Burial insurance is a beneficial policy that covers an individual’s funeral expenses typically ranging from $5,000 to $25,000. This insurance policy is designed to offer financial ease to the bereaving families or spouses after the death of loved one.
Burial insurance plans aren’t difficult to obtain. The process requires the applicant to answer a few health-related questions to estimate the right amount. A reliable insurance company for seniors such as the Senior Insurance Partner offers low-cost plans to help seniors safeguard their family’s financial future. The burial coverage policies for seniors may also be obtained to cover one person or an entire family.
Under some state laws in the US, some funeral homes are also allowed to sell burial insurance. Your best bet, however, is to choose an insurance company to ensure maximum financial security.
Let’s look at some interesting facts about burial insurance for seniors.
1. Pre-Need Burial Insurance is a Thing
There’s an alternative approach to burial insurance known as the “pre-need” insurance. This offers coverage amount on the prep-payment basis for funeral arrangements. Using a pre-need burial insurance, a person can make decisions about their funeral proceedings in their life.
A pre-need burial insurance plan covers expenses like funeral home cost, service cost, casket or cremation costs, flowers, headstone, burial ground, and grave-making costs. Many seniors who have specific wishes often choose this insurance policy.
2. Burial Insurance is AKA Final Expense Life Insurance
The burial insurance for seniors is also referred to as final expense life insurance. This insurance policy is very useful for bereaving families to pay for medical bills and funeral expenses.
A final expense life expense can be classified as a lifetime insurance policy but with a smaller amount. The coverage amount can be used to pay for other expenses than the funeral costs. These expenses may include the deceased’s debts, including medical expenses, credit card dues, and personal payables. If you want to obtain a burial insurance or a final expense life insurance plan, let Senior Insurance Partner help you. Avail a quick quote today!
3. What Burial Insurance Isn’t
Burial insurance plans are not the same as traditional term or life insurance policies. They don’t have similar eligibility requirements and premiums like a universal life policy. A burial insurance is designed to cover a one-time expense that incurs at the time of the insured’s death. You cannot use the coverage amount to pay off other, bigger liabilities such as an investment or a mortgage payment.
In this case, reach out to an adept insurance advisor at Senior Insurance Partner to avail a low-cost life insurance plan that requires no medical examination.
The company offers flexible and rewarding insurance policies for seniors across the US. Learn more about them here.