your funeral in addition to other expenses. The beneficiaries get to keep any money left over and use it as they want.

Finding The Best Burial Insurance For Seniors

One of the keys to finding the best burial insurance, like everything else in life, is to do some comparison shopping. That means you will want to compare what multiple companies are offering.

While many companies may advertise affordable burial insurance for seniors, they may not all be equal. Many websites allow you to get quotes from multiple insurers. A bit of research should tell you what coverage will end up costing you every month.

If you are looking for a policy that does not have a waiting period associated with it and is cheap, your best bet would be to speak with an insurance agent. However, we don’t mean any insurance agent; here are a few things you should look at when considering an agency:

Choose an independent agency – You will want to work with an independent agency that has access to at least a dozen insurers. This will mean that there is a higher probability of finding something that’s best suited to your needs.

Work with a reputed agent– You will always want to check the reputation of the insurance agent. Check reviews of past customers to see if they were satisfied with the service. A bad reputation online usually means that you can expect mediocre service.

Expertise – Finally, find an insurance agent that specializes in funeral insurance for seniors. While there are many insurance agents that sell everything from life insurance to car insurance, offering funeral insurance, you always want to work with a specialist.

The fact is that working with an insurance agency will ensure that you can find the lowest possible rates. Insurance agents handle all the shopping and research for you, which is a lot less burden off your shoulders.

Even if you are looking to buy life insurance for your parents or funeral insurance for them, make sure that you work with an independent agent.

If You Have An Existing Life Insurance Policy

If you already have a pretty solid life insurance policy, in that case, you might not need a separate burial insurance policy. The only thing you might want to do is to call up the life insurance company to find out what they will end up paying after you have left. The proceeds from the life insurance policy can be put towards your final expense. Life insurance payouts are also tax fees and in the name of your beneficiaries.

However, make sure that you don’t do this with your term life policy, which will expire on your 80th birthday. That’s why they can’t be used to pay for your funeral expenses if you live beyond 80.

Beware of The Age Range

Many companies have set age limits when it comes to qualifying for their burial insurance. Generally, the minimum age at which you can buy a plan is 45, and some set it at 50 during which you are guaranteed acceptance. The upward limit is 85. That means you can’t buy a policy if you’re 86. However, there are a few other options for people above 85 but will require answering health questions, a medical exam required and there is no guarantee you will be accepted.

Check The Fine Print

Read the fine print of your funeral insurance to make sure that you’re aware of what the insurer is offering before you sign the agreement. The final expense policy should state the coverage amount and how soon they will pay the beneficiaries which should help everyone plan accordingly.

Have A Question?

If you have a question about buying burial insurance or would like assistance, do not hesitate to call us at 877-817-2583. We also offer free burial insurance quotes.