Guide to Guaranteed Burial Insurance for Seniors

What is Burial Insurance?

Burial insurance, often known as final expense insurance or funeral insurance, is a type of permanent life insurance policy designed to specifically address end-of-life expenses. Tailored to provide financial support for funeral services, burials, and cremations, burial insurance ensures that the financial burden of these arrangements does not fall heavily on the loved ones left behind.

This form of lifetime life insurance offers a practical solution for individuals who want to plan for their funeral costs in advance, sparing their families from potential financial strain during an emotionally challenging time.

Burial insurance typically has a smaller death benefit (usually $2,000 to $25,000) compared to traditional life insurance policies, making it more accessible and affordable for individuals seeking coverage for specific, yet significant, expenses associated with their final arrangements.

Burial insurance serves as a financial safety net for families facing the emotional and practical challenges that come with the passing of a loved one. It is a lifelong coverage plan that extends beyond temporary needs.

Picture it as a thoughtful preparation for the inevitable, addressing the often-overlooked expenses related to end-of-life arrangements. When someone passes away, the costs of funeral services, burial, or cremation can be substantial, adding stress to an already difficult time. Burial insurance steps in to ease this burden.

It ensures that your family won't have to navigate financial uncertainties while grieving.

Also known as final expense insurance or funeral insurance, this policy becomes a compassionate shield, offering financial support precisely when it's needed the most—allowing your loved ones to focus on honoring the departed without worrying about the financial strains that can accompany such events.

Planning for the end of life expenses can be a difficult task, especially if you are a senior or caring for a senior. But, being prepared can give you and your loved ones peace of mind. One way of ensuring this security can be through investing in guaranteed burial insurance for seniors.

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Learn About Guaranteed Burial Insurance for Seniors

This insurance plan is specifically designed to cover your final expense costs, such as burial, funeral service, and other related expenses.

The costs of these events can add up to thousands of dollars - a financial burden that many families struggle to bear. However, with guaranteed burial insurance for seniors, this financial burden can be alleviated.

What sets this plan apart?

The "guaranteed" in guaranteed burial insurance means that it provides guaranteed approval for ages 45 to 85. No health examinations are required and no health questions are asked, making the application process simple.

Even if you've been turned down for life insurance in the past or have a severe or pre-existing health condition, you can still be approved. This is exceptionally beneficial to seniors living on a fixed income or have limited savings for their final expenses.

The guaranteed acceptance burial insurance policy is a permanent life insurance policy, meaning it provides coverage for your entire lifetime. The premium you pay is levelled and never increases, assuring seniors on a tight budget.

Coverage Amounts

The coverage amount of your policy won't decrease over time unlike some other types of insurance. This is a surefire way to bring you peace of mind— knowing that your loved ones won't have to compromise or negotiate over the quality of your send-off due to financial constraints. You can choose from $2,000 up to $25,000 of insurance coverage.

Quick and Easy Coverage

The most significant advantage of buying guaranteed burial insurance for seniors is the immediacy of getting insured. Given that no medical examinations are required for approval, seniors can receive instant coverage.

Waiting to buy burial insurance until later in life may increase the premiums you pay for coverage. As such, looking into guaranteed burial insurance plans sooner rather than later is overall a wise decision.

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Review of Guaranteed Issue Burial Insurance Companies

Several highly-rated insurance companies offer guaranteed burial insurance for seniors. It is sensible to compare the policies, costs, and terms and conditions of different providers to ensure you acquire the best value for your money.

A few of the top providers that offer guaranteed acceptance senior burial insurance policies include: Mutual of Omaha, MetLife, Colonial Penn, and AARP/New York Life.

These providers generally offer between $2,000 and $25,000 of coverage with a two-year limited benefit period.Most of them do not require physical exams and have guaranteed acceptance for certain age groups.

• Mutual of Omaha provides up to $25,000 of coverage with guaranteed acceptance between ages 45-85. They also offer a 30-day money-back guarantee.
• MetLife offers life insurance rates as low as $10 per month and guaranteed issue for ages 45-75. They could provide up to $20,000 of coverage.
• Colonial Penn provides guaranteed issue life insurance exclusively for ages 50-85 in most states, without any physicals or health questions.
• AARP/New York Life provides up to $15,000 of permanent group life insurance exclusively for AARP members, without requiring a medical examination or health questions.

Review of Guaranteed Burial Insurance Carriers

Mutual of Omaha

• Up to $25,000 of coverage
• No physical exam and no health questions asked
• Guaranteed Acceptance ages 45-85 (50-75 in NY)
• 30 day money-back guarantee
• Two year limited benefit period

Met Life

• Rates as low as $10 per month.
• Guaranteed Issue for ages 45-75.
• Up to $20,000 of coverage available.
• No medical examination required
• Two year limited benefit period

Colonial Penn

• Exclusively for ages 50 - 85 (most states)
• You cannot be turned down because of your health
• There are no health questions asked and no physicals to take
• Two year limited benefit period

AARP/NewYork Life

• Up to $15,000 permanent group life insurance
• Exclusively for AARP members
• No medical exam and no health questions
• Two year limited benefit period

Don't let the worry about funds needed for your funeral and burial expenses loom over you or burden your loved ones. Investing in guaranteed burial insurance creates a financial plan for your end-of-life expenses.

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How Much Does Guaranteed Burial Life Insurance Cost?

The cost of guaranteed burial policies can vary based on several factors, including your age, gender, the amount of coverage you're seeking, and the insurance company you choose.

Guaranteed burial life insurance, also known as guaranteed issue or final expense insurance, is typically designed for individuals who may have difficulty obtaining traditional life insurance due to health issues.

Here are some general considerations:

1. Age: The older you are when you purchase the policy, the higher the premiums are likely to be.
2. Coverage Amount: The amount of coverage you choose will impact the cost of the policy. Burial insurance policies usually provide coverage for final expenses, such as funeral costs, and may have lower benefit amounts compared to traditional life insurance policies.
3. State of Residence: Rates for life insurance coverage vary by state.
4. Tobacco Use: Whether you chew or smoke tobacco, this will impact the rate you are charged for coverage.
5. Gender: In some cases, gender can affect the cost of insurance, as women tend to live longer on average.
6. Insurance Company: Different insurance companies have different pricing structures, so it's a good idea to shop around and compare quotes from multiple providers.
7. Premium Payment Option: Paying premiums annually may cost less overall compared to monthly payments, due to the lower expense of billing and processing one premium payment per year, instead of monthly payments.

It's important to note that guaranteed burial life insurance policies are generally more expensive on a per-dollar-of-coverage basis compared to traditional life insurance policies. This is because they are designed to accommodate individuals who may have pre-existing health conditions that would typically result in higher premiums or denial of coverage.

To get an accurate estimate of the cost for guaranteed burial life insurance, it's recommended to contact insurance providers directly and request quotes based on your specific circumstances.

Keep in mind that policies and pricing can vary, so it's essential to review the terms and conditions of each policy before making a decision.

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Learn About Coverage, Terms and Conditions

Age Limits for Guaranteed Coverage

There are age limits in most cases, but if you fall between ages 45 to 85 (*45-75 in NY), you cannot be turned down for a policy. The application and approval process are quick and easy providing up to $25,000 of guaranteed issue life insurance protection.

Graded Death Benefits

This policy type of life insurance policy comes with graded death benefits, meaning the insurer pays out a portion of the death benefits if the insured person passes away within the first 2 years of the start of coverage provided by the policy. If death of the insured occurs after two years of being insured, the policy pays the full death benefit amount.

Premiums Never Increase – Coverage Never Decreases

Furthermore, these policies offer level premiums, so your rates will not increase over time.

The life insurance coverage amount also never decreases, providing a measure of stability and relief to policyholders who may be worried about changes in their health status impacting their coverage in the future.

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Benefits of Burial Insurance with Guaranteed Approval for Seniors

The benefits of signing up for guaranteed burial insurance are hard to ignore. It provides the security of knowing that your final expenses will be covered, eliminates the worry of leaving a financial burden on your family, and brings peace of mind.

• Guaranteed Acceptance for People Ages 45 to 85 (*45-75 in NY)
• Up to $25,000 of Coverage
• Not Having to Take a Physical Exam
• Not Having to Answer Any Medical Questions
• Covers Final Expenses
• Policy Accumulates Cash Value
• Lifetime Life Insurance Protection
• Coverage Doesn’t Expire

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How to Buy Guaranteed Issue Burial Life Insurance for Seniors

The application process for guaranteed burial insurance is straightforward. You can even request a free quote from the comfort of your home, at your convenience.

By providing a few basic details, you'll receive a price quotation for your burial insurance plan. If you're comfortable with the quote, you can proceed with the next step to apply for coverage.

The entire process is designed to be swift and non-invasive for seniors. The application forms ask minimal questions, streamlining your access to becoming insured.

Once your application is approved, your coverage begins. Although the payment is usually a monthly premium, some insurance companies offer flexibility for quarterly, semi-annual, or annual payment plans.

Buying senior burial insurance with guaranteed approval is an important decision, and it's great that you're taking steps to ensure the cover is in place to provide for your final expenses.

Here's a step-by-step guide to help you through the process:

Step 1: Assess Your Needs

Sit down and consider the overall financial need you want to provide for with your burial coverage. Keep in mind, the average cost of a burial and related expenses in the U.S. is around $8,800.

Step 2: Research Insurance Options

Take the time to research different insurance providers and the guaranteed issue burial policies they offer. Look for insurers that have good customer reviews, transparent policies, and reasonable premiums. Consider reaching out to friends or family for recommendations based on their own experiences with specific insurance companies.

Step 3: Determine the Coverage Amount

Based on your discussions and research, decide on the amount of coverage needed. Consider common end of life expenses, such as, funeral and burial costs, medical bills and credit card debt. The amount of coverage available with guaranteed burial plans is usually $2,000 to $25,000.

Step 4: Choose the Right Type of Insurance

Decide whether term life insurance or whole life insurance is more suitable for your needs. Term life insurance provides coverage for a specific term, while whole life insurance covers you for your entire life and may include a cash value component. For burial coverage you’ll want to consider permanent life insurance which provides coverage for your entire lifetime.

Step 5: Get Quotes

Reach out to insurance providers for quotes based on the coverage amount and type of insurance you've decided on. Be sure to inquire about any additional riders or features that may enhance the policy. It only takes a minute to Request a free quote.

Step 6: Review Policy Details

Carefully read through the policy details, includingterms, conditions, and any exclusions. Make sure you understand thecoverage, premiums, and how the policy works. If you have any questions, don't hesitate to contact the insurance provider for clarification of your coverage.

Step 7: Complete the Application

Fill out the insurance application accurately. Be honest about your health history and lifestyle, as this information will impact the premiums and coverage.

Step 8: Nominate Beneficiaries

Designate the person you wish to receive the funds as the primary beneficiary on the policy. This ensures that they will receive the benefits in the event of your passing. The person receiving the death benefit will be using the funds to pay for your burial and final expenses.

Step 9: Review and Confirm

Before finalizing the purchase, review all the details once again to ensure accuracy. Confirm that the coverage, beneficiaries, and other details align with your wishes.

Step 10: Pay Premiums

Once everything is in order, set up a payment plan for the premiums. Ensure that the payments are made consistently to keep the policy active. You can have the payments automatically deducted from your checking account, so the insurance never lapses due to non-payment of premiums.

One great thing about having guaranteed burial insurance is the ability to leave a positive lasting impact. By taking care of your final expenses, you're in essence leaving behind a legacy of love and respect towards those you leave behind.

Guaranteed burial insurance continues to gain popularity due to its accessibility and assurance. Understanding the security it provides to seniors and their families, more and more seniors are signing up for coverage.

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Overview of Buying Guaranteed Burial Insurance for Seniors

Whether you're planning for yourself or a senior family member, consider investing in guaranteed burial insurance. Final expense planning can feel daunting at first, but the financial security and peace of mind that guaranteed burial insurance provides are priceless.

When you plan for the cost of a funeral, it means you are taking action to ensure that your end-of-life wishes are honored, whether that includes a traditional funeral, burial plot, casket, flowers, headstone, or even a memorial service. With guaranteed burial insurance, everything can be taken care of according to your choices.

While some people may feel uneasy about purchasing guaranteed burial insurance, it's essential to remember that we all want our loved ones to have a stress-free grieving process. Guaranteed burial insurance plans provide that assurance, allowing our golden years to be just that— golden and worry-free.

The seniors who have made the decision to buy guaranteed burial insurance often speak about the peace and contentment they have knowing that they're leaving their family unburdened. As you consider investing in a plan, know that you're making a decision that will significantly help those left behind.

In conclusion, investing in guaranteed burial insurance for seniors is a sound decision, one that eliminates the worry of final expenses and brings peace of mind.

Seek out the flexibility and reliability that these plans offer and take a step towards a future where you and your family can focus on celebrating your life, without the concern of handling the end-of-life expenses.

Apply for a quote today to start the process — not only is it hassle-free, but there is also no obligation to purchase. It's all about making the right choice at the right time.

Guaranteed Issue Burial Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 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

Highly Recommended – Gerber Life

Gerber Life offers guaranteed issue life insurance for people ages 50 to 80. Choose $3,000 up to $25,000 of coverage. Rates start as low as $17.69 per month. There’s no medical exam and no health questions. You cannot be turned down. Get a Free Quote.

Guaranteed Burial Insurance for Seniors