Senior Burial Insurance might sound like it is only for people who are very close to the end of life who need to find a way to pay for burial expenses. However, as insurance needs change throughout people’s lives, funeral insurance is becoming the go to for what type of life insurance people buy when their first round of term insurance expires. Think about what a “senior” is- usually senior discounts start around age 55 and that goes along with the age that most people are in the empty nest stage.
There is a transition that happens when parents are needing to have life insurance to pay for raising their families if they die compared to when the children are grown and have moved out, life insurance is now needed to simply pay for final expenses and burial costs. That is where senior burial insurance comes in and is for all senior ages, not just the elderly.
What is Senior Burial Insurance?
Senior Burial Insurance is a type of whole life insurance that is designed to pay for your final expenses upon your death including burial, casket, memorial services, legal paperwork, and any other final expenses that are incurred. The biggest benefit of burial insurance is that it gives you the peace of mind that your death will not result in financially burdening your family with the responsibility of paying for your funeral and other expenses that happen afterward. Burial insurance is a whole life plan meaning it lasts your whole life.
Monthly premiums can never be raised once the plan begins and the death benefit stays in place regardless of how long you live or even as you develop health problems later in life. Burial insurance is the best way to know your family will be protected when you die.
Senior Burial Insurance in your 50’s
The earliest age that people consider a transition to funeral insurance is in your 50’s as your term life policy might be expiring and kids are moving on to college. Your financial needs are changing and it is a good time to consider moving to a whole life policy. The difference between a term life insurance policy and a whole life policy is that term life policies expire and whole life insurance plans do not expire and last your entire life.
That difference is what makes the switch during your 50’s something to consider. By securing burial insurance in your 50’s, you are guaranteeing approval at the youngest age and best health possible. Approval and monthly premiums are based on age and health meaning when you get the funeral insurance in place in your 50’s, you will get the most coverage at the lowest monthly rate.
Senior Burial Insurance in your 60’s
Maybe you are just looking into your senior burial insurance options and you are already in your 60’s. The main difference for those who get burial insurance in their 50’s or 60’s would be the difference in monthly premiums you will pay due to being older and possibly having developed some health conditions you didn’t have in your 50’s. Unfortunately, one new health condition or medication taken can swing the pendulum on the approval process.
Thankfully, while the premiums might be higher as you get older, with final expense insurance, 99% of people are approved for some type of whole life insurance plan. The variable is whether or not there is a waiting period and how much the monthly premiums will be. Signing up in your 50’s is ideal but usually, those who get their burial insurance while in their 60’s are still getting a great plan at pretty low premiums.
Senior Burial Insurance in your 70’s
Anyone in their 70’s without a burial insurance life insurance plan in place must act immediately. At this time you are at great risk of putting your family in financial danger when you die. Approval rates are based on age and health and while you can’t change your age, you can get your funeral insurance for seniors in place before any health problems arise that would make it much, much more expensive to get your final expenses paid for. Additionally, funeral costs are rising across the country so you want to be sure your family isn’t stuck having to go into debt to pay for your burial. Sometimes people in their 70’s have put off getting their burial insurance plan because they are worried about a complicated application process.
Thankfully, applying for burial insurance is a very simple process with a short application and a list of YES and NO health questions so you won’t spend hours thinking back through your medical history just to apply. Assurance Life has agents who specialize in helping seniors through the application process. We use many nationwide A-rated insurance companies who will get you the most coverage at the lowest rates, even in your 70’s. The quicker you act, the lower your monthly payment will be so get started now!
Senior Burial Insurance in your 80’s
Goodness knows if you have waited too long if you are without life insurance in your 70’s, in your 80’s you better just call us immediately! 800-517-0810- call now! Or, you can fill out our free quote request to the left and at the end, choose to apply now, which is the fastest way for us to help you get your senior burial insurance in place. There is no time to wait. You may be in great health with a family history of longevity, but at the end of the day, no one can predict what could happen and the older you are, the bigger chance something unexpected can occur. Don’t leave your family without taking care of your final needs through a senior burial insurance plan.