Types of Burial Insurance

There are two types of burial insurance: simplified issue or guaranteed issue. This makes it possible for seniors to acquire life insurance at an older age and even when they have some health problems. So, if you are worried about your health and eligibility, you should still request a free quote from us! You likely are still able to receive coverage.

Types of Burial Insurance

The two types of burial insurance

As stated above, there are two types of burial insurance. Let’s take a look at the differences and how it makes it easier for most seniors to receive life insurance coverage at an older age: 

  1. Simplified issue — Simplified issue life insurance is for people, typically seniors, who may not qualify for fully underwritten life insurance but still remain just a “moderate risk.” There is a detailed medical questionnaire for applicants, but no medical exam. This will be their best bet at receiving a life insurance policy with an affordable premium. Coverages available are often up to $50,000. 
  2. Guaranteed issue — Guaranteed issue life insurance policies ask only a few questions to make sure you are not terminally ill but will still cover people that are considered “high risk.” This typically comes with a little higher premium than simplified whole life and offers lower coverage amounts (at or below $25,000).
Types of burial insurance

Simplified issue burial insurance

If you’re older or have health issues and haven’t already gotten life insurance or are just looking to cover the cost of your funeral and burial, you might find it hard to qualify for traditional term or whole life insurance. 

That’s why there is simplified issue life insurance like burial insurance. There is no medical exam required but it does come with a detailed medical questionnaire. If approved, you’ll have options often up to $50,000 available for your beneficiaries. As long as you pay your premiums, your policy will remain active for the rest of your life. Sometimes, depending on health, you’ll be required to hold the policy for at least two years before it pays the full death benefit. 

There may be add-ons called “riders” that can get rid of that wait or offer other features. Be sure to ask your insurance agent what is available to you.

Guaranteed issue burial insurance

This form of life insurance is for seniors who can’t qualify for traditional life insurance or simplified issue because of serious health concerns. Guaranteed issue life insurance has no medical exam and has a very short, if any, health questionnaire. Nearly every applicant is approved. Once approved, your coverage will never change and be payable to your beneficiary as long as you pay your premiums. Guaranteed issue policies require you to hold the policy for at least two years before it pays the full death benefit.

What if I pass away during my two year holding period?

If your burial insurance policy requires you to hold it for at least two years before paying the full death benefit and you passed away during that time, your beneficiary will receive a predetermined amount. It is always at least what you paid into the policy.

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