2018 Best Burial Insurance for Parents over 80
A death in the family is a demanding and emotional time. The days leading up to a loved one’s funeral can be a blur of difficult tasks and major expenses, and many survivors complain about a lack of time for grieving.
Funerals range from basic to lavish, with price tags to match.
Costs can go higher still once you add in extras, such as flowers, limousine hire, venue hire and catering costs. The same report estimated that these additional costs could push the bill up to around $5,500.
With this in mind, it’s important to discuss your wishes with your loved ones – and to plan for the future.
Burial insurance is there to help cover these costs. This is sometimes done as whole life insurance with a death benefit that could be anywhere from $5,000 to $25,000. It can also be done separately as its own individual policy.
Best Burial Insurance Elderly Parents – 2018
Burial Life insurance policies provide holders with the opportunity to get a lump sum in payment when they pass away after a number of monthly premium payments.
Once you are approved for your burial insurance plan, your protection begins immediately or after two years. The vast majority of applicants qualify for a plan that fully protects them starting on the very first day.
Whenever you pass away, your beneficiary(s) will receive a tax free cash payment.
Since burial insurance is a type of life insurance, your health heavily influences the cost. Ultimately, all your past and present health issues will be taken into account when you go to apply.
Burial insurance companies designed these plans to have incredibly relaxed underwriting. This means the insurance company can comfortably absorb the risk of serious health issues like diabetes, heart disease, past strokes or heart attacks, and some chronic illnesses.
How Much Does Burial Insurance Cost?
Like life insurance, the cost of burial insurance can depend on a variety of different factors. The biggest one of these is age. The younger someone is, the lower the premium is on burial insurance. This is similar to how life insurance is cheaper when you’re younger.
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