It’s no secret that thousands and thousands of baby boomers become seniors (age 65 and older) every day. In fact, the U.S. Census Bureau has calculated that by 2030 all baby boomers will be older than age 65 and will outnumber children in America for the first time ever.
That is a lot of seniors that will likely need burial insurance for a variety of reasons. Maybe they had to cash in a policy to resolve a financial emergency? Maybe they let their policy lapse in 2007 and 2008 when America plunged into a recession? Or maybe they had life insurance through work and when they retired they discovered that they did not qualify for individual life insurance?
If any of these situations sound like your circumstances take a breath because you can get burial insurance at an affordable price if you know how and where to look for it. We’re talking about whole life insurance with all the guarantees and benefits that you want in a policy. We’re talking about no medical exam life insurance from highly-rated life insurers with very liberal underwriting that you will likely qualify for. And if not, there is guaranteed issue life insurance for those who don’t qualify.
A Quick Overview of Burial Insurance for Seniors
Burial Insurance, also known as final expense or funeral insurance is a whole life insurance policy designated to pay for final expenses when you die. Typically, final expenses are made up of funeral and burial expenses, unpaid medical bills, and unpaid nursing home expenses that weren’t paid by Medicare or Medicaid. Out of these three categories, funeral and burial expenses typically are the most costly.
Currently, the average cost of a funeral and burial service in the U.S. is running between $8,000 and $12,000 depending on where you live. Unless you have this kind of money in savings, it’s likely that you will leave this expensive burden for your surviving loved ones instead of an insurance death benefit that will allow family members to bury you in a respectful manner.
To resolve this situation, most seniors purchase burial insurance in advance so that their beneficiary can easily take care of funeral costs and other lingering expenses. For most seniors, if you purchase your policy before turning age 66, you can purchase a $15,000 burial insurance policy for about $60 per month. And, since your policy is whole life insurance, you’ll get the same guarantees and benefits as traditional life insurance:
- Your burial insurance cannot be canceled by the insurance company for a reason other than nonpayment of premium.
- After your burial insurance policy is issued, your insurance company cannot increase the premium, even if you become terminally ill or have to live in a nursing home or hospice.
- Your policy will build cash value over time that you can easily access using policy loans, withdrawals, or by surrender your policy.
Since there are so many seniors in America that need life insurance, the competition that has resulted has created a very competitive marketplace for burial insurance for seniors.
What's the Easiest Way to shop Burial Insurance for Seniors?
In today’s life insurance marketplace, purchasing life insurance is quicker and easier than ever before because of the internet. Most reputable life insurance agents will provide an instant quote form on their website so that any visitor can get life insurance quotes from multiple companies in an instant.
This means that you can get a very good idea how much your insurance is likely to cost before you apply for coverage. With most online life insurance agents, once you’ve got your quote they will help you determine if the company you have selected will be the best solution for your individual needs.
After you speak with an independent agent for just a few minutes, your agent can determine if the company you selected will be the best choice given your health history or if you should consider an alternative that will make better sense for you. It’s important that you contact only an independent agency since they represent many of the highly-rated insurance carriers and they work for you, not the company. Since the agent is paid by the insurance company, it is no additional cost for you to take advantage of their expertise and relationship with company underwriters.
Burial Insurance for Seniors - Most Benefits by State
Although whole life insurance products are pretty much the same, not every company has the same underwriting guidelines and processes. For example, some insurance carriers require their agents to conduct a face-to-face interview with prospective clients and the companies that have this requirement typically deliver products with the best benefits. In other words, more value for your money.
Although many independent agents conduct business throughout the country, not near as many are able to conduct face-to-face interviews in every state. At Life Policy Shopper, you’ll have access to a nationwide network of independent agents that can conduct face-to-face interviews and deliver burial insurance for seniors that provide the best benefits in your state.
The Life Policy Shopper network also represents insurance carriers that offer guaranteed issue policies for seniors who cannot qualify for traditional life insurance because of multiple serious health issues. Guaranteed issue life insurance policies are available to anyone who is in an eligible age group as long as they are alive!
We always recommend however, that prospective clients only use guaranteed issue life insurance as a last resort because they are more expensive than level benefit policies and typically have a waiting period before they will pay for death due to natural causes.
We've Done Our Homework
At Life Policy Shopper, we’ve done the research to determine which life insurance company can deliver the most affordable burial insurance for seniors on a state-by-state basis.
Select your State on the Map to find the best programs available to you:
Remember, the life insurance companies that require a face-to-face interview will typically offer a better value than companies who do not. Most agents take the easy way out and only represent carriers that allow agents to sell policies over the phone so they are limited to the number of companies they represent.