| By :
Marilyn Katz
Some older people, and their families, get alarmed when they think about the high cost of funerals and other final expenses. However, most senior citizens live on fairly small incomes because they are retired. A burial policy may be one way to plan for this cost. This product is called burial insurance for seniors. It is actually a small face value whole life policy. It has been developed so it is fast and simple for older people to apply for.It has become a popular way for older people, or their families, to plan for the high cost of modern funerals and other expenses. Is this something you need? Not every family needs this product. Some families have plenty of cash to cover final expenses, and they can do without the extra expense of a burial policy. However, if your family would have a tough time coming up with the eight to ten thousand dollars that a funeral can cost these days, you may want to consider a burial policy as an affordable way to plan ahead. This is a hard topic to bring up in many families. It makes family members uncomfortable because they do not like to think about having a loved one pass away. I can understand this. On the other hand, many families feel pleased that they have handled this important duty in a simple and affordable way. There are some guaranteed senior life policies on the market today. This means that older people can qualify for coverage without having to answer any health questions. For some older people, who have developed serious health problems, this may be the right choice. However, understand that when an insurance company does not do underwriting, they will use another method to protect themself. This may be by using a waiting period. A waiting period means that the the company will not pay out the full death benefit unless the insured person survives for a certain period of time. For example, the policy may pay the full death benefit if the insured person survives for 36 months. If the insured person survives for twelve to thirty-five months, they may pay out half the death benefit. If the person passes away before twelve months have passed, they may just refund premiums or refund nothing at all. A lot of fairly healthy older people will be able to get another type of burial policy that does pay an immediate death benefit! These are simplified issue plans. These are usually cheaper than guaranteed issue policies too. The application may require answering a few health questions. However, they are not that restrictive. Most older people should qualify for these. Try to qualify for simplified issue with an immediate death benefit first! Simplified issue life insurance premiums should be lower than guaranteed issue policies. In addition, they should pay out the whole face value of the policy right after they are issued! Again, not every family needs to buy a burial policy. However, they can provide an affordable way to plan for the high cost of today's burials. It is a good idea to think about your own needs, financial plans, and unique situation. When you have explored the different types of plans, you should take a few minutes to compare different companies. They are not all the same, and different insurers charge different rates. Then you can decide if burial life insurance is right for you!
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