Losing a loved one is already hard enough. The process becomes harder by multiples once you consider all of the arrangements to take care of loved ones after they have passed. It becomes even worse when you think about the expenses of all these arrangements. The best and probably the easiest way to make the road to a burial easier is through a burial policy for seniors. The policies are often referred to as burial insurance or final expense insurance.
Any portion of the burial process that you can take off your plate, or the plate of the ones surviving you, is a huge load lifted. There may not be a way to take care of everything ahead of time, but the more you can do, the easier it is for those remaining to mourn appropriately and remember the important people.
Is it worth considering a burial policy for seniors?
A burial policy for seniors is a form of life insurance, and as such, the amount you pay for this insurance will change depending on factors, including your age, health, and gender. Unlike other life insurance policies, many burial policies come as guaranteed issue policies, meaning that you can qualify for a policy no matter what (assuming it is not cost-prohibitive).
That’s not to say that a burial policy for seniors is for everyone. For example, an individual in feeble health will likely have extremely high premiums to pay. If they then outlive their expected time frame, policyholders could wind up spending a tremendous amount out of pocket to keep the policy in force, waiting for this person to pass. The policy can become a financial burden itself where it was meant to ease the financial strain.
With that said, these policies are in place to help you in hard times, and adjustments could be made to make payments more manageable. For example, having your policy provide a smaller benefit can make monthly premiums drop a reasonable amount.
Determine a burial policy for seniors in your life
The best way to lighten a burden is to plan ahead. Of course, you can’t go back in time and start planning any earlier than right now, but once it’s on your mind, the sooner you take action, the better result you are likely to have.
The younger and better the insured’s health when opening a burial policy for seniors, the more favorable rates you will get. This works two ways. First, they make purchasing the policy a no-brainer and easy to manage. Second, they open up the possibility to consider increasing the death benefit of the policy. Money can’t solve all problems. But, in the case of losing a loved one, having more cash on hand can certainly ease some burdens.
Burial insurance may not be right for everyone, but it is at least worth thinking about. Even if a burial policy isn’t necessary because finances are available or a life insurance plan covers burial, preparing accordingly will make the process easier for your loved ones.
Why are you considering a burial policy for seniors? Who is it for?