As many residents start to get older, they must consider the fact that they won't live forever. In turn, these individuals need to decide how they will take care of their final expenses. There is always the option of leaving the financial burden on family members, but most people don't like going this route. Still, though, if persons wait too long and get up in years, they are fearful that they can't afford insurance coverage.
After all, the cost of these products increases as people age, and considering that many folks live on minimal fixed incomes, they feel as if the premiums are just too high. However, insurers noticed the problem and came up with a solution that goes by different names such as burial insurance, final expense coverage, and guaranteed issued life policies. They are designed specifically for individuals between the ages of 40 to 85.
Although death and funerals are not really hot topics that families want to discuss; it is in the best interests of all those involved to do so. This talk will ensure that everyone is on board with what the older adult's final wishes are and make sure they know how things are going to get paid for. The cost of an average funeral in the U.S. is between $7,000 and $10,000, which are funds that most people don't have merely hanging out in the bank. So, have the conversation sooner rather than later to prevent family members from experiencing hardships in the long run.
Who Should Purchase Burial Insurance?
As mentioned above, this product is available to anyone between the ages of 40 and 85. Some companies even offer affordable plans to those that are over 85. Burial insurance is also the ideal solution for folks with health issues. There is no medical exam required to qualify. Applicants simply have to fill out a questionnaire about their health. Hence, it does not matter if a person has diabetes, COPD, or something else; they won't be denied.
Caregivers Of Elderly Parents Should Consider Purchasing Burial Insurance Too
Caring for an older adult at home or in an assisted living facility is expensive. Thus, traditional coverage plans might be out of reach. It is possible for children to buy a burial insurance policy for their parents and name a funeral home as the beneficiary. So, instead of getting stuck in a financial bind after the passing of your loved one, buy them a burial insurance plan. In turn, you won't have to worry about coming up with substantial funds in a hurry and can concentrate on grieving over the loss.
Benefits Of Burial Insurance Policies
Level premiums are a big draw of burial insurance. The monthly cost and death benefit remain the same. However, it is notable to mention that some contracts might have fine print that allows these amounts to change. So, look things over with a fine tooth comb before applying your John Hancock to the documents.
Many plans have an accelerated death benefit option too. What this means is that if the policyholder is diagnosed with a terminal illness, the previously reserved funds become immediately available to cover costs associated with the ailment. There are plenty of other burial insurance benefits, so do your research and discover what the coverage has to offer for yourself.
Contact one of our agents to get a burial insurance quote today.