Seniors Life Insurance

4 Best Burial Insurance for Seniors 2019

Let’s be realistic—the event of your death is a done deal.

As hard as it is to talk about it, you cannot go on living your life as if it would have no end.

Have you ever thought about what would happen if you were to die tomorrow? Who is going to take care of unresolved matters? Who will pay back your debts? Who is going to inherit your property, get your possessions? Who will continue running your business? And how about where would you be buried and what would your funeral be like?

Unless you belong to a system or a faith that resolves these matters for you, the pre-planners would usually seek life insurance and a burial insurance for seniors.

What is Burial Insurance?

Burial insurance is a life insurance policy to insure your loved ones aren’t burdened with your burial and other associated funeral costs.

4 Best Burial Insurance for Seniors 2019

Level Benefit Burial Insurance

This is the type of coverage that will pay the full amount of the life insurance benefit starting immediately upon approval.

Level benefit plans are often referred to as low cost burial insurance as they are the cheapest way to qualify.

For example, if you purchase a level benefit burial insurance plan, based on the average cost of $ 10,000 for a funeral ($10,000), your family will receive the death benefit of $10,000 when you pass away.

Level benefit burial plans are the lowest cost and are available through many burial insurance companies. It’s important to always shop the various plans to make sure you’re getting the best burial plan company.

Graded Benefits Burial Insurance


The next low-cost burial insurance is the graded plan.

Graded burial insurance is used when certain pre-existing health conditions exist and are discovered during the health history assessment.  “Graded” means these plans do not pay the full death benefit amount immediately upon approve.

Modified Benefit Burial Insurance


Modified burial insurance plans are nearly identical to graded plans, except the payout schedule.  These plans are still used when you have a pre-existing condition, but the condition poses a higher risk, which results in a reduced payout.

The important thing to remember about modified burial insurance plans is that it is worth shopping other insurance companies because you might be able to qualify for a graded plan, which would increase the payout to your family and lower your costs

Guaranteed Issue Burial Insurance


The last type of burial insurance is called guaranteed issue.  This means there are no health questions whatsoever and everyone who applies is approved.

Guaranteed issue burial insurance is designed for those with pre-existing conditions that deem them uninsurable for any other type of burial policy.  These are the types of plans you commonly see sold through the mail.  It’s unfortunate that many healthy people are buying these types of plans and putting their families at risk should they pass away in the first 3 years.


Burial Insurance vs. Life Insurance: What’s the Difference?

Burial insurance is a type of whole life policy that pays out a smaller amount that is generally used to cover the expense of a funeral and for bills or debt that might be outstanding when someone dies.

Life insurance has a different purpose, even though both types of policies pay out a benefit when someone dies.

Life insurance is either a whole life plan or a term plan.

Generally, life insurance is a policy that has a much higher value than that of burial insurance.

The purpose of life insurance is to replace the lost wages or income of someone who dies early.

If you are 30 years old and have a family then you would buy a life insurance policy that helps to replace the money you would earn if you died at age 30.

Most people work to age 67, so in this example, a life insurance policy would cover the lost wages and income over the next 37 years. It would do so in one lump sum.

People of all ages buy life insurance, even if they are retired.

The reason for this is to pay for large amounts of debt if you should die.

If you are 65 and retired but still owe $100,000 on your home, then you would take out a life insurance policy to help cover that debt. you would take out a separate whole life policy to cover your funeral expenses.

Can I Buy Burial Insurance for My Parents?

It can sometimes be possible that a child can buy burial insurance for their parents. The laws that make this possible or that deny it, vary from one state to the next.

Usually, this is permitted if the parent cannot afford to pay for burial insurance or if they have a debilitating disease that makes it difficult or impossible for them to make financial decisions.

Where Can I Buy Burial Insurance?

Most people buy burial insurance from their insurance broker or from an insurance company.

Free Quotes Online for Burial Insurance for Seniors

If you are to buy a burial insurance now, that is, in your lifetime, then you can discuss all these costs with your company representative.

They will probably list it down for you to make calculations easier.

No price is set in stone; prices of vaults, caskets and the like are likely to change with economic conditions.

This will nevertheless still relieve your loved ones of all the extra expenses you would leave behind when you die.

Death is inevitable, so take some time out of life and plan the expected. Become the boss of your own funeral.

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