burial Life insurance for Seniors - Get the quality care

What is Burial Life Insurance for seniors?

Burial Insurance for Seniors is a type of life insurance specifically designed to help cover funeral costs and other end-of-life services. It’s an important protection for many families, especially those on a limited income.

Death and survival are expensive, but burial life insurance policy makes them affordable. Such insurance provides enough money to cover all of your final expenses. And it gives full assistance from M Life Insurance to help you plan a funeral that suits your tastes and financial constraints.

With burial life insurance policy, families may rest easy knowing they won’t have to stress about finding the money to pay for the funeral. It’s crucial to compare plans from various providers while looking for burial insurance service.

Many burial life insurance for seniors plans provide a payment schedule adaptable to your budget. Because of making prices more affordable and the funeral fees easier to pay.

Ensure the policy satisfies your needs and that you know the coverage.

Burial Insurance : Get Peace of Mind and Financial Security for Your Loved Ones

Get A Quote On Best Burial Life Insurance for Parents

Estimate Your Final Expenses And Find Out How Much Coverage You Need.

We Provide

M-Life Insurance

M-Life Insurance offers you a variety of insurance plans to cover the cost of the funeral. However, it can be advantageous if you already have life insurance to pay for your final expenditures.

Obtain a prompt response by requesting a free online quotation from our website. You can also reach us by phone to know the policy details you want to purchase.

Guaranteed Issue Life Insurance

The plan is made to help people with precarious health situations. However, you will have guaranteed burial life insurance for parents if you pay a particular amount.

There are no questions to answer during the application process, and no medical examination is required to qualify. The death benefit is additionally correlated with your reasons for death.

Since it often provides your recipient with a little death benefit during a 24- or 36-month period. During the policy’s activation, it covers costs for accidental death.

Otherwise, in the event of your natural death within the policy’s term, your beneficiary would not be able to collect any money.

Pre-need insurance is a sort of funeral or burial life insurance for seniors that is pre-arranged and covers your final expenses. That is the agreement between you and the insurance company, in any case. Furthermore, insurance quotes serve as the choice of comparing insurance rates of different companies.

That indicates they will get the policy’s payout directly rather than your designated recipient. If you already have insurance, your family won’t have to worry about making funeral arrangements.

Best Burial Life Insurance for Parents : Get Peace of Mind and Financial Security for Your Loved Ones

MARCH, AARP

AARP

AARP provides permanent life insurance to cover the burial expenses to individuals in the age bracket of 45 to 80. The insurance is a guaranteed issue, which means that no application can be rejected. There is no medical examination or health-related questionnaire. With fixed premium rates, the coverage range is up to $25,000.

MARCH, MUTUAL OF OMAHA

Mutual of Omaha

Mutual of Omaha offers Burial Insurance to individuals who are 45 to 85 years long. The coverage amount provided is meager, starting from $2,000 to $25,000. There is a waiting period of two years, during which if the insurer dies, the beneficiaries only received the amount of the premiums paid with a 10% increment. However, if the insurer dies after the waiting period, the beneficiaries receive the full death benefit.

MARCH, GLOBAL LIFE

Global Life

Global Life offers a final expense insurance policy at a meager premium rate which is about $3.49. The coverage amount ranges from $5,000 to $50,000. The policy has no waiting period, and it can be purchased without any medical or health exam. Global life provides the option of adding coverage for the spouse as well.

KEY, COLONIAL PENN

Colonial Penn

Colonial Penn Life Insurance offers permanent burial life insurance that comes with no medical exam or health-related questionnaire. The minimum age to acquire this policy is 50, whereas the maximum age is 85. The coverage amount provided by this policy is up to $50,000.

KEY, FIDELITY LIFE

Fidelity Life

Getting burial insurance from Fidelity Life is an easy and simple task. It offers RAPIDecision Senior Life Term Life Insurance which provides coverage for 30 years to people aged 50 to 70. The coverage amounts ranges from $10,000 to $150,000. Fidelity Insurance Company also offers RAPIDecision Senior Life Whole Life providing the same coverage amount for individuals aged 50 to 85. This whole life policy has a waiting period of about three years. RAPIDecision Final Expense provides insurance to individuals in the age bracket of 50 with the coverage range of $5,000 to $35,000.

Lists of companies offering burial life insurance for seniors

Burial or final expense life insurance covers funeral costs and other end-of-life expenses. Seniors often seek this type of coverage to ease the financial burden on their loved ones after they die. Here are some of the most reliable companies offering burial life insurance for seniors:

Mutual of Omaha:

Mutual of Omaha offers a variety of life insurance policies, including burial insurance. Their burial insurance policies are designed specifically for seniors and offer coverage amounts from $2,000 to $40,000, with no medical exam required.

AIG:

AIG offers final expense insurance with coverage amounts ranging from $5,000 to $25,000. Their policies are available to applicants up to 85 and require no medical exam.

Gerber Life Insurance:

Gerber Life Insurance offers final expense insurance up to $25,000. Their policies are available to applicants up to 80 and require no medical exam.

Colonial Penn:

Colonial Penn specializes in life insurance for seniors and offers final expense insurance with coverage amounts up to $50,000. Their policies are available to applicants up to 85 and require no medical exam.

Foresters Financial:

Foresters Financial offers final expense insurance up to $35,000. Their policies are available to applicants up to 85 and require no medical exam.

When selecting a burial insurance policy, assess choices with a seasoned professional to match your needs and budget. Examine coverage, premiums, and policy restrictions. A suitable policy ensures peace of mind for your loved ones’ financial responsibilities in your absence.

Types of burial life insurance coverage

Burial life insurance, also known as final expense insurance, covers funeral costs and other end-of-life expenses. Here are the types of burial life insurance coverage:

Level Benefit: Level benefit burial insurance provides a fixed death benefit amount determined when the policy is purchased. The premium for this type of policy is typically fixed and does not change throughout the policy’s life.
Graded Benefit: Graded benefit burial insurance is designed for those with health issues or other pre-existing conditions. This type of policy provides a reduced death benefit during the first few years of coverage but increases over time. The premium for this type of policy is typically higher than a level-benefit policy.
Guaranteed Issue: Guaranteed issue burial insurance is designed for those with serious health issues or terminal illnesses. This type of policy provides coverage regardless of the applicant’s health status, with no medical exam or health questions required. However, the premiums for this type of policy are typically higher than for other types of burial insurance.
Pre-Need Funeral Insurance: Pre-need funeral insurance is a type of burial insurance purchased directly from a funeral home. This type of policy covers the cost of a specific funeral or set of services, and the benefits are paid directly to the funeral home.

When selecting burial insurance, carefully evaluate options with an experienced agent. Consider coverage, premiums, and policy limitations. The right policy ensures peace of mind for your loved ones’ financial needs.

Difference between burial life insurance and pre-need funeral insurance

Burial life insurance and pre-need funeral insurance are two different types of policies that can cover the costs associated with a funeral and other end-of-life expenses. Here are the main differences between burial life insurance and pre-need funeral insurance:

Purpose:

Burial life insurance is designed to provide a lump sum benefit to your loved ones after you pass away, which can be used to cover your funeral and other end-of-life expenses. Pre-need funeral insurance, on the other hand, is specifically designed to cover the costs of a specific funeral or set of services. These services are typically pre-arranged by a funeral home.

Flexibility:

Burial life insurance provides flexibility in how the funds are used, giving your loved ones the freedom to use the money as they see fit. Pre-need funeral insurance, however, typically covers the specific costs of the pre-arranged funeral or services.

Premiums:

Burial life insurance typically requires ongoing premiums to keep the policy in force, while pre-need funeral insurance can be paid in a lump sum or through installments, depending on the policy terms.

Transferability:

Burial life insurance policies can be transferred to a new funeral home or provider, while pre-need funeral insurance is typically non-transferable.

When deciding between burial life insurance and pre-need funeral insurance, it’s important to consider your specific needs and preferences. In addition, it’s important to consider the costs and benefits of each policy type. An experienced insurance professional can help you evaluate your options and find the best fit for your needs and budget.

Automatic Premium Loan (APL) in burial life insurance for seniors

Automatic Premium Loan (APL) is a feature available in some burial life insurance policies for seniors. This feature allows the policy to automatically borrow against the policy’s cash value to pay the premium if the policyholder misses a payment.

Here are some key things to know about Automatic Premium Loans (APL) in burial life insurance for seniors:

How it works: If the policyholder misses a premium payment, the APL feature automatically borrows against the policy’s cash value to cover the missed payment. The policyholder does not need to activate this feature.
Interest: The borrowed amount will accrue interest, which will be added to the outstanding balance. APL interest rates are typically higher than the policy’s interest rate.
Repayment: The borrowed amount and any accrued interest will need to be repaid by the policyholder at some point. If the policyholder does not repay the borrowed amount, it will be deducted from the death benefit paid to the beneficiaries.
Benefits: APL can be an advantageous feature for seniors who may have difficulty keeping up with premium payments, as it can help ensure policy validity. However, it’s important to carefully consider the costs and benefits of APL and other features when choosing a burial life insurance policy.

When considering burial life insurance policies with APL, it’s important to read the policy terms and conditions carefully to fully understand how the feature works. This includes any fees or penalties that may apply. An experienced insurance professional can help you evaluate your options and find the appropriate policy for your needs and budget.

Burial life insurance policy rates

Burial life insurance policy rates can vary depending on a number of factors, including the age, health, and lifestyle of the policyholder. In addition, they can vary depending on the coverage amount and policy terms. Here are some key things to know about burial life insurance policies:

Age: Generally, the older the policyholder, the higher the premium rates will be for burial life insurance policies. This is because older individuals are at a higher risk of death than younger individuals.
Health: The policyholder’s health and medical history can also affect burial life insurance rates. Those with pre-existing medical conditions or smoking histories may have higher premiums.
Lifestyle: Policyholder lifestyle habits, such as occupations and hobbies, can also affect rates. For example, those with high-risk occupations or hobbies may have higher premiums.
Coverage amount: The amount of burial life insurance coverage can also affect rates. Generally, the higher the coverage amount, the higher the premium rates.
Policy terms: The policy terms, such as the length and any additional features or riders, can also affect the rates.

When shopping for burial life insurance policies, it’s important to compare rates and coverage from multiple providers. This is to ensure you get the most suitable policy for your needs and budget. An experienced insurance professional can help you evaluate your options and find a policy that fits your unique circumstances.

Pros of burial insurance

Burial life insurance, also known as final expense insurance, is a type of life insurance policy designed to cover funeral and burial costs. Here are some of the key benefits and pros of burial life insurance:

Affordability: Burial life insurance policies can be relatively affordable, especially for seniors who may not need a large amount of coverage. This can help ensure that the policyholder’s final expenses are covered without placing a significant financial burden on their loved ones.
Ease of approval: Burial life insurance policies typically have simplified underwriting, which means that the policyholder may not need to undergo a medical exam or answer extensive health questions to qualify. This can make it easier for seniors or those with pre-existing medical conditions to obtain coverage.
Flexibility: Burial life insurance policies are typically very flexible, allowing the policyholder to choose the coverage amount and terms that best meet their needs and budget. Some policies may also include additional features or riders, such as accidental death coverage or inflation protection.
Peace of mind: Having a burial life insurance policy in place can provide peace of mind for both the policyholder and their loved ones, knowing that the costs associated with a funeral and burial will be covered.
Death benefit: Burial life insurance policies provide a death benefit that can be used to cover final expenses or other expenses that may arise after the policyholder’s passing.

Overall, burial life insurance can be a valuable tool for seniors and their families in ensuring final expenses are covered. It also provides peace of mind. When considering burial life insurance, it’s important to carefully evaluate your options and choose a policy that fits your unique needs and budget.

Cons of burial insurance

While burial life insurance policies offer several benefits, there are also some potential drawbacks or cons to consider. Here are some of the key cons of burial life insurance:

Limited coverage: Burial life insurance policies typically provide lower coverage amounts than traditional life insurance policies, which may not cover all final expenses. This can result in the policyholder’s loved ones paying out-of-pocket expenses.
Higher premiums: Burial life insurance premiums can be higher than traditional life insurance premiums, particularly for seniors or those with pre-existing medical conditions. This is because burial life insurance policies may not require a medical exam, which makes them riskier for the insurance company.
Inflation: The cost of funeral and burial expenses can increase over time due to inflation, which may erode the value of the policy’s death benefit.
Waiting periods: Some burial life insurance policies may have waiting periods before the death benefit can be paid out. This can leave the policyholder’s loved ones without coverage in the event of an unexpected death.
No cash value: Burial life insurance policies do not have a cash value component, which means the policyholder cannot borrow or withdraw funds from the policy.

Overall, it’s important to carefully evaluate the pros and cons of burial life insurance policies. This is to determine whether they are the right choice for your needs and budget. Working with an experienced insurance professional can help you understand your options and choose a policy that meets your unique circumstances.

Is burial life insurance worth it?

Whether or not burial life insurance is worth it depends on your individual circumstances and financial goals. Here are some factors to consider when purchasing burial life insurance:

Your final expenses: If you have savings or other assets that cover your final expenses, burial life insurance may not be necessary. However, if you do not have the funds to cover these expenses, burial life insurance can help ensure that your loved ones are not burdened with these costs.
Your age and health: Burial life insurance policies may be more expensive for seniors or those with pre-existing medical conditions. If you are younger and in good health, you may be able to obtain a more affordable policy.
Your financial goals: If you have other financial goals, such as saving for retirement or paying off debt, you may want to prioritize those goals over purchasing burial life insurance.
Alternatives: There may be alternative options to burial life insurance, such as pre-planning your funeral or using savings to cover final expenses.
Peace of mind: Having burial life insurance can provide peace of mind, knowing that your final expenses will be covered and your loved ones will not be burdened with these costs.

Ultimately, the decision whether or not to purchase burial life insurance should be based on your individual needs, goals, and financial situation. Working with a licensed insurance professional can help you understand your options and choose a policy that meets your unique circumstances.

FAQ

How Does Burial Insurance Work?

Burial insurance plans help people financially put their loved one to rest in a dignified manner. Premiums of these plans are based on tenure and seating order, which means you can add the numbers of all attendees, such as family members, friends, and your employer.
When someone from a distant location attends your funeral, we inflate the cost for inflation coverage per every increase in attendees or mileage.

What Does A Funeral Insurance Policy Cover?

A funeral insurance policy is a type of life insurance policy that covers the costs associated with funeral expenses. Design these policies to provide financial assistance to the policyholder’s family or other designated beneficiary when the insured dies.

The death benefit can cover the costs of funeral services, burial or cremation, and other related expenses. Funeral insurance policies typically do not cover the costs of a memorial service, headstone, cemetery plot, or other related costs.

The policyholder pays a monthly premium to the insurance company that accumulates the death benefit for your beneficiary. Offer funeral insurance policies typically with a fixed benefit amount, meaning the death benefit will not change regardless of how long the policyholder lives.

The benefit amount is typically enough to cover the costs of a basic funeral service, though the policyholder can usually increase the benefit amount to cover more complex services.

How Much Does Burial Insurance Cost?

Burial insurance costs are likely to be dependent upon the size and type of insurance you choose. However, it is the most affordable type of life insurance even for older applicants. The costs vary as per certain varying factors of the applicant.

Who Can Get A Funeral Insurance Policy?

Anyone can purchase a burial insurance policy after the age of 18. But it specifically benefits those seniors who wish to cover their funerals when they pass away. The policyholder will usually need to provide proof of their age and identity before the policy qualification.

Depending on the policy, the policyholder may also need to provide proof of their medical history and any existing medical conditions. Both individuals and families can take out funeral insurance policies.

Use family policies, which typically cover all family members, to pay for all or part of the funeral costs. Individuals can purchase a policy for themselves or a loved one. It is important to remember that funeral insurance policies are not a form of life insurance.

Design these policies to provide financial assistance towards funeral costs and do not provide any death benefit. Therefore, ensuring that you have sufficient life insurance coverage to provide any death benefit needed for your burial is important.

What Types Of Burial Insurance Are Available?

Various types of funeral insurance are available depending on your demands and financial capacity.

– Simple Issue life insurance: burial insurance typically helps sick elders, but the provider must verify the applicant’s state of health. The simple process of responding to a few health-related questions results in the adoption of the policy.

No medical examination of any kind is required of you. However, the company may reject your policy if you have been diagnosed with specific risk factors, such as smoking.

Is Burial Insurance Worth It?

Find a policy that provides the most coverage for the lowest cost. Burial insurance also offers your beneficiary some additional death benefits. That will help them to pay the deceased’s outstanding debts.

Thoroughly study the tiny print of each policy to ensure that you are aware of what is & is not covered.

Burial insurance is only useful if you have already saved enough money to pay for your funeral. Different life insurance policies can best meet your needs in that regard.

Does Term Life Insurance Cover Funeral Costs?

Term life insurance is also a great way to leave a legacy for your loved ones. When you purchase a policy, you can choose to name your beneficiaries, who can then use the death benefit to make a lasting impact.

Your beneficiaries can use the money to pay off debts, give to charity, or make a large purchase you may have wanted to do. Ultimately, term life insurance is an invaluable tool to help give you and your family peace of mind. It can also provide financial protection to cover funeral expenses.

Both the death benefit and burial insurance are not features of life insurance. In several aspects, it is different from life insurance.

To purchase funeral insurance, you must first determine whether you need it and what kind of budget you have available.

Our experienced staff aims to assist you at any point during the application process. Ensure you provide accurate information about your insurance preference and personal situation.

can i get burial insurance on my parents

Funeral and related expenses can be covered by burial insurance for your parents.

Different Burial Insurance Quotes are available online, so you can choose as per your wish!

Learn in seconds which types of insurance match you.