2022 Burial Insurance for Parents

Burial Insurance For Parents - Have This Discussion Today

Losing a parent is a painful and emotional experience, no matter how old you are. Thinking about your parents no longer being a part of your life could be your biggest fear come to life. The pain of losing them will be doubled if you have to worry about paying for the funeral among other things. Buying burial insurance for parents is a great way to grieve without thinking of financial worries.

Purchasing burial insurance for your parents ensures that you will give them a respectful burial when they pass away.

It’s not an easy subject to talk about, but getting burial insurance for parents should be a priority. The funeral cost is rising each year which makes the demise of a parent a real and ever-approaching expense. The sooner we realize this fact and take the necessary action the easier it will be to pay for these expenses in time.

FOR EASIER NAVIGATION:


The first step is discussing the benefits of burial insurance with your parents.

Sitting down and having a meaningful conversation with your parents will be beneficial to both of you. Although this kind of discussion is uncomfortable and awkward, it must be done to prepare for the future.

Think about it: our parents don’t want to burden us when they pass away. Having burial insurance for parents will get rid of the financial burden because all final expenses will be covered.

You might say, my parents, don’t have life insurance. For families concerned about burial expenses for their parents, the sooner this issue is faced head-on through adequate burial insurance coverage, the greater the peace of mind for the whole family.

Proper burial insurance for parents over 50 means starting early and finding an affordable policy that provides at least $10,000 worth of benefits to cover the final expenses for each parent.


WHAT IS BURIAL INSURANCE?

Burial insurance policies or final expense plans are a type of funeral expense life insurance policies designed to handle the cost of funeral or cremation expenses when folks pass away. Burial insurance is a good investment option for folks looking for ways to pay the final expenses.

You can purchase burial insurance inexpensively for elderly parents, and it doesn’t require medical underwriting. Your insurance agent will ask some basic questions, and your parents will be covered for the rest of their life.

Burial insurance or cremation insurance policies are permanent coverage or whole life insurance policies with a death benefit ranging from $5,000 to $25,000. The policies do not have a term or specific period of coverage, and it will not expire as long as the premiums are paid.

These policies also include a cash value component that can build up savings over time. Insurers offer burial insurance to individuals who are between the age of 50 and 85. Some insurance companies offer coverage to those who are over age 85.


CHOOSING THE RIGHT TYPE OF BURIAL INSURANCE FOR PARENTS:

How to take out a life insurance policy? There are two types of burial insurance for parents, the level benefit, and the graded benefit. Take note of the differences and consider them when buying burial insurance for your parents.

  1. Level benefit or immediate coverage. It provides the full face amount of the policy (100% of the benefit) the day the application is approved. If your parent dies two days after policy approval, 100% payout will be given. It is best if your parents are still in good health or their health issues are controlled by medications. The level benefit plan is also burial insurance with no waiting period.
  2. Graded benefit policy. It is the option available if your parents have some health issues. It is a form of a guaranteed life insurance plan because it is non-medical and requires limited to no health questions. If your parents have serious health problems, this is the way to go. There is a 24-month waiting period before 100% of the face amount is in force. If the insured dies during the waiting period, the carriers will return the premiums paid with some interest on the money. The interest varies by carriers, but 10% is the most common.

An example of a 24 month graded plan:

  • First 12 months – 30% of death benefit
  • 13 to 24 months – 70% of death benefit
  • After 24 months – 100% of death benefit


CAN YOU BUY BURIAL INSURANCE FOR PARENTS?

Can I purchase life insurance for my father and mother? A significant number of folks ask us this question. The answer is yes; you can buy burial insurance for your parents and your brother and sister too.

It is common for children to purchase life insurance for parents over 60 because they don’t want the burden of their parent’s final expenses.

We know our parents will one day pass away that’s why we need to be proactive about the death-related expenses.

Some parents don’t have insurance to cover the funeral cost, or they don’t have adequate funds or investments. It is up to their children to invest in burial insurance coverage for their elderly parents.

It’s much cheaper to invest in burial insurance now rather than be burdened with massive funeral bills later.


CAN YOU GET BURIAL INSURANCE COVERAGE FOR PARENTS OVER 80?

Is it too late for elderly parents over the age of 80 to receive burial insurance due to their age? Many burial insurance companies issue coverage to individuals 85 years old or younger and the coverage is effective immediately. There is no waiting period as long as they are medically qualified.

You can still get burial insurance coverage for your mother or father who is over 80. Many life insurance companies offer coverage to protect them from the very first day of the policy, no waiting period life insurance.


WHY BUY BURIAL INSURANCE FOR PARENTS?

Funerals are expensive and finding a way to pay for the funeral while you are grieving is an additional emotional and financial burden.

Burial insurance life insurance covers funeral expenses or funeral services for low-income families, but our parents may not have the funeral budget and are not able to buy a policy due to financial limitations. If you have more disposable income, and since you will be paying for the funeral anyway, it is wise to go ahead and purchase senior funeral plans for your parents.

Today, many children choose to buy cremation insurance or burial insurance for their parents because their parents have no means to pay for their final expenses. Rather than being hit with a massive funeral bill one day, children purchase cheap burial plans for their parents to ensure final expenses and final wishes are covered when their parents pass away.


REQUIREMENTS WHEN BUYING COVERAGE FOR YOUR PARENTS

There are some rules and regulations you must follow to obtain burial insurance coverage for your parents.

  1. Proof of Insurable interest – this means that you would have a financial loss if your parents were to pass away. These include funeral bills, medical bills, or leftover credit card bills. Naturally, being stuck with the final expenses is proof that you would incur a financial loss. The mere nature of your relationship meets this first requirement.
  2. Consent to review Medical History – The Health Insurance Portability and Accountability Act HIPPA indicates that your parents need to give full consent to their medical history to be reviewed. Without this consent, your application cannot proceed. Allowing your parents’ medical history be viewed will let you obtain burial insurance coverage for them.

Your parents will never have to go through an actual medical exam, but you will have to answer some health questions and allow the carrier to check your parent’s prescription history. The insurance company will need to assess your parents’ health to get them approved for the best burial policy. This allows the insurance company to medically determine if they are eligible for coverage.


WHAT KIND OF BURIAL INSURANCE COVERAGE DO YOUR PARENTS NEED?

Talk to your parents about getting a burial insurance coverage for each of them. Ask them these questions to learn what kind of coverage they need:

  • How much burial insurance coverage are you interested in?
  • What medications are you taking?
  • Do you have a chronic illness?
  • Are there any hospitalizations within the last 24 months?
  • Do you have any heart attacks, strokes or cancer?

Answering these questions will help us identify the burial insurance companies that will accept your parents’ medical issues. This information will help us find accurate quotes to find the most affordable policy for your loved ones.


HOW MUCH BURIAL INSURANCE COVERAGE IS REQUIRED FOR OUR PARENTS?

A funeral is costly! It is one of the most substantial expenses you may incur in your lifetime. The total cost of a funeral runs an average of $8,000-$12,000 depending on your location and the cost of goods and services chosen.

Here’s a rough estimate of some of the funeral costs from the NFDA (National Funeral Directors Association):

  • Transfer of remains to funeral home – $350
  • Other preparation of the body – $255
  • Embalming – $750
  • Non-declinable basic service fees – $2,195
  • Other preparation of the body – $255
  • Use of facilities for viewing – $425
  • Use of facilities for the funeral ceremony -$500
  • Hearse – $340
  • Service car – $150
  • Basic memorial printed package -$175
  • Metal casket -$2,500
  • Vault – $1,495

Other costs:

  • Fee for the funeral director’s services – $1,500
  • Gravesite – $1,000
  • Cost to dig the grave – $600
  • Outer burial container – $1,000
  • Headstone – $1,500
  • Flowers – $500
  • Miscellaneous (death certificates, obituary) $600
  • There are other bills that needed to be considered. Any outstanding bill left by your parents need to be taken care of these include:
  • Medical bills
  • Credit card debt
  • Loss of income
  • Travel expenses of out of town relatives to attend the funeral

Those average numbers above will help you decide how much coverage you need to buy. Purchase the policy that will cover all of your funeral costs as well as the other bills left upon your parents’ death. Purchasing burial life insurance for your parents today can relieve the financial burden and help cushion the financial and emotional blow when your parents die.

THE COST DIFFERENCE BETWEEN A BURIAL AND CREMATION

  • The average burial service cost anywhere from $8,000-$12,000
  • The average cremation service cost anywhere from $1,500-$5,000
  • The cost difference between burial and cremation is big, but your parents’ final costs will be determined by the type of services you select for them.


HOW TO FIND THE BEST BURIAL INSURANCE FOR PARENTS

Begin your process by looking for a plan to offset the funeral cost. Check out the different policies and package levels for burial insurance. It helps to shop around at different insurance companies to find the right type of benefits that fit your budget.

If you apply for a plan, you will be the owner of the policy as well as the beneficiary. Your parents must sign the plan electronically (or over the phone voice signature). Most insurance carriers will talk to your parents to do a quick phone interview to make sure they know what they are applying for.

For most insurance companies the age of issue starts at 50, but there are a few that issue plans at a younger age.

85 is the maximum age of issue, but some carriers will go a few years older. Burial insurance for seniors is excellent for older parents. Final expense life insurance for parents typically does not have health requirements. And, guaranteed issue policy can be an option for parents with an adverse health condition.

Look for the following criteria when looking for burial insurance:

  • Find a burial insurance company with financial stability; one with a financial track record that can pay out all claims.
  • Find a policy that will get your parents covered as soon as possible
  • Find the policy with the lowest monthly premium

Once you’ve decided to purchase burial insurance for your parents, the next step is to shop for final expense life insurance coverage.

Today is the best time to get burial insurance, letting a day pass will often make the premium more expensive. The sooner you buy, the more you will appreciate your decision.

To find the best burial insurance for parents, it’s important to consult with an independent final expense insurance broker like Funeral Funds. We represent more than 20 different burial insurance companies so that we can get your parents qualified for the best price plan.

It is in your best interest to work with us which have access to all best-rated final expense insurance companies. We will help you understand the best option for your parents based on their current age, health, and financial situation.


What kind of burial policies should I avoid?

TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.

Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.

Seen any misleading internet advertisements?

Yeah, the old “bait and switch” is still alive and well in America….buyer beware!


Why choose Funeral Funds for my burial policy?

Most life insurance agents are fine, respectable people. There are, however, the classic “snake oil” life insurance agents, who will sell you the easiest and most expensive policy possible. The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait 2 years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.


Avoid these people at all costs!

For the rest of the life insurance agents, who are fine respectable people, they are most often generalists. They deal with all kinds of life insurance policies. They are Jack of all trades and Masters of none. They are nice people, but they are not the logical choice if you want the best pricing and the best policy.


How can Funeral Funds help me?

Getting affordable burial insurance for seniors doesn’t have to cost an arm and a leg.

Our job at Funeral Funds is to be the most knowledgeable burial insurance experts available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.

Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that are the best fit for you.

The reality is that most inexperienced and less knowledgeable insurance agents just don’t cut the mustard and will cost you loads of money by selling you more expensive policies.

It is always in your best interest to work with an independent brokerage, such as Funeral Funds. With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.

ADDITIONAL QUESTIONS & ANSWERS ON BURIAL INSURANCE FOR PARENTS

Can I buy insurance for my parents?

Yes, you can buy insurance for your parents. There are two requirements to fulfill before you can buy life insurance on your parents.

  • First, you need to have their consent. They must be aware that you are buying a policy for them.
  • Second, you must show insurable interest.

If you will experience financial hardship upon your parent’s passing, then you have an insurable interest.


Can I buy life insurance for parents with health problems?

It is possible to buy life insurance if your parents have health problems. If you are considering this route, it’s best to speak with an agent or broker who understands both your parents’ current health conditions and the company underwriting guidelines for the policy.


Can you take out burial insurance for my parents?

Yes, you can buy burial insurance for your parents. This is a life insurance policy with the sole objective of paying for a funeral service. Burial policies are usually fairly inexpensive, which makes them an attractive option when you’re looking to pay for a loved one’s final arrangements.


What happens to my parents’ life insurance if they move?

If your parents are already covered by a life insurance plan when they move, then their coverage will automatically go with them. However, if they are not covered at the time of the move and it is more than three months from when you first applied for coverage, then their lives will unfortunately no longer be insurable.


Can I put final expense life insurance on my parents?

Yes, you can buy final expense life insurance on your parents. This type of policy is typically designed to provide money for funeral costs and any outstanding debts that remain once the person passes away.


Why should I get insurance for my parents?

There are several reasons why you should consider buying insurance for your parents. For example, if your mother or father passes away suddenly, then their life insurance policy may help you pay off any outstanding financial obligations, such as a mortgage or credit card debts. You might also need extra money for things like medical bills and funeral costs.


Can I get life insurance on my mother without her knowing?

No, you can’t get life insurance on your mother without her knowing because consent is the number one requirement on getting life insurance for somebody else. The insured must have knowledge of the policy because they need to sign the application form before it can be processed.


Can I get funeral cover for my parents?

Yes, you can get funeral cover for your parents. This is a type of life insurance policy that pays out in the event of death. The money can be used to pay for any final expenses. You only need to show insurable interest and consent to get a funeral cover for your parents.


Can you buy life insurance on a parent without their consent?

No, you can’t buy life insurance on your parent without their consent. In order to get a life insurance policy for somebody else, you need the person’s knowledge and consent. You can’t buy a policy for them if they refuse to sign an application.


Can I get a life cover for my parents?

Yes, you can get a life cover for your parents. A life cover is the most common type of life insurance policy. It pays out in the event of death, but some variations can also payout if the insured is diagnosed with a terminal illness or becomes permanently disabled due to an accident or illness.


How much does it cost to get life insurance on my parent?

The cost of getting life insurance on your parent will depend on a number of factors. For example, the younger they are when you apply for coverage, the less expensive it is likely to be.


Can I take out a funeral plan for my mother?

Yes, you can take out a funeral plan for your mother. This is an inexpensive life insurance policy that pays out in the event of death. The money can be used to pay for any funeral expenses, including things like transportation costs and a headstone.


Can I get life insurance for my 80 year old mother?

Yes, you can get life insurance for your 80 year old mother because many life insurance companies offer life insurance until age 85. The only requirements are insurable interest and consent.


Can I take a life cover for my mother?

Yes, you can take out a life cover for your mother. This is the most common type of life insurance policy that pays out in the event of death. The money can be used to pay for any final expenses and it won’t affect your parents’ existing life insurance plan if they already have one in place.


Can you take life cover for someone else?

Yes, you can take life cover for somebody else if they will permit it and you can show the life insurance company that you have insurable interest or you will be affected financially upon their passing.


Can I purchase cremation insurance for my parents?

Yes, you can purchase cremation insurance for your parents. This is a life insurance policy that pays out in the event of death and it will cover the costs of transporting the deceased as well as paying for any medical or funeral expenses.


Can I get funeral insurance on my parent?

Yes, you can get funeral insurance on your parent because many life insurance companies will offer life assurance until age 85. This is an insurance product that pays out in the event of death and it does not affect your parent’s existing policy if they already have one in place.


What happens if the owner of a life insurance policy dies before the insured?

If the owner of a life insurance policy dies before the insured, it is important to inform the life company so that they can cancel the policy. If this is not done, they may continue to send invoices for payment and there could be implications if they find out later on.


Can I get life insurance on my father without him knowing?

No, you can’t get life insurance on your father without him knowing. In order to get life insurance for somebody else, you need that person’s knowledge and consent; otherwise, it is known as an act of fraud.


Can I take out life insurance on my dad?

Yes, you can take out life insurance on your dad. A life insurance policy is the most common type of life assurance that will pay out in the event of death. You can use this to pay for any final expenses and it won’t have an impact on your father’s existing plans if he already has one in place.


Can I get burial insurance on my parents without them knowing?

No, you can’t get burial insurance on your parents without them knowing. In order to take out a life policy for somebody else, you need that person’s knowledge and consent; otherwise, it is known as an act of fraud.


How do I get burial insurance for my parents?

You can get burial insurance for your parents by taking out a life policy. This is the most common type of life assurance that pays out in the event of death and it can be used to pay for final expenses. You only need to get their consent and show insurable interest to the insurance company.


Can I get life insurance for parents over 70?

Yes, you can get life insurance for your parents over 70 because many life companies offer life assurance until age 85. This is the most common type of policy that will pay out in the event of death and it won’t have an impact on your parent’s existing plans if they already have one in place.


Which insurance is best for parents?

The best life insurance for parents is a first-day coverage plan with no waiting period.


How do I get insurance for my mom?

The best way to get insurance for your mom is to call an independent life insurance agent and discuss your needs. They will be able to help you find the best plan for your mom.


What do you do if your parents don’t have life insurance?

If your parents don’t have life insurance, you should consider buying a policy for them. You can usually get a policy for your parents for a relatively low cost, and it could provide peace of mind for you and your family.


Why parents should get life insurance?

Parents should get life insurance for a variety of reasons. Some of the most common reasons include providing financial security for their children in case something happens to them and helping to pay for funeral expenses.


Why both parents should have life insurance?

It’s a good idea for both parents to have life insurance since it provides financial security for the family in case something happens to one of the parents. If one parent dies, the life insurance policy will pay out a lump sum to the surviving spouse and children. This can help them cover expenses such as funeral costs, household bills, and other important expenses.


Should all parents have life insurance?

No, not all parents need life insurance. However, it is a good idea for both parents who have young children or dependents to have a policy. This provides financial security for the family in case something happens to the parent.


Can I get life insurance for parents with pre-existing conditions?

It is possible to get life insurance for parents with pre-existing conditions. You should talk to an independent life insurance agent to find out what options are available.

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