Policy Advantages For Seniors
A good close to your life includes making sure you leave no liabilities for your loved ones after you move on. Many of you know that burial and funeral expenses are not cheap. A decent funeral can cost anywhere from $7,000 and up, and costs are rising year on year. Most seniors realize that this is a sizable amount of money and do not want to irresponsibly leave this cost for their loved ones to pick up and leave bitter feelings at the end of a life full of loving memories. Therefore, many opt for Burial Insurance, as the right and responsible thing to do.
Burial Insurance for Seniors is a type of permanent life insurance coverage where you pick a dollar amount that you would want spent on your burial, and pay the appropriate premium through the rest of your living years. With Burial Insurance, your premium is locked and rates do not change as you advance in age. You can therefore plan your budget to include this fixed amount every year.
Funeral expenses typically include the following:
|Other body preparation
|Memorial Printed Package
|Service car / van
|Transfer to Funeral Home
|Use of Facility – Viewing
|Use of Facility – Ceremony
|Other professional services
|TOTAL Funeral Expenses
Burial Insurance gives you:
Coverage of $2,500 to $50,000 (you choose the amount)
A locked-in premium that does not vary over the life of the policy
Permanent coverage for the rest of your life
Buildup in cash value with tax payable on withdrawal only
Eligible for ages 50 to 85
Upon your passing, in addition to funeral expenses, your family will also be liable for unpaid bills and taxes, and probate costs. Probate involves the legal process of distributing your assets and paying off outstanding claims, and often involves legal and professional expenses. You can select higher coverage with your life insurance policy to also cover your other after-life expenses.
Most seniors have either minor health problems such as escalated cholesterol or blood pressure, or major illnesses such as heart disease or cancer, and may not qualify for Burial Insurance. Such seniors, in particular, should know that they have several options, such as Guaranteed Issue Life Insurance. While a guaranteed issue policy is more expensive and carries modestly higher premiums, it is far better than not being covered.
With Burial Insurance, it pays to shop around because rates can vary as much as 50% – 70% on equivalent policies. If you have been denied life insurance coverage in the past or are apprehensive about approaching insurance companies directly, please give us a call at 1-855-457-1243.
Our experienced insurance advisers will happily answer your questions, guide you through the application process, give you the best rates from top-rated and reliable insurance providers, and let you choose a Burial Life Insurance policy that best suits your needs and budget.