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Everything You Need to Know Before Buying Burial Insurance for Your Parents

Last Updated December 20, 2024

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Losing a parent is one of the hardest things to go through. Purchasing a burial insurance policy will provide comfort during the difficult transition period. Burial insurance is a type of life insurance for your parents and is important to consider as you begin to make final arrangements. It can not only help pay for funeral expenses but also help cover everyday costs to give you and your family peace of mind.

Discussing burial insurance or even thinking about the loss of a loved one can spark anxiety and unease in anyone. No one wants to think about life after the passing of a parent and bringing up the topic can be awkward. While it is extremely difficult, it is also very important to discuss while your parents are still around to ensure that their wishes are enacted and that your family is taken care of. Final Expense Benefits is here to cover all of your questions regarding burial insurance so that you can make the best choice in coverage for your loved one.

Call us at (866) 786-0725 weekdays from 9 a.m. to 5 p.m. and one of our expert agents can help you pick a life insurance policy that works for your family. Get started now with our free online quoting tool.

Can You Get Burial Insurance for Your Parents?

Photo of multigenerational family sitting in living room.
Yes, you can get burial insurance for your parents, but you must have their consent before obtaining coverage. If your parents are unwilling to participate in the application process, it will not be possible for them to receive coverage. Additionally, depending on which type of coverage you choose, your parents may need to answer health-related questions or complete a medical exam.

Why You Should Get Your Parents’ Burial Insurance

Burial insurance for parents helps cover any final expenses, provides financial assistance for dependents, and can help pay any leftover debts. If you are dependent on your parents financially, you may face challenges after their passing. Not only is there a financial burden on you to cover funeral costs and outstanding bills, but you now have to worry about taking care of your surviving family members. Obtaining a burial insurance policy will ease this transition period of your life and provide you peace of mind.

What Happens If Your Parents Pass Away Without Life Insurance

If your parents pass away without life insurance, you will not get an insurance payout. This means that you are responsible for paying the funeral costs, debts and any additional expenses. These unexpected costs can create additional distress for the family as everyone grieves. This is why it is crucial to have a discussion with your parents to determine which plan is best for your family in order to ensure financial stability. This will also allow the family to grieve without additional stress.

How to Obtain a Burial Insurance Policy for a Parent

There are a few steps that you need to take to purchase a life insurance policy for a parent: Obtain consent from your parent: You will only be able to purchase a burial insurance policy if your parent signs the application. This rule applies even if you are the one purchasing the coverage.

Determine your parent’s specific needs: Figure out how much coverage you will need based on a combination of funeral costs, your parent’s financial commitments, and if you are a dependent, any supplemental income you may need.

Demonstrate insurable interest: In order to purchase a burial insurance policy for your parents, you must have insurable interest. Insurable interest is a financial interest in a person that would result in loss or difficulties once they are gone. The following are the most common financial obligations that would satisfy the insurable interest requirement:
  • Funeral Bills
  • Expenses associated with providing for a surviving parent
  • Any debt that you have taken responsibility for following the loss of a parent
  • Additional expenses that would fall to you after the passing of a parent
Graphic Listing the Steps to Obtain Burial Insurance for a Parent

Life Insurance Options for Elderly Parents

Some variables will impact the type of coverage you can obtain for an elderly parent. The cost of burial insurance will vary depending on the health, age, gender, state of residence, and tobacco usage of an individual. 

Some insurers may require a medical exam to qualify, but not all. It can be difficult to find a plan that will not only fully cover your parents, but also covers any health issues your parents may have. Final Expense Benefits works with only the most trusted burial insurance companies and can help you find a perfect carrier for your loved ones. Since the price can vary depending on so many factors, there is no exact price we can guarantee, but a typical burial insurance premium can cost anywhere from $20 to $100 per month. We have a free quoting tool that helps you determine what plans might work for you before you talk to an agent. Or if you are ready to speak to an expert at Final Expense Benefits, call us at (866) 786-0725.

Below is a chart of some of the best burial insurance options for a $10,000 insurance policy:

Company 50 y/o Male 50 y/o Female 60 y/o Male 60 y/o Female 70 y/o Male 70 y/o Female
Aetna (CVS Health)
$34
$27
$50
$40
$70
$56
Americo
$31
$26
$43
$35
$71
$53
Mutual of Omaha
$31
$24
$44
$33
$75
$53
Prosperity
$34
$29
$45
$35
$79
$59
Corebridge
$33
$26
$48
$36
$82
$58

Rates based on $10,000 coverage for non-smokers with no listed health conditions.

No Exam Burial Insurance

A no exam burial insurance is a type of life insurance that will provide coverage without performing a medical exam. However, policyholders will be asked to answer any questions about their insurance to determine their monthly premiums. In some cases, it will also determine how much coverage you get and when it starts.

Someone with a pre-existing condition may opt for a no-exam burial insurance policy. The downside of this type of insurance is that it is typically more expensive than standard life insurance, but your beneficiary can claim the death benefit whenever they choose, so long as you have paid the premiums.

Guaranteed Acceptance Burial Insurance

If you do not want to answer a health questionnaire, you can opt for a guaranteed acceptance burial insurance program With this type of plan, you will be accepted with no medical exam or questionnaire regardless of status.

The disadvantage of this type of plan is that you will not receive immediate coverage. It can take about two years for beneficiaries to receive the amount on your policy. Additionally, with this type of policy, your premium will be high for the coverage you receive.

Conclusion

Starting a conversation with your parents about burial insurance can be awkward and hard to even think about, but it will provide a financial safety net for your family and will also make the transition process easier.

Finding the plan that best suits your family can be difficult, but Final Expense Benefits is here to help make this decision easier. If you are looking for affordable and trusted burial insurance, call one of our talented agents today at (866) 786-0725 to get a quote and discuss options.

Frequently Asked Questions

Is Burial Insurance Worth It?

It is important to make sure parents, especially elderly parents, have burial insurance to help surviving family members cover funeral costs, leftover debt, and everyday costs.

Can I Buy Burial Insurance For My Parents?

Yes, you can get burial insurance for your parents, but you need their consent. They must also meet any requirements regarding health and age. 

What Is The Difference Between Burial Insurance And Life Insurance?

Burial insurance is a life insurance policy that pays a flat sum to a chosen beneficiary. Unlike standard life insurance, burial insurance does not require a medical exam to determine the cost of the policy.