Most elderly members of the family would certainly want to live their life to the fullest rather than contemplating their death. But at the same time, they cannot help but think about the different costs and expenses that their loved ones will face after they die. So starting a discussion about end-of-life plans would be a practical solution even the thought of facing the inevitable might seem uncomfortable.
Know more about this topic as we are going to tackle all you need to know about burial insurance for seniors in this entry and how it can help the elderly and the surviving members to face the situation with less stress.
Burial Insurance Defined
Burial insurance is a type of whole life insurance policy that is designed for seniors and their family members so they can use it to pay for the Final Expenses.
Normally, funeral and burial planning often include details about how these circumstances should take place and who are tasked to take care of the services, the flower arrangement, hiring of clergy or celebrant, and etc. And as every aspect of the plans is thoroughly discussed, various costs begin to pile up. These are called “final expenses”. And while most of us would rather not think about it, the planning would actually relieve the family (including you) from all the stress that will arise due to financial burden especially when the family gets a burial insurance for their senior members.
Availing a burial insurance is very easy as the applications for this kind of insurance will only ask for a few questions about the beneficiary. And if you compare this type of insurance policy to other prevailing insurance plans, the death benefits of the elderly recipient are fairly modest, keeping the insurance premiums affordable for both the seniors and their family members.
These are the common types of burial insurance policies:
- Insurance coverage for people from 50-55 years of age and elderlies from 80-85 years old.
- Death benefit package from $5,000 to $25,000 (though some insurance companies will offer a higher or lower value).
- An insurance policy that will provide a cash benefit to the beneficiary so he or she can use the money to take care of the funeral and burial expenses as they see fit. Likewise, the death benefit can be split into 2 or more beneficiaries.
On the other hand, these are some of the final expenses that may not be covered by a typical burial insurance. That’s why also included these so you can also prepare of these possible expenses if necessary:
- After the passing of the senior loved one, some surviving members may need to travel to attend the funeral and burial services.
- Having to feed the funeral guests and provide accommodations to some of them.
- Consider missing time from work due to your obligations as a surviving family member. And this might affect your salary during that period.
- Cleaning out your late loved one’s belongings and acquiring the services of a probate lawyer to assist in settling the estate.
The Financial Advantages Of Having A Burial Insurance For Elder Family Members
It is recommended to get a burial insurance for seniors especially here in the United States where the prices of burial and funeral services are outrageously high. This will ensure the family that everything will be taken care of after the passing of their senior loved ones. In other words, the surviving members of the family will not have to worry about any expenses involved before and after the passing and can focus only on mourning in peace.
To be specific, the advantages of having a burial insurance are:
- Saves the family from time constraints that will only force to spend more money on the funeral and burial due to emotional stress.
- The funeral and burial are financially covered.
- No more worrying about any fees involved after the funeral and burial of the senior loved one.
Overall, having a burial insurance for seniors is a big help to the entire family as all the expenses in the funeral and burial are properly funded and let the family focus on the mourning process with less worries. And this will give you peace of mind knowing that the surviving loved ones will be free from financial struggles caused by the funeral and burial preparations.