burial insurance

Burial Insurance for Seniors Over 80

If you’re searching for life insurance for seniors over 80, then you’re the ideal candidate for a burial insurance policy. These policies are ideal for people who need the funeral costs and other final expenses to be covered. 

Burial insurance plans for those 80 and over are designed to be used to pay for your burial cost, cremation or embalming costs, and other end-of-life overheads. They can also be used to service any lingering debts, leave cash for survivors, complete mortgage payments on your house until your loved ones can sell it so that the bank can’t gain equity on your home.

Burial insurance for seniors over 80 range from about $18 to $300 per month, depending on your age, gender, overall health, and how much coverage you want. 

According to a National Funeral Directors Association publication, the average funeral costs around $6,500, excluding the burial plot. Factor in burial expenses, a funeral can inch closer to $10,000.

Burial insurance options for seniors over 80

  • No Medical Life Insurance: You can get coverage without passing through any medical exam. All you need to do is answer a few “Yes” or “No” questions.
  • Simplified issue life insurance: Get coverage by answering a few health questions. This is available for people who are up to 90. Some plans can even get you covered even if you have been declined before.
  • Guaranteed issue life insurance: This is insurance that you cannot be deprived of under any circumstance. There are no medical examinations or health inquiries needed. It is a popular solution for those who are 80 and over who want to plan their final affairs.
  • Funeral insurance: There are special insurance plans that cover funeral costs and final expenses. A medical examination is not needed to secure coverage. Funeral or burial insurance is a life insurance plan with a low face value of between $2,000 to $50,000. You can mention any beneficiary, usually a family member, who can make a claim and obtain the funds upon your passing. The beneficiary will be charged with the responsibility of coordinating the money to implement your intentions.

Why Is There a Waiting Period for Funeral Insurance?

A waiting period on an insurance plan is the period of time an insured must wait before some or all of the coverage comes into force.  It is the duration of time an insured party must wait before the insurance coverage kicks in so that the insurance considers your claim. The insured may not get benefits for claims filed during the waiting period. Waiting periods may also be termed elimination periods or qualifying periods.

Types of waiting periods for funeral insurance

  • No waiting period: This is the choicest selection for all funeral financing and burial plans. It gives you instant coverage with 100% payout of the funds from day one. There is no waiting period for accidental death. For instance, if someone died from a car accident, you can claim benefits from day one of the policy if the death is caused by an accident.
  • Partial waiting period: These plans give you instant partial coverage. The first 12 months of coverage will be 30 to 40% of the face value, the next 13 to 24 months will cover 60 to 70% of the face value, and after 24 months, you will receive 100% coverage.
  • Two-year waiting period (or modified waiting period): The best policies provide instant coverage if accidental death occurs, a reimbursement of premiums, and 8 to 10% interest on these premiums if a death occurs in the first 24 months and a guaranteed payout of funds after 24 months.

Every insurance company has their unique eligibility and waiting period criteria. Here is one example of an insurance company waiting period.

Navigate your Burial insurance options from Senior Life Services

Want to find out more about burial insurance options and other final expense insurance options? At Senior Life Services, we provide guidance and direction to the most complex insurance policy concerns. Through our far-reaching network and expertise, you can put your confidence in us, knowing that in the end, you’ll get the right coverage for your unique needs.