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Alternative: Burial Insurance for Seniors

insurance for seniors to cover funeral expenses

insurance for seniors to cover funeral expensesAs the Baby Boom generation gets older, burial insurance for seniors is growing in popularity. Not only in the United States, where the Baby Boomers made the most impact on society, but across the world where the post-war generation is likewise getting on in their years on this planet. Preparing for final expenses is becoming a more and more important consideration for people across the world, as might be expected from a generation that was born after a war. It is not a thing most people would willingly think about, but the fact is that mortality is inevitable and most caring people would rather not force their children and loved ones to pay a massive funeral bill when their time finally comes.

Even the most reasonably priced funerals can easily run into costs of thousands of dollars. The exact method of burial will be quite important in determining the cost. A casket and headstone can swiftly become extreme expenses for people burying their loved ones, as can a burial plot in a cemetery and embalming in a funeral home. The less expensive option of cremation is growing in popularity, but even cremation can be an expensive proposition for those the deceased leave behind. This is all on top of the costs required for the actual funeral service, ranging from the rental of space to the funeral proceedings themselves to the wake that marks the final stage in a person’s life.

Life insurance has long been seen as the best way to prepare for dropping these expenses in the lap of those one cares about most. However, life insurance is expensive, and as the Baby Boomers get older, more and more insurance companies are becoming warier of insuring an aging population. Setting aside a special fund for one’s final expenses is another popular option, but as inflation from an unsteady global economy grows while incomes stagnate, this option may well leave quite a few costs left over, if not as many as there would have been without this special savings.

funeral candles at a churchWith the traditional options less palpable than they had been, burial insurance for seniors is a new option that more and more seniors are considering by way of preparing for the end. Whereas life insurance grants money to those one leaves behind to do with as they please, burial insurance is a less costly option that covers only one’s funeral expenses. There are seldom medical exams for seniors wishing to obtain burial insurance and policies typically run from covering $5,000 to $20,000 worth of funeral expenses depending on the exact policies obtained. Further, almost anyone can qualify for these insurance plans. Barring the truly elderly, these policies can be easily and cheaply obtained by seniors of all ages and almost all long-term health problems.

The premiums of these policies are, like life insurance policies, monthly expenses. However, these expenses are lower for burial insurance for seniors than they would be for a life insurance policy attached to the same person. Most burial insurance policies cost a fixed amount of money with premium costs that do not change under any circumstances. Further, the policy accumulates a cash value, a thorny matter with most traditional life insurance plans. On top of this, when the end does come, any money in the policy more than the actual cost of your funeral becomes a personal fund for the inheritance you leave behind for your loved ones. However, because of the focused nature of these policies, they are rarely for more than $25,000.

As life insurance companies become more reluctant to offer reasonable premiums in a shaky world economy, many seniors are turning towards burial insurance as an alternative to traditional life insurance. Burial insurance policies are easier to get and cost less, making them a doubly attractive idea for seniors who find themselves with less money than they’d like as they look towards the future. But, when it comes to ensuring that one does not become a burden when they die, most seniors with loved ones are more than willing to consider other options for the sake of those they will leave behind.

Life Insurance for Marijuana Smokers — How Does this Work?

marijuana smokers life insurance

Many people wonder if the occasional or even frequent use of marijuana will affect their eligibility for life insurance. Furthermore, what if you smoke without a prescription in a location where the jolly green giant is still an illicit substance?

The answer is, most companies will approve life insurance for marijuana smokers –although there are a few considerations that you should be aware of.  If you admit to smoking pot at any time in the past three years, it is quite likely that you will not be eligible for the favored non-tobacco ratings. Which means the premiums may be significantly higher.marijuana smokers life insurance

There are life insurance providers who offer policies that are as good as non-tobacco policies to “casual marijuana smokers” –those who admit to smoking once in the past year. It should be noted that this company would not offer this to a person who smokes a single cigarette in a year.

Most commonly, however, marijuana smokers are treated much in the same way as cigarettes smokers –meaning they will be given the same premiums which can be nearly double than those given to a person of the same age and health who does not smoke.

Certain insurance providers will even deny marijuana smoker life insurance for  under the reasoning that it is still considered an illicit substance — in this case; marijuana users are placed in the same category as abusers of cocaine, heroin, etc.

So if you are a casual smoker, what can you do? The best idea would be to find a carrier who can make you an offer –even as a smoker. Once you have taken the policy out, quit the habit and reapply in a year’s time with a different carrier. Chances are that you will be able to take out the non-smokers policy that will save you up to 50% on premiums each month.

It is important that you can only qualify for these policies with full disclosure –meaning you must volunteer this information. The blood test and medical check-up may not reveal the details of your habit, and it is your responsibility to make the details known.

First of all, failure to do this could be considered fraud and may have serious implications there. Secondly, should the worst be realized and you are dead within the next year or two of the date the policy was issued, your medical files will be pulled and if THC is found anywhere in your records they will have grounds to offer your coverage at a different rate or even deny it all together on the grounds that you dealt fraudulently.

Remember, you can feel free to detail the specifics of your marijuana use to your insurance provider as this information is protected from HIPAA laws. This means that after disclosing your marijuana use to the insurance company you can rest assured that they will not turn you over to the authorities –the worst that will happen is they might not approve you for a policy.

3 Reasons Why Million Dollar Life Insurance Policies Make Sense

million dollar life insurance policy

You might think your insurance agent had lost his mind if he suggested you needed million dollar life insurance policies. You should step back and think about the statement a little further. A million dollar policy seems extreme to most of us, but is it? Let us take a look at a few facts. The […]

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A Brief Overview Regarding Medicare’s Supplemental Insurance Programs in New York

Although it is very unfortunate, people who are over the age of 65 tend to require a higher amount of prescription medications and surgical procedures. Fortunately, these patients can receive Medicare in order to help cover or reduce the price that disabled people and the elderly have to pay for their medical needs. Unfortunately, the […]

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