Do Seniors Need Burial Insurance?
Author: Marilyn Katz

I have seen a lot of articles for seniors life insurance
recently, and that insurance is usually marketed as a
policy that will provide money for funeral expenses and
other bills that come up at the end of the life. This topic
is certainly worth considering since funerals average over
$8,000 in the US, and also since many senior citizens live
on fixed incomes. They do not want to burden their children
or grandchildren with this expense, but they also do not
know how they can save the money when their incomes are low
and other expenses keep rising.

A senior's burial policy is, simply, a whole life insurance
policy with a small face value. It has been designed to
accept most older people with simplified underwriting that
asks few health questions. In fact, only simplifed issue
policies even ask health questions. Guaranteed issue
policies do not ask any health questions but they use a
waiting period instead of underwriting by health.

But a simplified issue policy will pay out an immediate
death benefit upon issue. A guaranteed issue policy may
have a 2 or 3 year waiting period before the full face
value will be paid to beneficiaries. If the insured person
passes away before the waiting period expires, the policy
will usually refund the premiums, sometimes with interest.

Simplified issue policies cost less too, and they have been
designed to accept most seniors who are reasonably healthy
and active. So before you, or somebody you know, buys the
first guaranteed issue policy that is advertised on TV, be
sure and look into simplified issue policies for seniors.

Now a burial policy can be a very affordable way to plan
for a funeral's cost and other final expenses. The face
value, or death benefit, of the policy can also include
other planned expenses like travel, food, and paying off
debts. Most of the time, a policy can be issued with a face
value of anywhere from $2,500 to $25,000. Any money that is
left over, after paying for final expenses, belongs to the
benficiary to use as they please.

Many seniors purchase this coverage for themselves, but
just as often, grown children will purchase the policy to
cover their aging parents. The covered person must answer
any application questions, and of course, they must sign
the policy, so they will be aware of the coverage. But most
of the time, the elderly people are happy and relieved that
this important obligation has been taken care of.

Both senior citizens and their caretakers may find that
burial policies are an affordable way to plan for a major
expense. It is a relief to everybody that nobody has to
worry about where to come up with thousands of dollars in
cash at a time of loss.

Just be sure to inquire about different policies to make
sure that you find the best coverage that you can qualify
for, and also shop around to get that coverage at the best
possible rate!


About the Author:

Learn more about various burial insurance policies to see
which plans are available in your area, and also how much
they will cost for you, or your loved one.
http://www.bestquoteus.com/burial-insurance.html