If your loved ones need burial insurance, you may be wondering if you’re able to buy it for them. Whether it’s your spouse, sibling, or parent, if you’re 18 or over, you may buy someone else burial insurance. Below, we’ll explain more about how your loved ones could benefit from burial insurance.
How Burial Insurance Works
Burial insurance, also known as final expense or funeral insurance, is a way to cover end-of-life costs. These policies are generally thought of as more affordable life insurance policies and pay anywhere between $2,000 to $50,000. This payment, called the death benefit, can be used for a variety of costs. Typically, people use the money for burial costs, outstanding medical bills, taxes, or whatever they see fit. You can buy someone else a burial insurance policy that will address these needs.
How Burial Insurance Costs Are Determined
Burial insurance is generally more affordable than a full life insurance policy. However, the cost of your family member’s burial policy depends on a few factors. Gender, age, health, and the extent of coverage all change how much the policy costs.
For example, men pay more than women in almost every state. Women have a longer life expectancy and will likely pay for a longer time, lowering their monthly premium. Older people will pay more per month than younger people because they’ll likely pay for fewer months.
Likewise, sicker people will pay the highest monthly premiums because they may pay fewer months. Lastly, the death benefit amount you want will also factor into how much you’ll pay. People who want their loved ones to receive a higher amount when they pass will pay more in their monthly premium.
Major Benefits of Burial Insurance
There are two major benefits of burial insurance policies: 1) the affordability, and 2) the lack of a term limit. Burial insurance policies are cheaper alternatives to life insurance policies. The most affordable ones cost about $15 a month. The most expensive plans — for men 85 and older who have multiple health problems — cost around $600. Most people fall somewhere between $20 and $250.
The other major benefit of a burial plan is that it has no term limit. This is a major change from regular life insurance policies. Some life insurance policies have a limit where they only cover the policyholder until a certain age. If the person lives past that age, the insurance company will not pay a death benefit. Burial insurance policies have no term limit, so they’ll always pay — regardless of how long the policy holder lives.
Consider Buying Burial Insurance Through Us
If you want your family member to be financially protected at the end of their life, consider buying them a burial insurance policy. It’s affordable. It’s permanent. The best part? It’s easy to get approved. Reach out to Senior Life Services to get a burial insurance quote.