If you are over 50 and you don’t already have insurance that is going to cover your final expenses, then it is really worth your time and effort to look into burial insurance. Give yourself and your loved ones the peace of mind that comes from knowing that you aren’t going to weigh them down in a mountain of funeral-related debt when you go. Of course, we all hope that won’t be for a long time, but why play chicken with such an important event?

Burial Insurance Simplified Or Burial Insurance Guaranteed

Burial insurance comes in two forms: simplified and guaranteed. First let’s take a look at the guaranteed type. This is for people who are not of a sound and healthy condition. Because they wouldn’t be able to get a simplified policy, there is this other type available to them. I don’t want you to think that just because your health isn’t great, it doesn’t even make sense to look into this final expense insurance.

It absolutely does make sense to get a guaranteed policy, because it will still pay your final costs as long as you live on another two or three years. How it works is you pay a small, regular payment and if you are still alive within a couple of years, then the benefits are yours. All your costs will be taken care of and that’s that. In the unfortunate event that you were to pass, then all of your payments would be refunded. There would even usually be a further interest payment made back in this case. Because of this, you can’t go wrong with a guaranteed burial policy.

Simplified Issue Burial Insurance While You Are Healthy

Now, what if you are in good health? Then you can get a simplified burial insurance. No matter what happens, nor when it happens, your end of life costs will be covered under this plan. Obviously, you pose less of a risk so the insurer can offer its coverage to you for less than would otherwise be the case. This is terrific, and it also makes you think, “Well I better get that now, while I’m still healthy.” I couldn’t agree more.

No matter which type of burial insurance you qualify for, it simply makes sense to buy this peace of mind and fiscal responsibility for you and your family. It’s a great way to take on one of the more unpleasant aspects of later life and just knock it right out of your way. It takes a strong and noble person to address this for the sake of his family.

It is not too late to get burial insurance for you or your parent. It’s available to anyone who is between the ages of 50 and 80. And it probably doesn’t cost as much as you think.

Burial Insurance Is For More Than Just Burial

Furthermore, this type of a policy can be used to cover more than just the specific death-related costs. It can take care of things like a mortgage or other debts that are left behind. But most of all it can sweep all your worries about how to pay for a casket, a headstone, a funeral service, and all the other myriad costs away.

Buying burial insurance will immediately give you peace of mind over all of these things. It will also probably have an effect on your relationships (a positive one) as you continue to age with strength of character. Having taken care of that last big bugaboo of financial calamity, it is common at this point that everyone starts to get along better. Whether you think so or not, if you are avoiding making this decision it’s probably worrying the heck out of your loved ones.

Regular Payments Reduce Worry

When you make such a strong decision to make a little regular payment in order to alleviate end of life costs, you are really taking the bull by the horns, and the people that are closest to you will look at you with a new admiration. They will be amazed that you an summon up such a courageous act at your age. And they will think of you as a perfect model of how to not run from death, but to tackle it.

No matter what state of health you are in, you can get burial insurance. Even if you are sick, you can still buy a policy that will cover you funeral and other expenses provided you live beyond a certain time horizon; usually two or three more years. If you don’t make it, everything is refunded. So, what I like to say is: it’s a win-win situation for anyone who is past middle age. You can nip this problem in the bud before it ever has a chance to rear its ugly head.

On the one hand, you can go with a guaranteed issue burial insurance policy. This is, as it says in its name, guaranteed to be approved for you. There is no medical exam required in order to receive this policy.

No Medical Exam Burial Insurance

How can they accept everyone into this type of burial insurance, you ask? Our actuaries have determined that by raising rates a little bit, we can afford to insure your burial costs even if you don’t proceed through a medical exam. This is only natural, since there is a bit more risk that we take on in insuring you without knowing that much about you. Nevertheless, this has been a very viable option for many people throughout the years.

With a guaranteed issue, you may have to wait a couple years until you’re vested into the death benefits. This is another effect of the increased risk you present in someone insuring your death expenses. It still pays to take this burden off of your family (and yourself).

Simplified Issue Burial Insurance Costs Less

The other type of burial insurance that you can choose will cost less. This kind is called a simplified policy. This is the ideal type that you would want to get. In order to get it, you’ll just have to go through a medical screening or questioning.

Once we have this information, we will feel very confident in making an offer of insurance to you. And you, in turn, can feel confident that you have done the right thing and removed any burden of your final expenses off of your loved ones.

Whichever way you determine makes the most sense for your family, you can act confidently in that direction. Once you have your policy, you and your family can let go of any associated worries. It is nice to be able to enjoy the later years of working and then retirement knowing that you have truly provided for your family, and will continue to do so in every way possible even beyond your own passing. The later years of your life will be all that much better because you have “taken the bull by the horns” and bought a burial insurance policy.

Burial insurance is an insurance policy that you pay into in order that at the time of death, the insurer will cover all expenses related to the funeral. Some policies, sometimes called final expense, may go even further and pay off non-funeral related expenses such as credit card debt or a mortgage. All of this is specified in the contract. But it’s good to know there are choices that can be tailored to your individual needs.

BURIAL INSURANCE REDUCES WORRY

Buying a policy such as this has a twofold purpose. On the one hand, it allows you to let go of all worries you may have about the financial impact of your death upon your loved ones. This is great, because it allows each of to “meet our Maker” with a clean slate and a clean conscience.

Another benefit, however, is that buying a burial insurance policy will also make your own family more at ease. Of course, nothing matters more than the love you have for each other. But they will deeply appreciate that you have thought this far ahead – and that you are thinking about them and their needs and desires, whether that be a spouse or your children.

A funeral can cost on average around $8,000 or even more. It depends of course on many factors such as how elaborate it will be, and what type of area you live in: rural funerals will tend to cost less than ones in urban areas. Just by simply thinking a little about the future right now you can take that cost away from your remaining family members. This is the ultimate final act of love and selflessness that one can give to their family.

BURIAL INSURANCE TYPES

Burial insurance has also been called final expense insurance or pre-need and prepaid burial. All of these terms may have slightly different connotations depending on who is using them and in what way they’re being used. Usually when people talk about pre-need they are referring to a policy where you commit to one funeral home and pay them. The downside to this is that you could become tied to that funeral home, and thus the place where you live possibly for a long time. It is always all about knowing what you require first, and then the answers will become obvious.

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.