In addition to the expense of burial itself many relatives have to travel on short notice, and that can get expensive. There may be debts left by the departed, medical expenses, or legal affairs that need settling which are other things to consider. No one wants to think about their loved ones passing away, however some advance planning can relieve a a good deal of the pressure during this stressful time.

Burial Insurance policies are, simply put, whole life insurance plans that are designed to be easily to apply for. Created with people aged 50 – 80 in mind these Simplified Issue policies ask just a few health questions, and most elderly people can qualify.

Guaranteed Issue plans ask no health questions at all. Instead of health questions these policies impose waiting periods to qualify applicants. With guaranteed issue policies the insured must survive two or three years before a death benefit will be paid. Should the insured not survive the waiting period these policies refund premiums and specified rates of interest. As the face values are small, affordability is a priority with the companies who provide these policies.

If possible, seek out simplified issue plans as premiums are less and the payouts don’t have waiting periods. If the applicant is ill or in a nursing home then  guaranteed plans are still a no-lose proposition – the beneficiary collects the premiums and interest even if the insured expires before the end of  waiting period.

Besides burial insurance for seniors there are other options in planning for last expenses. Money can be saved in an account set aside just for this purpose. Current savings could be placed into an earmarked account providing for a funeral.  If the money is at hand this is a good option because savings accounts earn interest! The negative often is that older people on fixed incomes have limited savings, and this money trickles away due to emergencies, medical bills or home repairs.

Another possibility is “pre-need” or “pre-paid” burial plans sold by funeral homes. These can work for some people even though they tie you to one funeral home or one funeral company. Additionally they will pay for the burial only, and not associated expenses like debts, legal fees, or airfares. Sometimes these accounts require interest payments and can end up being more costly in the long term.

Advantages and disadvantages exist with each of these approaches. If you are uncertain of what is the best course, consult with financial professionals. The best burial insurance option for you will be dependent on your individual circumstance.