Funeral Life Insurance
Most people don’t even think about funeral life insurance. Until they’re in their mid to late 60s, because that’s when they and their friends start retiring.
It is during this time that many will begin to think about purchasing insurance. This is actually for finance to their funeral or final expenses.
In life insurance planning, the topic often arises. Because customers don’t want to leave their families with a large debt to pay off.
The average funeral today is around $8500. That’s for the basics – it doesn’t include the costs for the graveyard, headstone, and flowers. The graveyard space is a large sum of money.
Funeral Life Insurance Quotes
It is natural for humans to avoid thinking about their death. However, death is the only guarantee a human being has in life. While people don’t have to dwell on the subject every moment of their life, they do need to set aside time to plan, for the benefit of themselves and their loved ones.
It is important to consider what you will leave behind when you die. Funerals can be expensive, so it’s important to make sure loved ones aren’t left to grapple with funeral expenses. This will give families the opportunity to cry in peace.
Funeral Insurance Policy
Although most people prefer not to think about their own death, death itself can have a significant impact on the lifestyle of dependents. Therefore, it is important to consider the options available that can offer the maximum benefits in your death.
You Find More – Top 5 Best Companies Prepaid Cremation Plan Reviews
A funeral insurance policy can play an important role in alleviating costs in the event of death. A lump-sum payment can be made to your property to cover funeral and burial expenses, which are likely to run into the tens of thousands of dollars.
The funeral insurance policy can provide great relief in this difficult time by allowing loved ones to focus their energies and finances on other pressing needs.
Funeral Insurance Quote
You want to make sure your family has little to worry about after your death. You need to get a funeral insurance quote that meets every people’s financial security.
It is advisable to consider the arrangements for the funeral life insurance plan to effectively alleviate the worry of increasing huge expenses that add up to tens of thousands of dollars.
When you have the right funeral insurance quote, it will help you relieve the family’s additional stress at the time of bereavement. Having the right plan will mean one less thing to worry about as the family will have the money to organize the funeral.
Funeral Insurance for Parents
Funeral life insurance or whole life insurance is typically the best option for parents near or after retirement.
Funeral insurance for parents policy usually creates cash value and doesn’t stop covering you after a certain amount of time until the premiums are paid. In Funeral insurance for parents, you can qualify without taking a medical exam, even if you have had trouble qualifying in the past.
The younger and healthier you are, the lower your premium will be, so it’s important to lock in a low rate early in case your health changes. Seniors over 60, and particularly seniors over 70 and over 80, pay much higher rates than younger parents.
Cheap Burial Insurance Quotes
A cheap burial insurance policy can play a role in your financial strategy, but your options are worth considering. Rates increase with age, as is true of all life insurance policies, so the older you are, the less likely you are to want to spend significant resources on a policy.
Another option to consider is the prepayment of funeral expenses. Many funeral homes will allow you to choose a casket and assist you in choosing and paying for other expenses associated with a funeral. If you want a cheap burial insurance policy, you need to choose cheap funeral stuff.
This allows you to stay in control – you can decide how you would like your end-of-life affairs to be handled, rather than who is grieving your loss. By locking in rates earlier, you can also save money in the long run.
Funeral Insurance for Seniors
If all you are trying to do is make sure your funeral expenses are covered, as well as minor miscellaneous expenses, funeral insurance for seniors is probably your best option.
At a funeral life insurance medical exam is not usually required, and almost anyone can qualify.
However, funeral insurance for seniors policies is generally only issued for relatively small face values. Most of the policies will be for up to $30,000.
Funeral Insurance Companies
The top 5 funeral insurance companies’ names and the coverage amount are given below:
| Company | Best For | Coverage amount |
|---|---|---|
| AARP | Ease of applying | $2,500 to $25,000 |
| Colonial Penn | Flexibility | Varies |
| Mutual of Omaha | Affordability | $2,500 to $25,000 |
| State Farm | Cash Value | $10,000 |
| AIG | Death benefit with no extra cost | $5,000 to $25,000 |
AARP
The American Association of Retired Persons has a great deal of experience in meeting the needs of older people. In partnership with New York Life, they offer funeral and life insurance policies specifically aimed at the elderly.
There is no health question – the only requirement is to be a member of the organization and be over 50 years old. Acceptance is guaranteed with a single health question unless the applicant is terminally ill.
Colonial Penn
Colonial Penn only sells life insurance, including a guaranteed acceptance life policy that can be used for burial expenses. There are no medical tests or health questions to answer in order to purchase a funeral life insurance policy.
You can borrow against the cash value of the policy, and flexible payment options are available. Rates are guaranteed and prices are competitive.
Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance policies for people between the ages of 45 and 85. There are no health questions to answer.
If you are looking for a smaller policy, coverage amounts start at $2,500 and go up to $25,000. If the insured passes within two years from the effective date of the policy, 110% of the premiums paid replaces the amount of the death indemnity.
State Farm
State Farm policies can allow you to earn dividends, which can be paid out in cash or used to pay premiums. The cash value also grows within the policy, which is tax-deferred and can be borrowed against death compensation if needed.
While there are benefits to its funeral life insurance policy, coverage is limited to $10,000. The policies are available for seniors between the ages of 50 and 80 or up to the age of 75 in New York.
AIG Insurance
AIG’s policy stands out for motorcyclists with accelerated death benefits, which are included at no additional cost. If you are diagnosed with a chronic illness, the insurer will reimburse you for any premiums you have paid, up to 25% of the nominal amount of your policy.
And if you are diagnosed with a terminal illness, you can access up to 50% of your policy payment while you are alive.
Final Expense Insurance for Seniors
You have now worked all your life, and after retirement, you can sit back and enjoy life.
However, you also need to think about planning your final expenses so that your family is not burdened when that time comes.
You may have enough savings to pay for these expenses out of your own pocket, but what if there are additional hospital expenses along with the cost of your funeral?
The last thing you want is to have worked your entire life, just to leave nothing to your spouse or heirs.
This can be fixed very easily and at a much lower cost than you might not think.
This is basically final expense insurance for the seniors. Depending on your health, final expenses insurance for seniors is generally available to you.
And final expenses insurance for seniors is available to anyone up to the age of 85.
Burial Insurance for Seniors Over 70
There is a myth surrounding the world of funeral life insurance that seniors 70 years of age and older cannot get new life insurance coverage from any insurance company due to their age and/or decrease health with pre-existing conditions in life insurance.
This is not the truth at all. Burial life insurance for all seniors over the age of 70 is obtainable and affordable as long as they know how and what to look for.
Working alone to find the right funeral life insurance for seniors over 70 can be quite difficult. If you are considering life insurance and are over the age of 70, choose Burial Insurance for Seniors Over 70 to cover funeral expenses, medical bills, and other end-of-life expenses.
Also known as end-of-life insurance. Burial insurance for seniors over 70 these policies are designed for seniors who only need a small amount of coverage.
Conclusion
Every person’s situation is different, but unless you have been able to accumulate significant savings over your working years, you should try to make sure you have some cremation insurance coverage during the last period of your life.
So choose a funeral life insurance plan and give your family at least peace of mind. You don’t want them to have to deal with the stress of money while mourning your loss.
We provide the best information on funeral life insurance. For more details on this topic, visit prepaid funeral plans.
Frequently Asked Questions (FAQs) About Funeral Life Insurance and AARP Burial Insurance
The AARP Funeral Insurance Program provides members with life insurance to cover cremation and burial costs. According to the National Funeral Directors Association, the average cost of a funeral in 2021 was over $7,000. An AARP expense policy can offset these costs.
AARP offers both term life and burial insurance to its members. Coverage is provided by New York Life exclusively for AARP participants. No medical examination is required and you can apply online. Depending on your health and budget, you can buy from as little as $5,000. Or you can purchase life insurance coverage up to $100,000.
AARP Cremation Insurance is a small life insurance plan designed to cover funeral expenses. AARP supports New York Life, the insurer that actually provides the coverage. You can buy anywhere from $5,000 to $50,000 depending on your needs and budget.
