We have lots of responsibilities for our family and financial planning is one of them. It may seem really funny that how we are forced by destiny to plan for our future.
However, most of the time purchasing burial insurance for seniors is not included in our financial planning but it is an important thing we need to do.
In most of the cases, seniors want to include funeral expenses while purchasing the burial insurance as it is not much expensive and it can relieve a family from a financial problem when their beloved one dies.
What is Burial Insurance Actually?
Burial insurance is actually for covering the funeral and burial expenses.
Its meaning may vary from person to person. Basically, burial insurance is purchased to pay the overall expenses when the unexpected happens.
Burial life insurance is a low-cost policy and can help a family’s financial planning majorly.
How Burial Insurance for Seniors Helps?
Without any doubt, it is said that burial insurance is very helpful for seniors to protect their family from a financial crisis.
A burial is very expensive because it has several parts included in one package. Some costs that you can’t avoid if some unexpected happens.
A burial package includes a burial plot, flower, caskets, embalming fees, viewing service, preparation of the body, forwarding fees, hearse and drive, grave digging, grave liner, headstone, and service charge.
The burial plot is the most expensive part of a burial package. On average a burial plot costs $10,000 which is a big amount.
If you want to buy all these separately it will cost you more so buying a package is the only way. Except these, there are other costs also. Gathering of family and friends, and transport cost is another big cost.
Considering all these burial insurance becomes much important. If you have a suitable insurance policy your family will not need to bother about these costs.
How Much Burial Insurance Costs?
There are some important factors that may change the cost of senior burial insurance, like the policy type chosen, coverage amount, and age of the person.
Before purchasing senior burial insurance some major investigation is needed.
Available Burial Insurance Types
Generally, there are two different types of burial insurance. The types are “graded” and “level benefits”.
The graded benefits policy means the benefits will be paid only if the person survives for at least two years after approving the policy. If the person dies before two years 10% interest will be paid with the original premium.
On the other hand, level benefits don’t have any 2 years waiting period. The person will be eligible for the benefits from the time the policy gets approved. It costs more than a graded benefits policy.
The cost of burial insurance increases along with the overall benefits. The higher coverage you want the more you have to pay.
Age is also an important factor in purchasing a policy. You must purchase the policy at your 70’s age so that you can pay the premium slowly.
A few dollars every month can lead to a great financial planning. If you purchase the policy at 85’s you will have to increase the monthly payment amount.
How to Find Cheap Burial Insurance?
Before choosing senior burial insurance you must make sure that the policy can cover both burial & funeral expenses.
Usually, $10,000 to $15,000 coverage is enough to cover all the expenses after the unexpected happens.
Your health condition plays an important role while shopping for a burial plan. If you are in good health you can get a cheap policy easily.
You can also have guaranteed acceptance life insurance that doesn’t require any medical test.
It is not wise to shop for a no exam policy because it is very expensive. You should go through a medical exam and it can let you buy a cheap one.
While searching for a decent policy keep your age and health condition in your mind as it is too much important.
The best way to find policies from different companies is by requesting free quotes. A little research and planning can find you a decent policy.
While shopping for burial insurance for seniors don’t panic. Request for quotes, compare them, and choose the one that suits you.