What is Burial Insurance?
Burial Insurance is typically a small whole life policy sold to seniors to help cover the cost of burial and other final expenses. Like all insurance policies, you pay in small amounts of money over time, to cover larger future expenses. Burial Insurance can be a sensible and inexpensive way to protect your loved ones from being shackled by an unexpected financial liability.
Why do I need Burial Insurance?
Funerals aren’t cheap! The cost of the average funeral can run onto the thousands of dollars. Or more. And to add insult to injury, most Americans have less than $1,000 in savings. So if a family member suddenly passes away, you could be in $10,000 worth of debt, almost overnight.
But with Burial Insurance, you won’t be shackled by a sudden wave of debt, should you or a family member suddenly die. This type of policy can provide financial protection against the staggering costs of the average funeral and provide peace-of-mind.
What funeral expenses does Burial Insurance cover?
Burial Insurance covers the typical costs associated with a funeral (i.e. flowers, casket, burial, etc.) and help pay off ancillary expenses that the deceased has left behind (i.e. unpaid credit card bills, outstanding mortgage, etc.).
What are the policy amounts for Burial Insurance?
This type of policies tend to have very low face values as it is only designed to cover Burial and other final expenses. Face values range from $2,000 to $40,000 depending on the insurer.
Is a Burial Insurance policy is hard to get?
No. And this type of policy doesn’t require a medical exam. There are two types of Burial Insurance policies: Guaranteed Issue and Simplified Issue . A Simplified Issue policy typically has a short list of “yes/no” questions, then goes straight to underwriting for approval. A Guaranteed Issue policy is like the name implies: your acceptance is guaranteed. You can’t be turned down for any reason, but it is also more expensive. What both policies have in common is the no medical exam feature and that you have to be between 50 and 80 years of age to qualify.
Will my premiums increase?
No, premiums will never increase, and your benefits will never decrease. Your policy can’t be cancelled (as long as you pay your premiums on time)…regardless of any future changes to your age, health, or occupation
Guaranteed life insurance for seniors
With all the different Burial Insurance products to choose from, we are confident that there’s a Guaranteed Life Insurance policy for seniors in the marketplace that you can qualify for. To find out more, call us today at 800-442-9899. At AccuQuote, we’re here to help.