When your parents are aging, you might be considering getting burial insurance, also known as final expense insurance. As children, you are responsible for their funeral costs. Ensuring that these costs are covered will significantly ease the financial burden when you also have other expenses and emotional stress to deal with.
The cost of burial is exceptionally high, and in the times of grief, it becomes difficult to pay the massive amount, especially when you do not have adequate funds. Getting burial insurance for your parents becomes all the more important in such circumstances.
Burial insurance or funeral insurance for seniors covers all funeral-related costs or end-of-life expenses. This insurance is a type of life insurance, and the requirements to get this insurance are quite simple. Insurance companies generally offer this policy to people aged 50 to 85 years. Here you will learn the process of how to buy funeral insurance for your elderly parents.
1. Establish Insurance Interest
To buy a funeral policy, you should have an insurable interest. This means you would suffer from financial loss if your parents pass away. No documentation is required to prove this as you are your parents’ child and responsible for paying funeral and burial expenses, which is enough to establish the insurable interest.
2. Get Your Parents Consent to Review Their Medical History
Before buying final expense insurance, your parents will have to allow the insurance company to access their medical history. A review of the health will determine if they are eligible for the coverage.
3. Choose an Insurance Company
You need to choose an insurance company that is financially stable and has good ratings. You can also get the insurance done through an independent agency specializing in funeral insurance for seniors.
An independent agent represents several reliable insurance companies enabling you to compare the prices easily. The agency will assess your parent’s health and determine which companies accept all of your parent’s health issues, giving you the best deal.
4. Choose From the Different Kinds of Burial Insurance
There are different kinds of funeral insurance for seniors, and they include guaranteed acceptance burial insurance, simplified issue, and fully underwritten. Some of these policies have a two-year waiting period to avail the benefits.
Waiting will not help if they were to pass away now or in the near future; there will be no insurance to pay for the expenses. It is best to choose a no waiting period plan when buying funeral insurance for your elderly parents.
5. Choose a Plan Depending on the Amount of Burial Coverage
Pick a plan that will meet all of the funeral expenses. With lower premiums, you will get lower coverage. It is best to choose a plan that covers your parents as much as possible and has premiums that will never increase, giving them coverage for the remainder of their life.
Buying funeral insurance for seniors is a simple and affordable way to be prepared for the final expense and avoid financial issues later on. Please plan and give your parents a dignified farewell at the end of their lives.