Alternative: Burial Insurance for Seniors

Alternative: Burial Insurance for Seniors

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.