BUYING BURIAL INSURANCE FOR PARENTS
Many seniors have the means and the willingness to buy elderly insurance, such as Burial Insurance, and leave no financial liabilities for their dependents and loved ones. However, in some instances, our elders may not be in a position to purchase this insurance themselves. For example, they may be afflicted by a severe disease or simply may not have the financial means to pay insurance premiums. In such instances, you, as a dependent, *may be able to purchase elderly insurance that covers your financial expenses upon the passing of your parents.
*NOTE: Legal requirements to purchase insurance for another person vary from state to state.
The passing of a loved one results in significant expenses associated with the burial, unpaid bills, and legal and professional expenses related to wills and property. For example, burial expenses such as a casket, a vault, body preparation for viewing, and a funeral service, can easily exceed $7,000. Fees and other expenses could take the cost well above $10,000. Therefore, purchasing insurance to cover such expenses makes sense. All you have to do is prove that you will be financially responsible for such expenses upon the passing of your elders. In legal terms, you have to prove that there is an insurable interest between the insured person (say your parent) and the policyholder (you).
You have several elderly insurance options to choose from, based primarily on the health of the insured person (your parent). You could choose from Term Life Insurance, Burial Insurance, or Graded Benefits Burial Insurance.