For the elderly, it can sometimes feel like certain financial opportunities have passed by and can never be enjoyed again. Life insurance can be one of these opportunities, and it’s not unusual for the elderly, now thinking about getting a little financial security for themselves and their loved ones, to find that there are higher barriers to entry.
However, that doesn’t mean that seniors have no options. While some types of life insurance may have steeper requirements, there are others, such as burial insurance that remain not just accessible but more pragmatic as time passes.
What Is Burial Insurance?
It’s easy to see from the name. Burial insurance is a very specific type of life insurance that is designed to pay out for just one thing; the expenses that come someone passing away. With general life insurance, once the money is released by the insurance providers, that money can be used for any purpose, whether it is paying off a mortgage, or going on vacation.
Burial insurance has only one purpose, and that is taking care of the expenses that come with someone passing away. Whether someone chooses burial or cremation, there are certain unavoidable costs involved. Without proper research, some may be shocked to find that there is no such thing, comparatively speaking, as a “cheap” death. Funeral expenses normally run thousands of dollars.
More Peace Of Mind
One of the best things about taking the time to plan for and get burial insurance is the peace of mind this will give you. Death is not something that any of us have control over. But to think about what you would like to have happen afterward, and then ensure that your wishes come to pass is something that you can do at any time.
By taking the time to consider your options—and invest in them now—you leave no questions or doubts about what comes afterward. There is a plan in place; no one has to figure out what to do next. This can also save money in the long run, as arrangements made for burial insurance now “lock in” your expenses, so if you take the time to select particular coffin, for example, it is “immune” to the price hikes of inflation over the years.
Easing The Burden Of Loved Ones
Perhaps one of the greatest gifts of burial insurance is not for yourself, but for those that are left behind. When a loved one passes away, this is often an emotional, turbulent time. One of the most upsetting experiences is thinking in financial terms about how to pay to say “goodbye” to the deceased.
By taking the time to invest in burial insurance, this shifts the burden of those worries away from the family and loved ones. You are making an effort to make a difficult time less painful, and in doing so, are providing emotional support for your family that takes care of financial considerations too.
If you’re interested in looking at your burial insurance options, get in touch with us and explain what you’re thinking. We can help you come up with a policy that meets your needs.