Buying burial insurance for parents can be a chore. With the senior population growing rapidly, more and more children are buying burial insurance for parents. Unfortunately, not all seniors are able to afford senior life insurance to help pay the final expenses upon their death. This leaves their children in the challenging position of paying for funeral expenses out of pocket. Funeral expenses are rising and without funeral expense insurance, families are left responsible for the cost. Thankfully, there are many options for families who are buying for burial insurance for parents so they have the peace of mind that expenses are paid for in an already difficult time.
Burial insurance is simply a whole life insurance policy designed to pay for funeral costs, any outstanding debts, and to provide extra money to family members if so desired. Burial insurance is also permanent life insurance. There are other names for this kind of insurance including funeral insurance, final expense insurance, senior life insurance and cremation insurance. The most important step in finding the right burial insurance for parents is to use a broker.
A broker uses many different insurance companies who can cover all types of clients, regardless of age or health. Most brokers offer no exam life insurance meaning your parents do not have to have a medical exam. Also, brokers have access to companies who offer GUARANTEED ISSUE policies meaning ALL people are approved, even if they have health problems now or in the past.
Assurance Life is a broker who uses reputable companies such as AIG, Gerber, Mutual of Omaha, and more. We have programs for every family’s need, whether for one or two parents, and ranging from smaller policies to larger ones for families wanting some money left over. Two common amounts are $8000 and $10,000 policies. With the average funeral cost at around $8000, some families opt to cover just funeral costs and others want to build in some extra cushion for outstanding debts or leaving a small amount to family members.
The first step is simple- just complete the information for a FREE QUOTE and our agents will get the process started. The importance of securing this policy for your parents can not be stressed enough as it is hard enough to lose a parent without having a financial burden added as well. Assurance Life is waiting to assist you with buying burial insurance for parents so you can have the peace of mind knowing their final needs are met.
Tip #1- Talk to your parents
The first tip is to be sure and include your parents in the process of securing their funeral insurance policy. As awkward as we feel talking about death, the older your parents get, the more it is almost a relief to know everything is taken care of. There may be a little resistance at first but most of the time, the parents just want the process to be stress free and knowing the kids have handled the legwork means they are usually eager to agree to taking out the policy. Another reason to talk with parents through this process is that seniors want to feel a part of things and not like they have lost their ability to help with decision making. Family unity is the best approach for buying burial insurance for parents.
Tip #2- Determine your parents’ wishes for final arrangements
When children take the time to get their parents a burial insurance policy, the most important thing is making sure their wishes are honored in regarding their funeral arrangements. With so many options these days, you will want to be sure you have enough insurance to take care of the final expenses. Questions to talk over with them include cremation or burial arrangements, extras offered by many funeral homes, paying any outstanding debts, and leaving money to family. This will help you be sure you are choosing a death benefit amount large enough to honor your parents’ wishes.
Tip #3- Be sure a broker helps you with your burial insurance choices
Using a broker will help you know that you are getting the most coverage for the lowest monthly payment. There are numerous insurance companies and with any product, some are better than others. Assurance Life uses many A Rated funeral insurance companies because many companies have a certain niche like whole life insurance coverage for heart attack patients, no exam needed policies, or the best rates for tobacco users. We always compare rates at the top 10 burial insurance companies so we find the best plan for your parents. Sometimes our clients start out looking for their parents and end up taking care of their own insurance needs at the same time. The free quotes and simple application puts your parents at ease because the process is simple.
Give your parents and yourself the gift of peace of mind. Assurance Life can help with all your needs for buying funeral insurance for parents.