Burial Insurance: A Helpful Guide for Parents

For many people, death is a difficult topic to discuss and naturally, we would rather not contemplate losing our loved ones. Even the elderly prefer to enjoy their lives rather than spend time thinking about their death. 

Nevertheless, death is inevitable, and many seniors would like to have a say in the final celebration of their life. Some people want a funeral and burial, while others are perfectly fine with cremation and a memorial service. Whatever the case, burial insurance can help cover the costs of preparing a fitting sendoff. Visit site to get more information.

What Is Burial Insurance

Burial insurance, also referred to as senior life insurance or final expense insurance, helps the bereaved cover the costs of a friend’s or family member’s funeral. Expected expenses include the memorial service, urn, headstone, and funeral, among many other expenses that might arise as people make the final arrangements. 

Burial insurance for parents is much like a life insurance policy. The only difference is that it has a smaller benefit amount than traditional life insurance. However, not only is it used for funeral arrangements, but also to pay the departed’s credit card bills, personal loans, mortgage loans, and medical bills. 

Different Types of Burial Insurance for Parents to Consider

Now that you understand what burial insurance is and what it can help you cover, you need to familiarize yourself with the different kinds of burial insurance policies in the market. This way, you’ll be able to make a well-informed decision. 

1. Simplified Issue Senior Life Insurance

Insurance providers offering this policy will require applicants to answer several questions about their health on an application. These are usually ‘Yes’ and ‘No’ questions and will determine if they qualify for the policy and the amount they can expect in premiums and benefits.

2. Guaranteed Acceptance Burial Insurance

This policy is relatively easy to get because insurance companies don’t ask many questions about the applicant’s health. Everyone who applies qualifies and gets accepted. 

This makes it seem like a very appealing option and can seem too good to be true for people with severe health issues. But you need to understand how it works. 

Insurance providers will impose a two or three-year waiting period before the policy pays the benefits. If the insured passes on before the waiting period is over, the company will either refund premiums with interest or pay a certain percentage of the full death benefit. 

3. Fully Underwritten Life Insurance

This policy is better suited for younger and relatively active seniors. They offer better benefits at a lower cost. The only issue is that the term might expire before the applicant passes on. 

Winding It Up

Now that you have a clear picture of what burial insurance is, the different policies available, and how to get them, you can proceed to do whatever will bring you and your loved ones peace once you’re gone. 

That said, try and reach out to different funeral homes and get quotes on what you want to be included. Ask about the cost of a casket, transport, how many guests they can accommodate, and if they can provide food and refreshments. 

Remember to let your loved ones know about your plans; otherwise, all the work you’ll have done might go to waste.