In recent years, seniors have become an important market demographic for insurance agencies. Thus, they have lowered their eligibility standards and released new policies that offer life insurance for seniors. Furthermore, many state laws regulate insurance sells for seniors, making it mandatory for agencies to insure any healthy person who is not over 65 years old.
In today’s article, we will discuss the many benefits of having life coverage as a senior!
Do Seniors Need Life Insurance?
Life insurance is not restricted to a certain age limit and in many situations elders may need coverage just as much as anybody else. It is important to have a flexible viewpoint and to know when you need a plan based on your family’s current needs. Retired citizens may find out that their families are struggling with financial difficulties. Also, some seniors need to take care of a younger and thus financially vulnerable family member.
In all of the above cases, the person should purchase a policy. Seniors also need to think of their burial expenses.
Funeral Expenses
Understandably, we do not think very often of our funeral. But many seniors do, and if they don’t they should. In recent years, the price of a burial ceremony has risen and will continue to increase. Funeral ceremonies can range from a simple cremation which costs around $1,000, to a burial with a ceremony included, which will cost between $8,000 and $10,000.
Keep in mind that this expense is also urgent. Funeral expenses have to be paid for shortly after a family member has passed away. This furthermore complicates things and many families need to take high-interest loans to give their loved ones proper last rites.
Life Insurance for Seniors and Burial Expenses
Since we have made it clear that burial expenses are a growing concern for many families, it is time to present a solution. Life insurance for seniors can be used to cover last expenses. How?
There are two ways in which you can use a policy to pay for a funeral:
- Agency-beneficiary-funeral home. This method follows the “natural” course of a life insurance plan: after the insured passes away, the agency pays a benefit to the beneficiary, who in his/her turn uses the money to pay for funeral expenses. NOTE that the beneficiary is in no way obliged to cover burial expenses with the insurance proceedings!
- Agency-funeral home. You can name a funeral home as a direct beneficiary, or as one of the beneficiaries. This means that the funeral home will submit a claim and receive the insurance money needed to pay for your burial ceremony.
How to Get Life Insurance as a Senior?
Since we have made it clear that elder need life coverage, a last question remains: how to get it? Buying life coverage is not that simple. There are many types of policies available and seniors should learn a bit about each and every one of them.
If you want to get the best life insurance rates, you have to compare quotes. By searching through many plans, you will find a policy that fits your financial possibilities and cover your needs!
We do not sell life insurance, but we can help you find a policy by comparing quotes from top providers! Visit www.buriallifeinsuranceonline.info for a free online life insurance quote!
