Published on April 27th, 2021 | by Sumit Bhowal0
How to Get Burial Insurance for Seniors Over 70 with a Critical Disease
Death is a scary thought, and as David Crowder’s book title says, “Everybody wants to go to Heaven, but nobody wants to die.” According to Gary P. Cubeta from Insurance for Final Expense, it is time to think of burial insurance for seniors over 70. Your loved ones will thank you for your thoughtfulness, even after you pass.
You may be in the pink of health, which is excellent news, but it is advisable to be covered under burial insurance. Although premiums are high for the 70+ category, you can still find some affordable options if you research a bit.
It’s Important to Buy Burial Insurance for Seniors Over 70
Today, thanks to advances in medical technology, life expectancy has increased significantly. Being 70 is no longer considered old because many in their 70s are healthy and socially active. The undeniable fact is that death can occur suddenly and with no warning at times.
With costs ridiculously high for a decent burial, you need a one-stop-shop that lets you find the most affordable burial insurance to take care of all the funeral expenses after you pass. It’s not just the funeral expenses; wisely chosen burial insurance for seniors over 70 can cover the cost of medical bills, mortgage dues, credit card dues, and other expenses.
How Should You Go About It?
Before you decide, check out all the available options and find the policy that suits your needs. Comparing the prices offered by a few insurance companies helps you locate the best one faster. It is a good idea to work with an independent final expense agency that can provide unbiased advice and the best value for your money.
Salient Points of the Best Burial Insurance Policy
For most people, the difficult part is making the decision. Once you’ve made your decision to buy insurance for seniors above 70, all you need to do is look for the following:
- An insurance company with reviews establishing high ratings due to solid financials.
- Buy a burial insurance policy to offer protection from day one. Avoid the ones with a mandatory waiting period (two years) for availing death benefits.
- Compare the premiums charged by different companies and go for the one that has reasonable charges and fulfills all the above requirements.
Are there any Short-Cuts to Finding the best Burial Insurance?
As mentioned earlier, what you need is a one-stop-insurance-shop offering multiple options. The best option lets you compare the prices of several carriers before making your final decision about final expense insurance or burial insurance. Otherwise, finding the best burial insurance for seniors over 70 can be quite challenging and time-consuming.
How Does Burial Insurance Work?
Burial insurance or final expense insurance is just another form of insurance for seniors over 70. Even if you have some critical disease, you can still get coverage. Burial insurance providers are not very fussy about underwriting and offer easy terms. Here are the highlights:
- No need for physical or medical exams, even if you have any critical disease.
- At no point in time will you be asked to submit yourself for a physical or medical exam.
- You need to provide all your personal information and assign your beneficiaries, answer some health-related questions, and payment information.
- Burial or final expense insurance is a straightforward, foolproof method of providing your loved ones with the means to handle your funeral expenses after you pass.
Most carriers accept several health conditions, and almost any type of risk factor is covered by one provider or the other. While a specific condition may not be acceptable to a particular insurance company, the same may be acceptable to another, with no questions asked.
However, you will be asked a string of health-related questions, and if you answer ‘yes’ to any of those, your premium will go up. However, there are instances where insurance companies accept applications though there are a few ‘yes’ answers. It is left to the discretion of the insurance company to accept or reject an application.
When it comes to the face value of the policy, the final choice is left to you. With funeral expenses hovering between $7000 and $10000, you can buy the most affordable one. Some companies offer policies with a face value as low as $2000.
Summing it Up
While logical thinking suggests that burial insurance for seniors over 70 is fraught with risks for insurance companies, quite a few companies offer final expense coverage. It is advisable to take one in this world of uncertainties, where only death is a certainty.