Funeral Insurance for Seniors
Funeral insurance for seniors, also known as final expense, is a very basic policy that covers individuals until around the age of 100. This special insurance policy can be purchased in amounts under $25,000 and covers the cost of the funeral itself along with any corresponding expenses. In this way, loved ones are spared from the financial burden that comes with having to pay for funeral expenditures out of pocket or from a traditional life insurance policy that can take months to pay out to the beneficiary. Everyone should have funeral coverage at minimum so the family doesn’t have to worry about the financial issues associated with a funeral ceremony.
The Cost and Premium:
Funerals tend to vary in cost but typically average somewhere around $10,000 – $30,000, (or more in certain situations). Most funeral insurance for seniors can offer coverage up to $50,000. Funeral insurance will cover the cost for things like: cemetery plot, minister, casket, headstone, the engraving for the headstone, funeral service itself, transportation, bills, outstanding debt, hospital bills, and legal fees. However it does not cover the cost of burial service. Most individuals that seek funeral insurance also choose to get burial insurance to make sure every expense is covered in the event of an unexpected passing.
There are two types of policies: Whole Life and Term Life. Term life rates will be lower but the policy coverage will end at a specific age or once a set time period has been reached (say 10, 15, or 20 years). If the policy expires during a person’s lifetime there won’t be a payout of the death benefit. Whole life policy coverage will cost a little more but cover the individual until their actual date of death. Beneficiary payout is immediate after passing.
Funeral insurance is a type of permanent life insurance. You will probably hear more different types of coverage such as prepay or pre need funeral coverage and more or less all of them are just similar to basic funeral coverage. You should contact and discuss with financial adviser or a funeral home director to learn more about the pros and cons and how they work. You can also find decent funeral coverage for seniors from your nearby funeral home.
How to Find Affordable Funeral Insurance?
If you need coverage right away you can do a search online for an instant quote from us. Most companies will send you a reply within 24 hours. You can also locate your nearest funeral service provider to purchase funeral insurance through them as well. Be sure to call around for the best price since these policy rates vary from company to company and also state to state.