Is Senior Life Insurance Necessary for Covering Funeral Expenses?

In today’s economy, senior life insurance is an essential investment for covering high funeral expenses. Having a life insurance policy guarantees financial stability for family members as a plan provides a death benefit.

Funeral7The death benefit can be received directly by a funeral home or by close relatives who will handle the burial ceremony. The insured senior citizen cannot gain access to the insurance money, unless the policy has a disability rider attached to it. The disability rider however, pays a part of the death benefit only if the insured develops a disability.

There are several options of finding affordable life insurance for senior citizens. If you are healthy and do not have any pre-existing medical conditions, you can apply for a traditional plan. Some agencies will sell term life insurance for clients who are not over 65 years old. Keep in mind though, that the application process can be complicated.

Traditional term life insurance plans require medical examinations. You will have to take a blood test and wait for the results. Some agencies may ask for extensive medical examinations, including various physical exams.

An easier option of getting life coverage as a senior is to apply for a no medical exam life insurance plan. These policies have a simplified application process. You will have to complete an application form and answer some medical questions. The agency will check your medical history. The underwriting process can be completed in less than 24 hours.

Final expense insurance is another policy that does not require medical examinations. This plan can be purchased by clients who are over 65 years old. If you have medical problems, you can still qualify for coverage. This policy provides permanent coverage and it can be bought with a maximum death benefit of $50,000.

In conclusion, senior citizens have multiple options for finding life insurance. But is getting a plan important for covering funeral expenses? Yes. A simple burial ceremony costs thousands of dollars. Having life coverage is the most convenient and cost-efficient way for covering funeral expenses.

For more information, you can visit our website. We provide free online life insurance quotes and we can help you find affordable rates.