Burial insurance is a type of policy you may not have considered before. It’s designed to cover the final expenses of a burial. Seniors may think that they’re too old to really get any benefit from a policy like this, but that’s not the case. Some companies even special in senior life insurance. Let’s take a look at some of the reasons why seniors should give serious consideration to burial insurance.
Comprehensive Funeral Cover
Basic burial insurance may just cover the actual cost of burial. But a comprehensive funeral insurance policy will cover everything relating to a funeral. This may include everything from the church to the actual burial itself.
Seniors Can Make Savings
Life insurance policies require you to pay into a policy for a long time in order to claim any real benefits. Burial insurance is about pre-paying for your death expenses. You can’t invest any of the money and there are no lump sum payoffs involved. The reality is this is going to help you save money because you’re paying for your funeral while you still have income from any other investments, along with social security.
Protections in Place
If you’re worried about dying before an adequate period of time has passed, insurance providers already have facilities in place. If you die before two years have elapsed (this could be more or less), your family will receive the premiums paid into the policy rather than death benefits. This means there’s no risk to you.
The Terminally Ill
You’re never too old or too sick to take out one of these policies. Insurers have seen the need for seniors in these groups to have adequate coverage. It’s possible to take out coverage even if you happen to have a terminal illness. The premiums will be higher and your choices more limited, but you can still have a good level of coverage.
Protect Your Inheritance
Since your insurance policy will cover the costs of your burial, you won’t have to worry about what you have to give to your children and grandchildren. Many seniors have used a burial insurance policy to protect as much of their inheritance as they possibly can.
Peace of Mind
Peace of mind is important for anyone who’s considering the amount of money their funeral is going to cost. Stop worrying about it by taking out a burial insurance policy today. Now you know your family isn’t going to have to pay anything when you die!