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The older you get, the less likely you’ll have a partner or live with family. 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 insurance 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 burial insurance earlier is essential to lessen the burden of funeral costs. If you are over 70 years of age and get buried insurance, it will help pay for your final 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 burial insurance for seniors over 70 and other ways to save on final expenses later in life.
Quick Article Navigation
- Best insurance policy option for seniors over 70
- Why do you need burial insurance for seniors over 70?
- How much does burial insurance for seniors over 70?
- What are the benefits of burial insurance for seniors over 70?
- Burial Insurance Underwriting for seniors over 70
- How To Find The Best Burial Insurance for seniors over 70?
Best 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, insurance companies know this and are more likely to deny your claim or raise your premiums.
That’s why it’s essential to get the right insurance policy for seniors over 70. it’s must also have a plan in place for your 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 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. Suppose you want more flexibility with how much coverage 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 life insurance without this added benefit.
Whole 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.
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 coverage with a death 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 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 for seniors over 70?
You may have heard about burial insurance but don’t know why it’s essential. Burial insurance is designed to cover the cost of a funeral 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 medical care.
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 with a company before they accept you for coverage. There are three options: burial insurance, cremation insurance, and final expense insurance.
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 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 not to expire if you keep making your premiums payments.
- You can get approved with zero waiting time 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, 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 insurance 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 insurance 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 burial insurance for seniors over 70 include:
- Financial security for your loved ones: One of the main reasons people get burial insurance is to provide financial protection 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 debts you may have, or they can use it however they see fit.
- Tax-advantaged: Another benefit of burial insurance is that the death benefit is typically paid out to your beneficiaries tax-free. It can greatly benefit your loved ones, especially if they face a significant financial burden after death.
- Affordable rates. Unlike life insurance, the premiums are usually reasonable and predictable.
- No health questions. Most policies don’t ask you any health-related questions or require medical exams before issuing coverage, making it easy and convenient to get an instant quote and purchase a policy online or over the phone.
- 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 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 policies.
Each 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 coverage when signing up because we can discover burial service companies that take on all their preexisting health issues.
As long as you don’t have any life-threatening or chronic health conditions, you should be able to get approved for a health plan that covers all of your current needs.
We can help you find which 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 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 insurance companies and can help you find the best policy for your needs. 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. Burial insurance can range from coverage for the basic funeral and burial costs to including full-service funerals.
The best funeral plan for those over 70 is the one that is right for you. If you are 70 or older, getting the right funeral insurance coverage is essential.
A good plan will ensure that your family does not have to scramble to pay for your funeral expenses and that the service is conducted the way you want it done.
You can best talk with an expert to help you get the most accurate 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/