Many Americans are concerned with planning for their financial futures. And as we get older, that planning begins to include preparing for end-of-life expenses and funeral planning. Even if seniors are reluctant to think about planning their memorial services, with the average cost of a funeral ranging from $7,000 to $10,000 to the 2022 National Funeral Advantage study, preparing for the financial implications is a must as.
Burial insurance for seniors is an affordable, stress-free way to ensure your funeral costs never become a burden to surviving loved ones. Sometimes referred to by similar terms such as final expense or funeral insurance, this safety net is designed to provide financial assistance to loved ones for end-of-life services. Seniors can still secure low-cost coverage with no waiting period.
Burial insurance can be a great supplementary insurance choice for seniors in addition to typical life insurance policies or as a replacement. Read on for more information on how burial insurance can fit into any lifestyle.
How Does Burial Insurance Work?
Senior burial insurance is a no-medical exam-required whole life insurance policy, typically up to $35,000 in coverage. The payout from the policy will cover the cost of a funeral, outstanding medical bills, or credit card debts.
One of the benefits of opting for burial insurance is the convenience and ease of the policy. Much like other insurance types, burial insurance requires a premium payment for a pre-selected amount of coverage. Upon death, the coverage amount will be paid out to beneficiaries, often in the form of a lump sum. The funds can then be used for burial services, helping to ease survivors’ financial burden.
Burial insurance targets the important need to cover burial and final expenses, which is the reason that 83% of consumers purchase a form of life insurance, according to the Life Insurance Marketing and Research Association.
When it comes time to file a claim, the deceased’s family will want to reach out to the insurance company to go through the process for policy payout. The company will need a copy of the death certificate.
How to Choose the Best Coverage for You
Choosing the right burial insurance may seem daunting, but comparing policies online is easier than ever. The journey to deciding which burial insurance is right for you begins by comparing.
Compare Burial Insurance Companies & Ask Questions
The best way to find a burial insurance policy to fit an individual’s needs is to compare options online. Different companies offer varying benefits, which means it’s important to take the time to find the most appropriate option. No matter what product you’re buying, it’s no secret that you should compare offers from multiple companies before committing to one.
Calculate Coverage Needs
When beginning that initial search, seniors will want to have an idea of what coverage they need and how much. Burial insurance typically covers:
- Medical bills
- And other associated costs for end-of-life
Determine a Budget
Depending on how much coverage one needs, the cost can vary greatly. More coverage and a higher death benefit equal higher premium payments. Generally, burial insurance costs are a manageable monthly expense for most households.
Burial Insurance or Life Insurance?
Because burial and life insurance both have to do with end-of-life planning, it can be confusing what is needed. While it is recommended that a person have both to help loved ones carry on in the event of their death, burial insurance has a direct intent and often smaller payouts than life insurance policies offer, making burial insurance more affordable.
Additionally, life insurance can be made available to people of all ages, while burial insurance is often only available for seniors over the age of 50.
Fidelity Life Burial Insurance
Fidelity Life Burial Insurance bridges the need for coverage and affordable premium amounts. In addition, prospective policyholders can find necessary assistance, including customized quotes and answers for life insurance questions, at Fidelity Life.
Fidelity Life offers RAPIDecision Final Expense which provides policyholders up to $35,000 of coverage. Applicants aren’t required to take a medical exam or wait for any test results to be approved. Life insurance shoppers can choose between simplified issue final expense insurance or guaranteed issue insurance. A simplified issue is ideal for those who are in good health wanting to cover end-of-life costs. Guaranteed issue is ideal for those whose health or age prevents them from purchasing life insurance. Policy approval is given within days, and there’s no waiting period.