While a burial insurance policy can ease some of the financial strain on your family after you pass away, it can be expensive. It’s not a thought most people have while they are alive, but funerals can be expensive. It can emerge as a financial burden for your family after you die. Seniors in their 50s, 60s, 70s, or 80s must think about getting a burial insurance policy if they don’t have one yet.
The final expense policy is available for everyone above the age of 50, and once you pass away, your beneficiaries can use the money however they want. In most cases, you won’t even have to undergo a life insurance medical exam to qualify for the insurance policy. This blog will take you through the pros and cons of burial insurance for seniors.
What is Burial Insurance?
Burial insurance typically refers to a small insurance policy covering your funeral and burial expenses after you pass away. This way, you don’t have to worry about your family bearing all the financial stress of your burial and funeral arrangements. It also includes some end-of-life expenses like medical bills.
Pros of Burial Insurance for Seniors
A burial insurance policy has many benefits that make it an attractive policy for most seniors. Those worried about their family’s financial situation or those who have no immediate family to arrange for their funeral arrangements and burial can take on this policy and let go of the burden.
The policy will ensure that all your end-of-life expenses are covered, and you don’t have to worry about or wait for other people to pay for your expense. It will also reduce the financial burden that your family will have to bear after you pass away. Having final expense insurance provides you peace of mind when you are alive.
Moreover, as it does not require you to take a medical exam, theirs is nothing stopping you from getting burial insurance, especially if you have a pre-existing medical condition.
Cons of Burial Insurance for Seniors
Although it offers many perks, burial insurance is expensive, and not every senior can afford to buy the policy. Plus, many policies have an obligatory two-year waiting period, making the process difficult. This means that if you die within those two years due to natural causes, none of your beneficiaries will get the full payout.
Instead, your family will be compensated for the premiums you paid or a smaller payout. This is why you must always look for policies with zero waiting periods. Many policies go into effect as soon as they are bought.
Burial insurance in Houston, Texas
It’s best to prepare for your old age, and we encourage all our clients to get the best life insurance Houston at Franklin Life and Annuity, a leading family life insurance provider. We’re also one of the finest final expense insurance companies in Houston.
Get in touch with us today to learn more about our services. You can also visit our website right here.