Final Expenses Insurance - Seniors Life Insurance – Burial Policy

Finding seniors' life insurance can be just as involved as finding a policy for anyone else.

Although burial insurance for seniors is very popular, seniors often need term insurance policies or larger whole life insurance policies.

What is burial insurance?

A burial insurance policy is also known as a final expense life insurance policy. These policies are whole life policies to pay the cost of a funeral service and a burial.

Some of these policies are considered modified benefit policies. These modified benefit plans are available to many who would not have serious medical conditions. However, a period of time must pass between the date of the policy and the date of death in order for the policy to pay the full death benefit. Typically only the paid premiums are returned if the insured passes away in the first two or three years. Be sure to inquire about this before making a final decision.

Not all burial insurance policies are modified benefit plans. Many pay the full face amount even if the insured dies shortly after the effective date.

Not all of the coverage purchased by seniors are small policies. Seniors' life insurance is sometimes term insurance, universal life insurance or some other form of life insurance.

Many life insurance companies will insure a person who is well past retirement age. A life insurance company may offer a variety of policies to men and women in their 60s, or even their 80s.

There are many reasons that may give a senior a reason to purchase a life insurance plan. This can include the need to pay for attorney costs and estate taxes that may be required after one's death. Another motivation is the desire to give family members the money to care for themselves and stay in their home.

If you are in reasonably good health, you may qualify for a larger life insurance policy through one of many companies. Although you are likely to pay more than a younger person would, you will probably have a lower cost per thousand dollars of face amount than you would if you purchased a "no exam" life insurance policy.

Whether you need a small funeral and burial insurance policy or a more substantial amount of coverage, complete the form at the top of the page and request free seniors' life insurance quotes.

© February 20, 2012 LLC.

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