Essentials for Buying Burial Insurance for Seniors over 70

When the funeral expenses are high in this day and age, more people opt for a burial insurance policy. This is especially true among senior citizens who are either retired or on the verge of retirement. If you’re in your 70s, then there is burial insurance for seniors over 70. You can select these policies to cover your funeral expenses. In this article, you’ll learn about what you need to do to avail these insurance plans.

Work with a Reputed Insurance Broker

To get the best insurance policies available, you must work with an insurance broker like Gary P. Cubeta from “Insurance for final expenses”. While you might be tempted to work directly with a company instead, they don’t work that way. They’ll most likely send you to one of their agents or an independent broker. They delegate the qualifying part of the process to the agents.

You can benefit by working with an independent broker for buying burial insurance for seniors over 70. They can offer you packages of multiple companies. Thus, they can compare the policies for you and select the best package for your case. This is unlike agents who can only offer you packages of a single company.

Know the Funeral Cost Before You Buy

Before selecting a package, you must calculate the cost that your family members will incur towards your last rites. This can vary significantly from person to person and state to state. The standard cost of a funeral in the US is between $7,000 and $9,000, which can go upwards of $12,000.

The total funeral cost should include gravesite charges, basic funeral service fees, body transportation fees, casket, and vault costs.

Some senior citizens in their 70s also like to include mortgage costs and car loans that are unpaid. So when they pass away earlier than expected, their loved ones don’t get burdened with fees.

Select a Pre-need Insurance to Avoid Cost Inflation

Prices change all the time. And so does the cost of cremation. As per stats, the funeral cost has increased by 227.1% since 1986. If the prices change in the future, then the funds may not cover the cost.

To avoid cost inflation, you can opt for a pre-need insurance policy. With this, you work directly with a funeral service provider. They agree to cover the funeral cost even if the prices change in the future.

Get Medical Tests Done

Burial insurance usually doesn’t need any medical checkups. You’ll get approved with a simple form application. But the reason you should get a medical test done is to apply for a simplified issue. These will underwrite your health condition based on the answers you provide to them. The more accurate and updated the answers are, the less the policy will cost you.

Learn About the Waiting Period

Every burial insurance policy has a waiting period in place. This is the time you must wait before the beneficiary gets the amount. Usually, the policies require a 24-months waiting period. In case you pass away before 24 months, the company will hand over only the premium refund that too, with a 10% interest. So you should read the terms carefully before selecting the policy.

70 is usually the best time to purchase a burial insurance policy. These are whole life policies and won’t expire till you’re alive. By working with a reliable broker, you’ll get the best burial insurance for seniors over 70.