Funeral Insurance for Seniors
How to Get Funeral Insurance for Seniors
Are You a Senior Looking to Buy Funeral Expense Life Insurance?
If so, you may want to learn how it works, how much it costs, and how much coverage you may need before choosing a plan.
Pre-planning and buying a funeral insurance plan will give your family members comfort and security when they need it the most. Having your funeral paid for will ensure that your family members will not have any financial hardship or burden, trying to find a way to pay for your funeral.
Do You Know the Average Cost of a Funeral?
According to the National Funeral Directors Association, a recent study indicates the average cost of a funeral including related expenses is around $8,755. And, with prices rising each year, that number will continue to rise.
That’s why if you are planning for the future, you may want to purchase at least $10,000 or more of life insurance to cover your cost of funeral expenses.
Funeral and Related Expenses:
- Basic Service Fees
- Removal/Transfer of remains to Funeral Home
- Embalming
- Use of Facility for Viewing
- Basic Memorial Printed Package
- Metal Casket
- Funeral Ceremony
- Hearse
- Service Car/Van
- Burial
Total - $8,755
Source: NFDA 2017 (National Funeral Directors Association)
How Much Does a Funeral Insurance Policy Cost?
The price you pay (premium) for funeral coverage will depend on several factors:
- Your Age
- Your Gender
- Your State of Residence
- Amount of Insurance
In addition, the rates charged for a plan will vary by insurance company.
How Much Insurance Can I Buy for Funeral Expenses?
The amount of funeral life insurance coverage available will vary by insurer; however, some carriers offer from $15,000 up to $25,000 or more.
Keep in mind, your beneficiary may be able to use the proceeds from your policy to not only pay for funeral costs but other end of life final expenses including hospital and healthcare bills as well as other debts you may leave behind.
Funeral Insurance for Seniors can help provide your loved ones with much needed financial help when they need it most.
How Would Your Family Pay for Your Funeral and Burial Expenses?
That’s where funeral insurance can help.
United of Omaha offers people age 45 to 85 up to $25,000 of whole life insurance to help pay for your burial, funeral and final expenses.
The proceeds from your insurance policy can be used for any purpose, including helping your surviving spouse or family members pay off your debt and pay for their living expenses.
Funeral Insurance Quotes for Seniors
Mutual of Omaha offers you guaranteed approval for your life insurance coverage. You cannot be turned down if you are 45 to 85 years old.
There's no physical examination required, and no health questions asked.
And every policy comes with a 30 day money-back guarantee. If you are not satisfied with your life insurance policy for any reason, simply return it within 30 days for a full refund of your money with no questions asked.
You can apply for a burial insurance policy for you and your spouse.
Funeral Policy Details
- Guaranteed acceptance for those between 45-85
- No medical exam or health questions
- Up to $25,000 in coverage
- Benefits never reduce due to age or health
- Affordable premiums that never increase
- Spousal acceptance if he/she is between 45-85
- Cash value that can be borrowed in the future
Guaranteed Approval for Coverage
Your acceptance for coverage is guaranteed if you are 45 to 85 years of age. You cannot be denied or turned down for coverage due to any health condition.
No Medical Exam Required and No Health Questions
There are plans available which do not require any health exam, and you won’t have to answer any questions about your health.
You can choose an amount of coverage from $2,000 up to $25,000. And, you select who is to receive the death benefit – That person (or persons) is referred to as the Beneficiary.
Your beneficiary can use the proceeds from your policy to cover the cost of your burial and keep the remaining amount to use as they see fit.
No Delays and No Hassles
Funeral coverage with guaranteed acceptance means you won’t have to deal with any pushy insurance agents, and uncomfortable physical exams, or answer any questions regarding your health.
Age Requirements for Approval
All you have to do is meet the age requirements to get the coverage you need.
If you are age 45 to 85, you cannot be denied coverage for burial insurance.
You may have seen commercials for these plans on TV, in fact, several insurers have guaranteed life insurance plans they offer.
Some of the leading providers of burial policies include Mutual of Omaha, Gerber and MetLife, among others.
Life insurance companies understand that seniors want to make sure their family members won’t experience any financial distress should the senior pass away without burial coverage.
That’s why they make buying burial plans quick and easy for those in need for coverage.
Many people may not have enough money saved to cover the cost of their final expenses, including burial related costs; such as, a headstone, casket, memorial service, etc.
The average cost for a funeral and burial is around $8,875 including all related expenses, according to a recent National Funeral Directors Association survey.
Some plans do come with limited benefits the first two years you are insured. That’s how the insurer can guarantee you will be approved for a policy.
However, if you live beyond the first 2 years you are insured, your beneficiary would be paid the entire death benefit.
How Do I Find My Rate for Funeral Coverage?
It’s simple. You just Request a Funeral Insurance Quote.
All you have to do is answer a few simple questions about your gender, age, state of residence and amount of insurance you need. Then click on a button to request your free quote.
Can I Get Funeral Insurance on My Spouse, Too?
Yes. You can even apply for a policy for you and your spouse. If you are married, you have an Insurable Interest in your spouse, which means you may purchase life insurance on him or her.
Do I Have to Take a Doctor Exam to Get Insured?
No. There is no medical exam needed in order to get a funeral expense life insurance plan.
Do I Have to Answer any Health Questions?
No. There is no exam needed, and no questions will be asked about your health.
What If I Have Been Turned Down by Other Insurers?
That’s okay. There are Guaranteed-Issue plans available, which means, if you meet the age requirements, you can get insured regardless of your health.
What are the Age Requirements to Get Insured?
People age 45 to 85 are guaranteed acceptance for funeral insurance through Mutual of Omaha.
What If Change My Mind and Want to Cancel My Policy?
You can cancel your life insurance policy at any time. If you cancel it within the first 30 days (Free Look Period), you get all pf your premiums back that you paid. (through Mutual of Omaha)
If My Health Changes Can the Insurance Company Cancel My Policy?
No. As long as you pay your premiums on time, they cannot cancel you for any reason. However, if you choose to cancel your coverage, you may do so at any time.
Will My Premiums Ever Increase?
No. Your premiums remain the same. The only time they would increase is if you decide to increase your amount of life insurance coverage.
Will the Amount of Insurance Ever Decrease?
No. The only time it would decrease is if you choose to lower your amount of life insurance provided by the insurance policy.
Features of Guaranteed Issue Funeral Insurance
- Guaranteed acceptance for ages 45 – 85 (in NY, 50-75)
- Coverage amounts: $2,000 – $25,000 (in WA, $5,000 - $25,000)
- Benefits that are never reduced because of age or health
- No medical exams or health questions to answer
- Affordable rates that never increase
Funeral Insurance Quotes for Seniors
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
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Disclosure: Compensated Affiliate