0 Burial Insurance for Seniors - What is it and how much do I need?

One of the more important financial planning decision for seniors will be how to pay for their funeral costs. We all know someone who passed away and left their children scrambling for money to pay the expenses.  With average funeral costs rising each year, leaving this expense to the children is not the best route to go. This is where purchasing burial insurance for seniors makes sense.

Burial insurance for seniors are simply life insurance policies purchased to provide money intended for funeral expenses.  They are usually whole life policies, and can be paid for on a monthly basis.  A whole life insurance policy stays in effect as long as you pay the premium on time, and the premiums are fixed.  This way you know how much the costs will be each month and how it fits in your budget.  The beneficiary of the policy is usually a spouse or one of the children who would be tasked with handling funeral arrangements.

When considering burial insurance for seniors, look to purchase a policy with a minimum of a $10,000 death benefit.  Even if a funeral is expected to cost less, there are usually some expenses that come up where the extra money would be helpful.  Any money not needed would go to the beneficiary for their use.

When deciding on the best life insurance for seniors, look for a company with high ratings from the independent insurance rating companies.  These ratings can be usually found on the website of the insurance company or by going to the websites of a rating company like A.M. Best or Moodys'. It will be listed under the "Financial" tab.

Every insurance company has different rules and guidelines for writing policies, so it is best to shop several companies to get the best price.  Go to an online life insurance quoting website to compare premiums.  They have access to numerous companies and can get comparative quotes quickly for you.

When you apply for one of these policies, the company will collect medical information from you to determine what premium to charge. As we get older, we have more health concerns, and these policies need to be priced accordingly.  Some companies will have a more limited underwriting procedure, but their products tend to be priced a little higher.  Fortunately, burial insurance policies for seniors usually have fewer underwriting requirements and can be issued even if someones health is not perfect.

Funeral costs these days can run upwards from $7,000 to over $10,000.  Purchasing burial insurance for seniors is the most cost effective way to pay for these expenses.  You will be paying these costs with pennies on the dollar and have peace of mind that when the time comes, no one will have to worry about how to pay for the bills.