Here's Why Burial Insurance for Seniors is Important | Understanding Every Cost
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Funerals are expensive. According to the National Funeral Directors Association (NFDA), a traditional burial can set your family back $9,995, and that doesn’t even include grave markers, obituaries, and other additional funeral costs. This is why burial insurance for seniors is important.
If you’re looking to ease the financial burden your funeral could bring, you should invest in burial insurance. Don’t know where to start looking? We’ve got you covered. Call us every weekday from 9 a.m. to 5 p.m. at (866) 786-0725, and one of our experienced agents will walk you through finding the right policy for you and your family.
We even have a free quoting tool that helps you determine what plans might work for you before you talk to an agent.
What is Burial Insurance for Seniors?
Burial insurance, also known as funeral insurance or final expense insurance, is a whole life insurance designed to help pay for your funeral expenses. That includes caskets, viewings, programs, and embalming. You can also use the money outside funeral costs such as outstanding debts or final expenses.
Plans are generally available to those who are 50 to 85 years old. However, burial insurance for young adults and those over 80 is available.
There are two kinds of burial insurance for seniors that you should know about:
No Exam Burial Insurance
No exam burial insurance is a type of life insurance that allows you to get coverage that doesn’t require a medical exam. You will have to answer a health questionnaire to determine how much your premiums will cost, and in some cases, it will determine how much and when you can get coverage. If you have a pre-existing condition, a no-exam burial insurance policy might be right for you.
It’s typically more expensive than traditional life insurance, but your beneficiary can claim the death benefit at any point if you have paid the premiums.
Guaranteed Acceptance Burial Insurance
If you are uncomfortable with answering a health questionnaire, you can enroll in a guaranteed acceptance burial insurance plan. With these plans, you will be accepted with no medical exam, questionnaire, or background check. You will be accepted regardless of status.
The downside? You won’t get immediate coverage. It takes around two years for your beneficiaries to receive the full amount stated on your policy. You will also be paying a high premium compared to your coverage amount.
How Much Does a Funeral Cost?
Traditional Burial
A traditional burial includes the basic service fee, transportation of the body, embalming, use of facilities, caskets, vaults, and more. Not every option is necessary, but if you’d like these options, you’re looking to spend a median price of $9,995 for one funeral.
Cremation
Green Burial
Direct Funeral Costs
If you’re looking for the cheapest funeral service you can have, a direct burial or cremation will be your best option. A direct funeral gets rid of all the additional costs that you can incur for a funeral (embalming, caskets, viewing, facilities), and only covers the most basic services for a funeral (service fees, transportation of the body, cremation services, etc).
According to Funeralocity, you can expect to pay $5,133 for a direct burial and $2,198 for a direct cremation.
Here’s What Burial Insurance Can Cover
Burial insurance can cover all the funeral costs and any additional final expenses you may have incurred before your death, like medical bills or debts. It’s up to your beneficiaries to use the funds appropriately, so when naming beneficiaries, have a conversation to discuss how funds should be used.
If there are any excess funds from your policy, it will typically go to your beneficiaries as well.
How Much Does Burial Insurance Cost?
Burial insurance costs will depend on the type of burial insurance you purchased, how much coverage you’d like, your age, gender, and more. Unfortunately, there is no exact price that we can guarantee, but a typical burial insurance premium can cost anywhere from $20 to $100 per month.
For the most accurate burial insurance cost, call one of our talented agents at (866) 786-0725 from Monday to Friday from 9 a.m. to 5 p.m., or use our free quoting tool for an accurate estimate on the types of plans available.
The Best $10,000 Burial Insurance Companies
At Final Expense Benefits, we only work with the most trusted burial insurance companies. Here are just a few of the companies we work with and how much they will cost per month for a $10,000 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 |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$51 |
$40 |
$73 |
$58 |
|
|
$39 |
$34 |
$52 |
$41 |
$86 |
$65 |
|
|
$30 |
$24 |
$43 |
$32 |
$74 |
$53 |
|
|
$36 |
$30 |
$47 |
$37 |
$81 |
$60 |
|
|
$55 |
$38 |
$68 |
$53 |
$106 |
$80 |
Conclusion
Burial insurance for seniors, while not a necessity before your passing, can help cover many of your funeral costs and final expenses you might take on before you pass. There are plenty of plans out there that you can invest in, but if you’re looking for a personalized, curated list, Final Expense Benefits would be happy to assist.
To begin your burial insurance journey, call us at (866) 786-0725 or use our free quoting tool to find all your options. Our life insurance agents are ready to guide you through the process.
Frequently Asked Questions
What Can Burial Insurance Be Used For?
Burial insurance can be used for all your funeral expenses, final expenses, and remaining debts you might have after your passing. If there is any remaining balance, the remainder will be given to your beneficiary.
Is Burial Insurance Life Insurance?
Yes, burial insurance is a type of life insurance.
Can Social Security Pay For My Funeral?
If you have Social Security, your beneficiary will only receive $255 as a death benefit. Because an average funeral costs around $10,000, you can expect the death benefit to pay for your flowers.