Why do senior citizens or their family members shop for senior life insurance? Very often, it is because older people and their loved ones have concerns about affording the cost of a funeral after a loved one passes away. According to the National Funeral Directors Association, or NFDA, the average U.S. funeral has increased in cost ten times from about $700 in 1960 to over $9,000 in 2021. Since there is no sign of this trend of rising funeral costs abating, senior life insurance is one affordable way to plan for this expense.
We provide fast and free life insurance quotes to help you and your family plan for the future. You can fill out our quick online form or call our toll-free number to compare quotes and plans at your convenience. For many families, life insurance is an affordable and convenient way to provide financial security for people of any age.
Budgeting for Today’s Funerals
A greater percentage of families have chosen cremation in the last few years in order to save money. Still, even direct cremation services, with no funeral or memorial services, average over $2,000 in the U.S. With services, costs can easily rise over $5,000.
Besides the cost of a funeral, there are usually other final expenses that have to get handled when a loved one dies. Also, some elderly people and their families prefer a traditional burial. Cremation is one alternative, but it is not the right choice for everybody.
Meanwhile, life insurance for seniors, also called final expense or burial insurance, provides cash to the beneficiary. Typically, the beneficiary is an adult child of the insured person who will be responsible for making funeral arrangements. He or she is free to use this cash benefit in any way that is needed.
For example, part of the money might pay for the funeral and other final expenses. Any cash that is left over can be saved or spent as the beneficiary pleases. In this way, senior life insurance can finance a funeral and leave beneficiaries with an inheritance. This is a big advantage over making prior arrangements with a specific funeral home. Nobody is locked into one funeral home or specific type of arrangements years in advance, and the person making plans has more choices.
Who Qualifies for Senior Life Insurance?
Typical policies offered to elderly people are actually small whole life insurance plans. That is a good thing because it means that the premium never changes. Also, these policies stay in force as long as they get paid for or get paid up. In addition to providing a cash death benefit, whole life insurance may also build a cash value that could be used as an asset while the insured person is still alive.
There are two types of applications for policies that are typically offered to seniors:
- Simplified: The applications ask a couple of health questions, but these questions are only meant to decline applicants with very serious health issues.
- Guaranteed: The application does not ask a single health question, and every qualified applicant will get accepted.
Seniors who are still fairly independent and active may still qualify for simplified applications. These offer cheaper rates and immediate benefits. Only seniors who cannot qualify for simplified policies need to consider guaranteed acceptance senior life insurance.
With guaranteed applications, the insured person might have to survive a two- or three-year waiting period before full benefits are payable. Still, having the option of buying life insurance even for older people who are already ill gives many families some comfort.
How Much Does Senior Life Insurance Cost?
For many seniors and their adult children, burial life insurance is an affordable way to prepare for the cost of a funeral. These are some typical examples of low life insurance quotes for a 65-year old woman in the State of Florida who doesn’t smoke:
- Death benefit of $10,000: $41.01
- Death benefit of $15,000: $59.91
- Death benefit of $20,000: $78.82
Note that these are only sample rates, and every applicant needs to compare quotes individually.
Why Compare Senior Life Insurance Quotes?
As with any life insurance, quotes can vary because of health, location, and age. However, the insurer chosen could also make a big difference. For example, for the same individual mentioned in the example, we found quotes that ranged from $41.01 to $64.95 a month. That spread of almost $15 a month could amount to hundreds of dollars if payments are made for many years of what you hope is your loved one’s long life.
That is why it is critical to compare life insurance quotes when purchasing insurance for a senior citizen or somebody of any age. As a service to our visitors, we offer online life insurance quotes. These are available either by calling or filling out a quick form on the Internet. We hope to help as many people as possible enjoy the security of an affordable life insurance policy.