Best Burial Life Insurance for Seniors in Georgia
Best Burial Life Insurance for Seniors in Georgia
Life insurance is a popular, useful, and needed a financial tool to protect loved ones from financial hardship.
With average funeral costs between $8,000 – $12,000, this is a major financial burden to ask your family members to take on. However, some insurance plans provide the financial resources needed in this time of grief.
When looking into life insurance policies, there are many options, and it is easy to get overwhelmed. Fortunately, there is a program designed specifically for seniors.
Burial Life Insurance for Seniors
Burial Life insurance is uniquely designed for seniors by offering permanent benefits, low-cost premiums, and an easy application process. This coverage is vital for families that do not have money set aside for end-of-life expenses.
This ultimate guide was put together to help seniors understand the basics of final expense life insurance, find the best plans, and answer every question in-between. Our goal is to help you determine if this product is the right choice for you and your family.
Senior life insurance is also known as burial insurance and funeral insurance. Coverage options and pricing will differ depending on your age and health at the time of application.
Benefits of Burial Insurance for Seniors
Senior life insurance refers to a type of whole life insurance coverage. Two items make final expense insurance unique and separate it from other whole life plan options.
No Medical Exams: Applicants will never be asked to get a health exam or go to a doctor’s office. The entire process can be completed from the comfort of your home over the telephone.
Affordable Coverage: The coverage amounts are typically $2,000 – $40,000. This allows the monthly premium to be much more affordable than a larger, traditional whole life plan.
Whole Life Insurance Features
Final expense coverage is designed for seniors to make a simple and low monthly payment to receive three permanent benefits. These benefits are standard with every whole life insurance policy.
Price Never Increases: The monthly premium will always be locked in. This means the price you pay on day one will be the same price in year 30. Knowing the costs down to the penny for those on a fixed income is very important for monthly budgeting. This plan has no surprise price increases.
Coverage Never Decreases: Your insurance coverage will never decrease or terminate. When purchasing a plan meant for your end-of-life expenses, it is key to know that your policy will be there when it is needed. This plan will always be active as long as your monthly premiums are paid.
Builds a Cash Value: For each payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from in future years.
What Can the Money be Spent On?
Burial insurance can be used to cover anything the beneficiary deems necessary. There are no rules or regulations on what the payout must be used for. However, there are common final expenses that beneficiaries use the payout for.
- Funeral costs
- Burial and cremation expenses
- Remaining mortgage or car loan balance
- Outstanding credit card debt
- Medical bills
- Legal expenses
- Leaving an inheritance
- Charity donations
Final Expense Insurance For Seniors Cost
The monthly cost can vary depending on several factors. Because of these varying factors, every senior citizen could pay a different price.
How Senior Final Expense Insurance Quotes are Calculated
There are four key parts when life insurance companies determine the cost of final expense insurance.
Health: The medical history of the applicant will carry the most weight. The healthier the person, the lower the risk is for the providers, and a lower risk means lower monthly premiums.
Age: Once the policy is in force, the price is locked in and will never increase. However, the longer someone waits to take out coverage, the more the price will increase. Burial insurance for seniors over 80 will cost more than for someone in their 60s.
Gender: Females live an average of four years longer than males. This matters because the shorter your expected life span, the more risk is assumed by the carrier. With more risk comes higher premiums, so men pay more for coverage than women.
Policy Amount: The more coverage someone takes out, the higher premiums they can expect to pay.
Why do you need Burial Insurance in Georgia?
You must think about the wife, with the children. What about the house? What about the car note? Will the children be able to afford the $200 for a football uniform? Are they going to be able to afford college? Those are the questions that must be considered instead of getting just enough for a burial. That’s the minimum we should be thinking. Life insurance can be the financial security for our future and children’s children because the quickest form of transferring wealth is life insurance.