What is senior life insurance ?

Burial insurance for seniors is a no-exam required whole life insurance policy with lenient underwriting, so seniors with health issues can still qualify.

They’re meant to cover all the costs of a funeral. Coverage ranges between $2,000- $50,000 and premiums are usually $50-$150 monthly depending on gender, age & coverage bought.

 

Signing up for seniors funeral insurance

The thing to understand is that “burial insurance” is just a marketing term that was coined about 30 years ago. Instead of saying “hey we offer small whole life policies that accept folks with health issues”, they decided to call it “burial insurance” because it was easy for people to understand what the insurance was for.

In addition, you will frequently see the terms “funeral insurance” and “final expense insurance for seniors” used interchangeably with the term “burial insurance”. You’ll may see the term “cremation insurance policy” as well.

All of these terms mean the exact same thing. Depending on what website you look at or which insurance company you speak with, you will see any one of those three terms.

 

Here’s the fine print

Because these are whole life insurance policies, burial insurance for seniors is very cut and dry.

It’s as simple as picking a death benefit, which will have a corresponding monthly payment.

When your day comes, your beneficiary will receive a tax-free check equal to your death benefit. This gives them the money to pay for your final expenses. If there is any money left over, that money stays with them to use as they see fit.

The following statements will be true no matter which insurance company issues your burial policy:

Monthly payments are fixed for life, and cannot increase for any reason.

Coverage cannot decrease for any reason.

The policy will not expire at any age for any reason.

Cash value accumulates which you can borrow from as a loan against the policy.

That’s all there is to know about these plans. There is no clause hidden somewhere that says your payment will adjust one day, or that your coverage will end.