All our lives we are continually reaching into our pockets and pillaging our bank accounts to pay for stuff. It never ends. Indeed, money makes the world go round. With each passing year, things get more and more expensive. Hopefully, we can break the trend by finding some cheap burial insurance for seniors.
We could always give cousin Morty and some of his friends fifty bucks to dig a hole in some secluded corner of a farmers field and toss you in. For an extra fifty maybe they would bang together a plywood coffin to keep the worms at bay. After all, you’re dead. What do you care?
This is especially true if you’re over 85. That seems to be the cut-off for funeral insurance. I guess once we reach that magical age we are more dead than alive in the eyes of insurance companies.
Kidding aside, why should we bother with burial insurance?
PEACE OF MIND FOR SENIORS AND FAMILY
Most likely, peace of mind is the best reason. It’s not just peace of mind for seniors, but for their surviving family as well. This is especially true if you’re not wealthy and surviving on government handouts. Living with a low fixed income can be very trying.
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In the event you die without burial insurance of some kind, the onus could fall on your family to deal with the financial burden. At least if you have insurance, you have the peace of mind that comes with knowing you are taking care of things. You are being responsible.
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It’s very possible that you can set up a burial plan with a funeral home close to where you live. At least that way everyone knows in advance that it won’t be the last minute scramble to make all the necessary arrangements.
The main problem with this is that if you move to another town or city, it sort of defeats the purpose.
WHAT DETERMINES THE PRICE?
In the event you set up a plan with a funeral home as opposed to an insurance company you can at least let them know how much you intend on spending for your funeral. For example, you could decide ahead of time whether you prefer burial or cremation.
You can also decide how much you want to spend on a coffin. The prices can go up dramatically depending on how ornate you want your coffin to be. In the event you don’t make this decision, then you are leaving it up to your survivors to take care of it.
It’s easy for the grieving family to feel guilty if they don’t spend a lot of money on your coffin. In the event pick our the cheapest coffin ahead of time, it won’t allow for a funeral home to guilt trip your family into spending more than necessary.
It makes sense that the earlier you buy burial insurance the cheaper it will be. On average, prices range anywhere from $5000 to $25,000. Most companies will not require a medical exam, but the older you are, the more your insurance will cost.
Also, most insurance company burial policies will expire when you reach 100 years old. However, with the advancements in medical science, more and more people are living past 100 years.
IS THERE A CHEAPER ALTERNATIVE TO BURIAL INSURANCE?
Many seniors don’t realize just how much burial insurance is costing them. Say for example you are paying $5,000 for burial insurance. It’s very possible there are other alternatives that provide better coverage with lower monthly premiums.
For example, a 20-year term life policy might have the same premium as that $5000 burial insurance policy. The only difference is, the term life policy could provide $75,000 in coverage.
Wow! That’s a huge difference. Not only are you paying for your burial expenses, but you are also leaving behind quite a sizeable sum for your survivors.
It also puts you in the position to let your family know in advance how much of the policy they should spend on your funeral.
So if you want to go out in style, you can tell them to buy you a mahogany coffin with the likeness of your face chiseled on the coffin lid.
It could pay huge dividends to look into other forms of insurance before going out and purchasing burial insurance.
IS THE SELLING OF BURIAL INSURANCE PREDATORY?
By its very nature, burial insurance can indeed become predatory. If a person is well off, burial insurance isn’t even necessary. They have plenty of money so there is no need to be obsessing about it.
The people who are buying burial insurance might well be living on the poverty level, less educated, or a minority.
This can make them easy targets for unscrupulous insurance agents who steamroll them into buying burial insurance they can’t really afford.
Consumer advocates have been raising red flags about this for years. Insurance companies have to get top dollar for their services if they intend to make money. After all, if they are saying no medical exam is necessary, it makes people who buy this type of insurance high-risk.
LOOK AT ALL YOUR INSURANCE OPTIONS
Before committing to any burial insurance be sure you are looking at all the possible options. In the event are in your senior years you might be an easy target. Some seniors may have difficulty understanding what’s involved and what they are getting themselves into.
You might be easily pressured into spending more than you can afford. If possible, have a family member or friend look into it for you. Chances are very good they can find you a type of insurance plan that has better coverage for the same cost as burial insurance.
So is there really cheap burial insurance for seniors?
Cheap burial insurance a relative term. For someone on a fixed income and with little money saved, chances are there it will never be cheap.
Do your homework and shop around. Most likely there is a better deal out there.
Here is an excellent article on Essential Legal Documents All Seniors Should Have.