Burial Insurance Illinois - SAAK Insurance Group

If you need a low cost option and want to take the complications out of funeral expenses get burial or cremation insurance

Burial Life Insurance for Seniors

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Life insurance

Burial Life Insurance for Seniors

You can get either regular burial insurance or pre-need insurance, two different forms of burial insurance programs. Although both policies are made to cover funeral costs, the primary distinction is who gets the money from the death benefit. Your age will affect the cost of this sort of life insurance, but as with other life insurance plans that bear health risks, you can get better rates at a younger age. Even if you already have life insurance as a senior, a burial insurance policy might give you an extra safety net in case of unforeseen costs.

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What is senior burial insurance?

Pre-need insurance versus burial insurance for elders
How much does senior burial insurance run?

What is senior burial insurance?
A life insurance policy that is intended to be used to pay for funeral expenses is known as burial insurance or final expense insurance. This kind of plan often consists of a whole life insurance policy with a modest death benefit, typically less than $25,000, that will pay for any debts you leave behind in the event of your demise. Typical applications include:

Grieving service
Wake
Interment or cremation
Funeral
Urn, casket, or gravestone
Defaulted obligations

There is no maximum period of coverage because burial insurance is a whole-life plan; you will be protected for as long as you continue to make premium payments. Furthermore, because premiums are fixed, they won’t change. In order to acquire the finest policy and avoid paying excessive premiums, selecting the appropriate death benefit for your burial insurance is essential. You should make an effort to determine the current costs for all funeral-related expenses before choosing a burial insurance plan. Once you have a few estimates in hand, you should think about any additional costs that might arise after your passing. For instance, unpaid loans or credit card debt. Unfortunately, your next of kin will inherit these common debts, which are frequently overlooked during the preparation process. After estimating these prices, you should compare the costs to a face value that best suits your requirements. The majority of senior burial insurance policies provide coverage ranging from $2,000 to $50,000. Given that the average funeral costs roughly $9,000, you will have more freedom to use your life insurance to pay for other final costs. Seniors’ burial insurance versus pre-need insurance You have two options for funeral price insurance: pre-need funeral insurance or regular burial insurance. Similar to the majority of life insurance policies, a conventional burial policy.

The revenues of your death benefit will be transferred to your designated beneficiaries, who may then use the money any way they see fit, including for all funeral costs. Contrarily, pre-need funeral expense insurance is stricter and has several important distinctions that you should take into account before selecting the best funeral insurance policy, such as:

The funeral home where any funeral arrangements would have been made previous to your demise will be listed as the beneficiary when you purchase this sort of policy.
Death Benefit Proceeds: The death benefit, which will be used to cover the full cost of the funeral preparations, will be paid directly to the funeral home.

The one advantage of pre-need insurance coverage is that you will be charged upfront for the funeral arrangements, eliminating the need for your loved ones to plan ahead. The premiums are frequently more expensive than those for other types of burial insurance, and your dependents would not receive any of the death benefit proceeds.

Pre-need insurance policies are also not particularly flexible because the entire death benefit would be used to pay for funeral expenses. The majority of people could have debts that they haven’t settled before they pass away.

If you had a pre-need policy in this situation, your loved ones would be required to cover those costs out of their own pockets. Due to the fact that basic burial insurance policies are significantly more adaptable, we would suggest them to the majority of seniors.

Can I purchase burial insurance coverage right away?

A plan for burial insurance can be obtained without a waiting period. Before receiving your coverage, you might need to have a medical examination or complete a health questionnaire. A 24- to 36-month waiting period is strictly necessary for all assured issue whole life plans. If you passed away during this time, your beneficiary would receive a return of the premiums paid but the death benefit would not be distributed. This restriction was established by life insurance firms to discourage sick people from acquiring a life insurance policy just before they pass away, hence lowering the risk exposure of the company.