When aging, we are no more a spring chicken and statistically speaking at the age of 70, we just start to get a feeling that we don’t have many years left. Hope is a great tool that makes us face the challenges of life, but above 70, the statistics are not much in our favor.
After 60, life insurance obviously makes sense, but when above 70, one should definitely be looking for burial insurance sooner rather than later. The question arises, is it easy to get life insurance after the age of 70? The answer is yes because if you are looking for life insurance for seniors over 70, you are the perfect candidate for the burial insurance.
When you start thinking about the end of life, you also think about taking care of your burial needs, so that your loved ones don’t have to take care of what you should have taken care of while you are alive. The burial policies are ideal for the ones who don’t want to burden their loved ones with funeral costs and other final expenses.
The life insurance plans for 70 and over are intended to pay the cost of your funeral, cremation cost, and other end-to-life expenses. They have other benefits too like they can be used to pay off any outstanding debts, leave the money for the loved ones, or make mortgage payments on home until your loved ones are able to sell it.
Why we need burial insurance?
There are various reasons that an individual must consider the final expense life insurance. The main reason for considering purchasing a final expense policy is that there will be funds available for paying off the policyholder’s funeral and other expenses that are related.
An individual can even purchase an additional amount of final expense coverage in some cases so that their loved ones can pay off the additional debt of any type like a final bill that is uninsured or the cost of extra care that has been given to the policyholder by the hospital.
There are people that already have other life insurance policies, but the final expense policy may be embarked for other needs like paying off a mortgage or even helping surviving spouse with ongoing retirement income. An additional policy that is completely dedicated to paying off final expenses can be quite a smart financial planning.
Sometimes, the final expense insurance will be quite affordable due to the lower face amount of coverage. These policies keep you relaxed, knowing that your family has been taken care of and is not bound or stuck to any outstanding debt or issues.
How one can find the best burial insurance for seniors over 70
It is not difficult to search online for funeral plans for over 70, and we can easily find dozens of websites claiming the best rates, plans, and best services, etc. When finding the best burial insurance, two concepts need to be understood, and this will certainly make it easy to make up your mind.
The first one is spotting the best final expense policy.
The second one is finding the best plan.
It is quite basic to know what you are actually looking for if you really want to find it. As there are various policies available, there will be three attributes in the best one, and these are:
Financially secure company
A financially secure life insurance company must be stable financially because a policy is only good when the insurer has the ability to pay the claims of the policyholders.
The insurance company must have a policy that protects you as much as possible and as soon as possible. Some policies make you wait for two years before they pay the benefits, though. There are some health conditions where one cannot avoid a waiting period, and it’s very uncommon. You always target the insurance company where you can avoid the waiting period if it is possible.
Low monthly premiums
The monthly premiums are as low as you can get. The rates of most of the final expense companies are similar. Some companies must be much cheaper for your than others, and as long as the first two conditions of financial security and protection are met, going for a policy that costs less is not a bad option.
How does burial insurance work?
The burial insurance policy is ultimately the one that is taken out specifically to cover the final expenses. The terms ‘final expense insurance’ and ‘funeral insurance’ are used along with the term ‘burial insurance.’ In the end, all of these terms actually refer to the same type of policy for the policyholder.
One should understand that burial insurance is a type of life insurance but is of a very specific type, like life insurance, dozens of different kinds. The funeral insurance plans are small face value whole life policies that have limited underwriting. As they are whole life insurance, so one should expect the following:
Fixed monthly rates
A permanent coverage
When you buy your burial policy and make your payments, there is actually nothing about the policy that will change. If you pass away, the insurance company will provide a tax-free check to your beneficiary. This helps your family to get the funds that are necessary to cover your final expenses. If the funds are still available even after paying the final bills, that money stays with family as they see fit.
The other benefits of burial insurance policy for seniors over 70 are:
The underwriting process of the funeral policy for seniors over 70 is very relaxed, and it is possible because of the market competition between the final expense companies. Each of these companies has its own unique underwriting. There are health issues that one company might not accept the other will.
There are a few high-risk conditions like a cancer diagnosis, Alzheimer’s, dialysis, transplant, or any other chronic disease that you can get approved for a plan that actually accepts all health conditions.
Small face value options
Another element to funeral insurance for seniors over 70 which is unique is the ability to buy a small amount of coverage. The coverage amount can be as little as $2000, and most of the companies don’t go much higher than $50,000 if you want that amount in protection. If one wants more, buying multiple policies with multiple companies is a very good option.
So the main point is that if you only need a little coverage, the final expense insurance is the only life insurance that will actually allow you to buy such a small amount.
Another unique element of the final expense industry is the availability of the guaranteed issue life insurance. The best thing about these policies is that they have no underwriting whatsoever. This obviously means that they will not ask any sort of health questions, and there will be no prescription history checks.
These guaranteed burial expense plans do cost much more per month and always come with a waiting period of 24 months, which is considered a drawback. In these 24 months, if you happen to die, they will merely refund your premiums and interest.
This has to be kept in mind that a guaranteed issue plan is only meant as the last resort when your health prevents you from being approved for a plan that does ask different types of questions that are related to your health.
Finding the best plan for you
Most people don’t realize the fact that 98% of the life insurance companies do not sell their insurance directly. They mandate that you buy their policy through an agency. This is the way the life insurance industry is set up. They defer the customer acquisition cost and the time necessary to sign people up to the agencies.
These insurance companies do this so that they don’t have to worry about anything else other than issuing and managing the policies. We have to consider this tactic as brilliant as they just sit back and let the others come in. Therefore, the real work is actually done by the agencies.
People need to understand that it does not cost anything to work with an independent agency. The reason their services are free is that they get paid by the insurer. The people might be wondering that the insurance costs more because they are buying from the agencies. This is not true as the prices of life insurance are equal no matter who you buy from. Very few insurance companies do sell their insurance directly to the consumer, but the price is actually the same as if you bought through an agency.
How to avoid the waiting period
If you want to avoid the waiting period, the only way to get the funeral life insurance policy that gives protection right from day one is to be approved for a policy that has health questions. Therefore, if you apply for a policy that has no health questions, it will obviously not pay out the death benefit for the first two years.
We already know that the policies without health questions are guaranteed acceptance life insurance plans. Therefore, if you want to make sure to get a plan that has no waiting period at all is to apply with a company where you can be able to say no to their questions regarding your health.
Therefore, it can be concluded that you are basically looking for the companies that have designed their underwriting where they accept all your health conditions perfectly.
List of the best burial insurance companies for seniors over 70
The reasons for which these companies top the list of the best burial insurance companies for the seniors over 70 are because they offer competitive pricing for funeral cover for over 70, these companies are financially stable, and each of these companies offers unique underwriting value.
Mutual of Omaha
It has the A.M. Best rating of A+, while the face amount options for the ages 70-79 are around $2000 to $40000. The united of Omaha’s funeral insurance is one of the best plans in the market. Their pricing is great, and the underwriting is the one that is acceptable to most of the applicants. One might not find a better deal than that if he/she gets qualified for their policy.
Royal Neighbors of America
Without any question, Royal Neighbors is the best insurance company for individuals who have severe diabetes and even with complications like neuropathy. They have A.M. Best Rating of A- though, and the face amount options for the ages 70-79 are $5000 to $25000. Royal Neighbors is also very accommodating to the blood thinners and people with mental health issues. One might consider their underwriting as the most relaxed one that is present in the market. This should also be clear that the rates are for non-tobacco users, and if you have smoked cigarettes in the past year, you obviously have to pay more.
Their underwriting is considered very liberal, where most people get approved for a plan that has no waiting period, which gives them quite an edge over others. Their prices are consistent for the applicants who tend to answer all their health-related questions with no. If you would like to know the average cost of a funeral it is $8500.00. Many of my other articles cover specifics of what a funeral costs. Compare us to Colonial Penn or Globe life Insurance. We have burial insurance with no waiting period.
Hi, I’m Mitch Winstead from Advanced Mutual Group. We have top carriers with low rates and all of our policies are state-regulated such as Mutual of Omaha burial insurance. We also offer AIG burial insurance. I have 20 years of helping people with burial insurance. If you have any questions about this article or would like a quote with no obligations, call our office today toll-free at 1-866-598-8170. Our email address is firstname.lastname@example.org Our website is at this link http://www.advancedmutualgroup.com
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