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The older you get, the less likely you’ll have a partner or surviving family member. Almost half of all seniors in the U.S. live alone or with friends rather than with their spouses or children. Because of this, it’s essential to have your end-of-life affairs planned and taken care of now rather than later.
Burial policy for seniors over 70 is critical to your estate planning. It can help leave you confident that it will fulfill your final wishes even after passing.
When you’re over 70 years old, the cost of a funeral can become quite expensive. Getting the best burial insurance earlier is essential to lessen the burden of funeral costs. If you are age range over 70 years of maximum and get buried insurance, it will help pay for your end-of-life expenses when you pass away.
You may also want to look into senior funeral plans that provide additional perks like a guaranteed pre-paid funeral or help with burial costs. This article overviews some of the best senior life insurance for seniors over 70 and other ways to save on final expenses later in life.
Quick Article Navigation
- Best Life insurance policy option for seniors over 70
- Why do you need burial insurance seniors over 70?
- How much does burial insurance for seniors over 70?
- What are the benefits of burial policy for seniors over 70?
- Burial Insurance Underwriting for seniors over 70
- How To Find The Best Burial Policy Insurance for seniors over 70?
Best Life insurance policy option for seniors over 70
When you’re older, you may have more health issues or be at risk for chronic conditions. Unfortunately, final expense insurance companies know this and are more likely to deny your claim or your higher premiums.
That’s why it’s essential to get the right whole life insurance policy for seniors over 70. it’s must also have a plan in place for your funeral and burial expenses.
There’s no doubt that Burial insurance for seniors over 70 is an essential consideration in your retirement planning. Here are some of the best life insurance policies to consider:
Term life insurance with burial rider:
This type of policy provides life insurance coverage but also covers funeral costs and the cost of a cemetery plot and all the premiums. Suppose you want more flexibility with how much coverage amount you want.
In that case, term life insurance with a burial rider is a good option because it has flexible premium payments based on age and other factors.
However, if you don’t need the burial rider feature, you may be able to find better rates by purchasing term insurance without this added benefit.
Permanent life insurance with death benefit rider:
Whole life is an investment-based policy that offers guaranteed cash value growth and death benefits when you die; however, there are limitations to how much money can be withdrawn from these policies before they mature at age 100. The Accidental Death Benefit Rider pays additional benefits to your beneficiaries if you die while traveling by plane, bus, or train.
So it might not be a good idea if you need money for early retirement. However, this option could be a good fit if you want guaranteed acceptance plans coverage with a end of life benefit rider.
Universal life insurance with burial rider:
Universal life is another investment-based policy that allows you to build a cash value. But these most final expense policies offer more flexibility than whole life. For example, you can make withdrawals from your account while still alive.
This type of policy also allows you to change your premium payments as needed, so it’s an excellent option for seniors who need more flexible coverage but still want protection against burial expenses.
Why do you need burial insurance seniors over 70?
You may have heard about burial insurance but don’t know why it’s essential. A burial insurance policy is designed to cover your funeral costs and burial if a loved one passes away. A funeral can cost hundreds of thousands of dollars, so your loved ones must be cared for when they die.
The cost of funerals has been increasing steadily over the past decade, as well as the cost of living expenses and outstanding medical bills.
As a result, many people cannot afford an extravagant funeral or burial service when they pass away, so purchasing this coverage is essential so your loved ones will be taken care of when you die.
What is Best Funeral Plan For Over 70
You’ll need to apply for burial insurance for seniors with a company before they accept you for coverage. There are three best options: burial insurance, cremation insurance, and final expense policy.
If you are over 70, you may be eligible for low-cost burial insurance. We have the best carriers for seniors over age 70 like Mutual of Omaha, Foresters, GPM, and AETNA Accendo.
Burial insurance for 70-year-olds:
- We have helped many people in their 70s get approved for most burial insurance policies.
- Despite preexisting health conditions, we can help you get insured.
- Your monthly premium will not increase as you age once it is approved.
- Your approach is guaranteed issue not to expire if you keep making your premiums payments.
- You can get approved with zero waiting period by filling out the form. To avoid face-to-face solicitation from TV, or mail order companies, fill out this form entirely!
How much does burial insurance for seniors over 70?
The premium for this type of plan will depend on your age,good health, and the kind of coverage that you choose. When you’re older than 65, the cost of coverage is usually higher than it would be if you were younger.
In addition to age, your overall health can play a significant role in determining how much burial policy for seniors will cost you.
For example, suppose you have any preexisting medical conditions or are facing a chronic illness such as diabetes or heart disease. In that case, you may find it more challenging to find affordable funeral plans for seniors over 70.
If you are in your 80’s, check out this article about getting burial insurance over 80.
What are the benefits of burial policy for seniors over 70?
Burial insurance for seniors over 70 is an excellent way to ensure that you and your loved ones can afford a dignified burial.
The benefits of buy life insurance for seniors over 70 include:
- Financial security for your loved ones: One of the main reasons people get burial insurance policy is to provide financial obligations for their loved ones in the event of their death. This type of insurance can help cover the costs of your funeral and other final expenses, which can be a significant burden on your loved ones if they are not prepared financially.
- Peace of mind: Another benefit of having burial insurance is the peace of mind it can provide. Knowing that you have this type of coverage in place can give you peace of mind knowing that it will take your loved ones’ care financially if you pass away.
- Flexibility: Burial insurance policies typically offer a lot of flexibility regarding how the death benefit is used. Your beneficiaries can use the money from the policy to cover any final expenses or outstanding debts you may have, or they can use it however they see fit.
- Tax-advantaged: Another benefit of funeral insurance is that the death benefit is typically paid directly to your beneficiaries tax-free. It can greatly benefit your loved ones, especially if they face a significant financial burden after the insured dies.
- Affordable rates. Unlike life insurance, the premiums are usually reasonable and predictable.
- No answer health questions. Most traditional life insurance policies don’t ask you any health-related questions or require a medical exam before issuing coverage, making it easy and convenient to get an instant quote and purchase a policy online or over the phone.
- Quick Coverage for all. Even if you have a preexisting health condition, you can still get burial insurance.
Burial Insurance Underwriting for seniors over 70
You’re very relaxed about these life insurance plans. It’s designed to deal with many serious health issues and cover nearly anyone who applies.
How is that possible?
Many final expense companies in the market lead to competitive prices and make it possible for consumers to find affordable life insurance policies.
Each life insurance company has its unique underwriting. One company may not accept a specific health condition, but others will.
It happens with many health issues, so people with coverage often find it easy to get pre-approved by a company specifically designed to take on the costs associated with all their conditions.
For example, about 90% of our clients can find full first day coverage when signing up because we can discover most final expense life insurance companies that take on all their preexisting health issues.
As long as you don’t have any life-threatening or chronic health history, you should be able to get approved for a health plan that covers all of your current needs.
We can help you find which multiple companies have underwriting that will accept all your health issues. Just call us, and we will let you know once we have the necessary information.
How To Find The Best Burial Policy Insurance for seniors over 70?
If you’re looking for help with final expense insurance, contact us. At our agency, you’ll work with Final Expense Insurance Specialists of InsuranceForBurial.com.
We have access to A+ rated burial insurance companies and can help you find the best affordable policy for your needs. You can get the policy details, from our insurance agents. We also offer some innovative benefits you don’t usually see for this type of insurance.
Our specialists are friendly, honest, and down-to-earth, and we’ve helped many people deal with difficult situations. We’re confident that we can help you too.
We want to help everyone by providing them with the best burial or final expense insurance on the market. We believe everyone deserves the best care and attention during this difficult time.
Planning for future funeral services is essential, especially if you are over 70. Burial insurance is a great way to cover costs. This insurance can range from coverage for the basic funeral and burial costs to including full-service funerals.
The final expense insurance plan for those over 70 is the one that is right for you. If you are 70 or older, getting the right burial or funeral insurance coverage is essential.
A good plan will ensure that your family members do not have to scramble to pay for your funeral expenses and that the funeral service is conducted the way you want it done.
You can best talk with an expert to help you get the most accurate life quote and affordable rates. Call (855) 380-3300 now, and we’ll be happy to help you.
Monaco, L. (2022, May 22). The Truth About Burial Insurance with Pre Existing Conditions [2022 Review]. InsuranceForBurial.Com. https://insuranceforburial.com/blog/burial-insurance-pre-existing-conditions/