Seniors with ongoing health conditions believe that they cannot afford most insurance policies to help them and their loved ones maintain financial security for unexpected situations.
End-of-life planning is crucial. Hence, insurance expert Gary P. Cubeta from Insurance for Final Expense recommends burial insurance for seniors over 70. It is a very straightforward and reliable form of insurance that can help cover costs and manage resources efficiently for burial preparations.
How does it work?
The application process for burial insurance is very simple. With your designated insurance agent or company, you will need to provide your personal information, designate your beneficiaries, provide payment information, and answer a few general health questions.
With this policy, after your passing, the burial insurance pays the death benefit of your policy to your beneficiary, who may then use the same money in any manner they wish.
To explain this further, here is an example. If you have policy coverage of $30,000 and the funeral expenses come out to $10,000, your designated beneficiary can choose what they wish to use additional funds for. They can use them to take care of other final expenses such as medical bills or other debts that the insured still owe.
With a small face value and relaxed underwriting, it becomes easy to buy burial insurance for seniors over 70. The straightforward underwriting in this policy makes it very flexible for older people as insurance carriers will accept many health conditions. Face value for burial policies can range between $2000- $50,000.
Types of Burial Insurance Policies Available for Seniors Over 70
For seniors above 70, two types of burial insurance can be available, standard and pre-need insurance. With traditional insurance policies, you are getting a smaller coverage amount that usually can cover the costs of the funeral, burial, etc.
Pre-need insurance policies are undertaken through insurance companies or funeral homes, where the money from the policy goes directly to the funeral home to take care of funeral needs.
The major difference between these policies is what can be done with the extra money after having the funeral services complete. With the standard policy, the designated beneficiaries have the right to receive the excess money and decide what to do with it. Still, with the pre-need policy, the extra money stays with the funeral home.
Choosing the Best Burial Policy
It is a challenging endeavor to find a policy that is right for you. Before looking at the different burial insurance policies, it is vital to sit down with your family and decide your funeral, such as the burial, funeral service, memorial service, etc.
Only then can you take the right step on what kind of policy and coverage you will require. Instead of comparing prices of policies offered by insurance companies, you should choose an insurance company that is financially secure and has high ratings.
Avoid policies that have long waiting times so that you can avail full death benefits from day one. An ideal policy protects you from the very beginning. Companies that offer customizable options and clear terms can further help you in your decision-making. So, you must also be aware of top assisted living properties in Florida. If you are still unsure, you can take help from an independent agent like Gary Cubeta.
Burial Insurance Benefits For You and Your Family
Burial insurance is a great way to help your family prepare and cover unexpected expenses further to your death. As it does not require any medical exams, buying burial insurance for seniors over 70 is most convenient. Another advantage is that this is a small policy option for those who would not otherwise qualify for other larger, expensive policies due to age or health conditions. Companies like Everdays make the process of planning for seniors easy and stress-free.
Guaranteed Burial Insurance Policies
A guaranteed burial policy does not ask extensive medical questions, so acceptance is guaranteed for the insured. Guaranteed acceptance life insurance policies are generally taken up by very sick people and would not qualify for any other type of life insurance.[adsense]
There is a waiting period for the death benefits to be activated. Guaranteed issue policies will not pay death benefits to the beneficiaries for the first 2 – 3 years that the policy is in force. But if the insured passes away during the waiting period, the beneficiaries will get back the premiums plus their interest back.
Planning Ahead
Funeral processes can become a costly situation and cause a stressful time for your loved ones. It is crucial to start your end-of-life planning and discuss these options with an independent insurance agent who may help you find the best price and policy for your age, health, and needs.
