Why Buy Final Expense For Seniors Over 80

Burial insurance, a.k.a., the final expense is a life insurance policy for seniors. Typically, it is bought to cover the burial and other expenses upon your death. The average lifespan in the U.S is 78.87 years. Therefore, death is a reality that looms large once you cross 80. If you have been pondering whether or not to invest in burial insurance for seniors, you are in the right place.

Here we take a microscopic look at what burial insurance is; what it does, and does not cover. We also discuss some of the policy’s benefits, and how you can choose from the best plans out there. So, without further ado, let’s begin.

Understanding Burial Insurance

It is insurance packaged in a small size to meet final expenses upon your death. Since you are already at an advanced age, you are unlikely to qualify for a life insurance policy. Therefore, insurance companies came up with the idea of burial insurance.

The policy amount is as low as $1,000. Premiums range from under $50 to over $350. This allows you to leave a small sum for your loved ones to handle your funeral expenses, and any other obligation that you may leave behind.

How it Works

Pick a policy, pay your premiums regularly, and your loved ones will receive the policy amount for taking care of their immediate finances. A few things you have to bear in mind: Age is not just a number in the insurance game. With each passing year, your insurance becomes more expensive. So, don’t wait until you are over 80 to buy burial insurance.

Another factor to keep in mind is that most insurance companies have a waiting period of 2 years before the death benefit kicks in. At this age, two years can be very long. Here, it is best to look at plans that do not have a waiting period.

Do You Really Need it?

Usually, most retired citizens will have independent children and would have saved enough for their spouse to live on. So, they don’t really need a burial insurance policy. A final expense policy can be the perfect solution for seniors who have debts or someone depending on them financially. Also, if you don’t want to burden your family with your funeral expenses, then you can opt for such a plan.

If you have business-related financial obligations, it’s best to sign up for an insurance policy so that those obligations are met even upon your death. Another reason people opt for such a policy is to leave some form of inheritance for their children. Although a small amount, it does allow them to remember you fondly. Burial insurance for seniors can be bought for any of these reasons.

The Final Expense Advantage

Let us discuss the advantages of the plan. The coverage value is low, so the premiums are affordable. People who do not qualify for life insurance usually qualify for such a plan. The insurance amount can be used for any purpose. Approvals are easy. A guaranteed issue means you don’t have to disclose your health condition to get approved. Premiums are steady. Also, in case of death before the waiting period is over, the premiums paid plus interest can be received.

Another advantage is that you don’t need to disclose your health information by opting for a guaranteed issue insurance policy.

How to Find the Perfect Plan for You?

After reading the article so far, if you still think that you need a burial insurance plan, then here’s how you can pick one that suits your needs. It all boils down to your health condition and how much you can pay each month.

If you have a health condition, you may not qualify for a final expense insurance plan and will have to go for a guaranteed issue plan. If you are in perfect health, then you can for a final expense policy and save on the high premiums. You can pick a cover ranging from $1,000 to $25,000, depending on the amount you want your heirs to receive.

Usually, insurance policies are purchased to meet certain expenses or help those dependent on you. Even if you are a senior citizen, it’s not too late to purchase insurance. You can buy burial insurance for seniors now.

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