Senior Citizens and Burial Insurance

The day will come that no one likes to deal with but everyone must.

What are your plans when it comes to burial and seniors' life insurance?

If you didn't know, funerals can be quite expensive.

The average funeral today in the U.S. is around $10,000, an especially important thing to note for senior citizens who are on fixed incomes. For many seniors, they do not like the idea of having to burden their kids or grandkids with these costs. On the flip side, they also do not understand how to save the money given their incomes are low and the cost of living continues to rise.

With a senior's burial policy, they have a whole life insurance policy sporting a small face value. The policy is designed to take on the majority of older individuals with simplified underwriting that asks minimal health questions.

With a simplified issue policy, the coverage will pay out an immediate death benefit at the time it is issued. A guaranteed issue policy could have a two or three year waiting period prior to the time the full face value is paid to beneficiaries. In the event the insured person dies prior to the waiting period expiring, the policy will typically refund the premiums, in some cases with interest.

Another advantage for individuals is that simplified issue policies are less expensive, and they have been constructed to take on the majority of seniors who are reasonably healthy and active.

The burial policy can be a very useful and cost-effective way to prepare for a funeral's expenses and other costs. The face value or death benefit for the policy can also include additional planned costs such as food, travel and so on. Any money that is remaining after paying final expenses goes to the beneficiary to use at their discretion.

In many cases, senior citizens buy the coverage for themselves, but it is also not uncommon for grown children to acquire the policy to meet the needs of their aging parents. The covered person will have to answer any application questions and also sign the policy to show they are alerted to the coverage.

Given how emotional the loss of a loved one is, many individuals discover that burial policies prove an affordable option to plan for a major expense, thereby avoiding having to pay for expenses when one is grieving.