A burial insurance policy for seniors (and sometimes middle aged people) is simply a relatively small whole life insurance policy. Insurers recognize the growing senior market, and also the fact that actuary tables tell them people can expect to live longer than they could a decade ago.  These whole life policies have been designed to be easy for older people to qualify for, and to apply for. 

Sometimes burial insurance is also called final expense or seniors life insurance. The policies are mostly intended to provide cash to pay for funerals, burials, and other end-of-life expenses.  Other expenses that might be anticipated are travel, medica bills, or making up for lost time at work.

Face values tend to range from a couple of thousand dollars to about twenty-five thousand dollars. Since average funerals in the US are estimated to cost about $8,000, many people choose to purchase a $10,000 policy. The amount you purchase really depends upon your needs and budget.

Simplified or Guaranteed Issue Burial Policies

There are a couple of different types of these, including simplified vs. guaranteed issue senior life. It is important to understand the difference so you choose the right one. A simplified issue policy will require a NO answer to a few health questions. Most seniors who can function on their own fairly well should quaify. A guaranteed issue policy will not require any health questions.

You may wonder how life insurance companies can issue insurance with no health underwriting. Well, they use a waiting period instead. For example, a guaranteed issue policy may not pay out any death benefit until the insured person has survived 24 – 36 months. Before that they may only refund premiums or pay a portion of the death benefit.

That is why it is important to compare policies before you purchase one. Sometimes simplified issue is cheaper, and it also provides an immediate full payout! For some people, who could not pass te health qualifications, a guaranteed issue policy may be the only option.

Who Buys Burial Insurance

Sometimes older people purchase these for themselves. They want to be sure that the policy beneficiaries will have cash to pay for a funeral and other things without having to borrow money. Other tmes, grown children actually purchase these for their parents because they are concerned about the high cost of funerals today.

How Much Does Final Expense Insurance Cost?

Your rates will depend upon a few things like the amount of coverage, the insurance company, age of the covered person, etc. To compare prices, it is pretty simple to use the form on this page:  Seniors Life Insurance

The form above is free, and you are under no obligation to purchase anything.