How to Get Cheap Burial Insurance Quotes for Seniors

What is Burial Insurance and How does it Work

• Burial Insurance is the same product that is also called Final Expenses Insurance or Funeral Insurance
• Main objective is to cover the last expenses e.g. funeral or burial costs so that family / loved ones do not carry them

From the structure it is a simple Life Insurance policy but the devil is in the details – some providers may offer a burial insurance plan which can be spent only towards your last expenses. If it is a guaranteed issues life insurance policy, the loved ones can spend it towards whatever appears necessary (more choices)

Would You Qualify?

• There are plans for which everybody would qualify – these are Guaranteed issue life insurance policies. It means no medical exam and no questionnaire.
• You can also discuss with your broker or financial advisor if you should consider a simplified issue policy which comes without medical exams but we still ask you some medical questions
• Important to consider that a guaranteed insurance policy is somewhat more expensive than a simplified issue life insurance policy

How Much Burial Insurance coverage Do You Need

• It depends on your personal preference and cultural traditions
• Cremation is typically cheaper – costs less than $5K (between $2,000 and $5,000)
• Burial is typically more expensive: low-end one will costs about $5,000 whereas a high-end one could be as expensive as $15,000-$20,000
• These number will allow you to choose the coverage – we’d suggest $6K for burials and $10K for a simple burial, $15K for mid-end burial and $25K for high-end burial to stay on the secure side
• Typically, burial insurance is cheaper than full life insurance policy since burial insurance coverage is smaller

3 Major Ways to Get a Burial Insurance quote

Directly form an insurance company (phone / internet)

• Pros: easy to do
• Cons: Often not the cheapest option, can not talk to an insurance specialist in person but only on phone, contact centre representatives not really interested in finding for you the best solution but in selling you as quickly as possible. No comparison with other companies.

Via an insurance agent

• Pros: Can meet an insurance agent in person (though skills can vary)
• Cons: Often not the cheapest option, agents are not really interested in finding for you the best solution but in selling you as much as possible. No comparison with other companies.

From an insurance broker (or financial planner)

• Pros: More independent view, compares different options, might know which particular company is a better choice for your situation e.g. if you have a particular pre-condition.
• Cons: Purchase process can be (but does not have to) be a bit longer since you are getting a comparison across multiple products

In particular, if you hunt for cheap life insurance for seniors, an insurance broker might be the best choice as they know age cut-offs and how each insurer treats them. Does not matter if you are looking for life insurance for seniors without medical exam or cheap burial insurance policy – insurance brokers are typically equipped with knowable and tools to help you.