Did you know that in the United States the average funeral cost is between $7,000 and $12,000?
And here's the thing:
No one wants to spend too much time focused on death.
But the truth is that it’s important to plan for the future and take these costs into consideration. Especially if you have an elderly parent who hasn’t done much future planning themselves.
To help cover the financial burden of their final expenses, you can buy burial insurance for your parents. In this post, we take a closer look at buying a burial insurance policy for your parents in 2022, why final expense insurance is important, and how to find the best policy.
What Are The Requirements?
Qualifying for a burial insurance policy is easy. Once you’ve found a policy you like, you’ll fill out a simple form, providing the policyholder’s personal details.
In addition to the standard information like name, address, date of birth, and social security number, the form will also have a few qualifying health questions.
These questions ask about the applicant’s tobacco use, the diagnosis of serious medical conditions like cancer or heart disease, and recent hospitalizations.
Your parent also needs to allow the insurance company to review their prescription and medical history.
The insurance company uses this information to determine whether or not your parent is eligible for coverage. If your parent doesn’t consent, they won’t be accepted.
Completing the Application
Nearly every company offering burial insurance allows you to complete an application online, and they typically approve the application within two business days.
If your parent is uncomfortable with online forms, you can call the insurance company and have them process the application over the phone.
These phone calls only take about 30 minutes, and your parent completes the entire process without ever going online.
THE SIMPLY INSURANCE WAY
Life Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
What Is The Best Life Insurance Policy For Parents?
There’s no single best life insurance policy for parents.
While popular options like AARP burial insurance and Mutual of Omaha burial insurance are strong plans that work for most people, keep the following attributes in mind as you compare policies and quotes.
Accepted Health Issues
If your parent has a chronic illness, has cancer, has been hospitalized within the past two years, or has a history of heart disease or strokes, you’ll need to consider that during your search.
Not all insurance companies are willing to cover people with these types of conditions, but some are.
Your Parent’s Age
Each company has their requirements when it comes to age restrictions.
Most companies will approve new policyholders as old as 75, but your options are more limited if you’re searching for burial insurance for parents over 80.
The Insurance Company’s Reputation
Check out the company’s rating with A.M. Best to get a sense of their financial stability. Then, take some time to read customer reviews.
How is their customer service? Is the customer portal easy to navigate? Are current customers happy with their experience?
Choosing a stable company that’s easy to work with will make the entire experience more pleasant and manageable from start to finish.
What Amount Of Coverage Is Best?
Policy amounts typically range from $2,000 to $40,000. Just as there’s no single best policy, there is no simple answer to how much coverage is best.
So, how much coverage does your parent need?
The coverage amount depends on a few different factors like the type of funeral your parent wants, how much debt they have, and any anticipated medical bills.
Because things like debt and medical expenses are unpredictable, it’s always smarter to get a little more coverage than you think you might need.
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">Can You Get Life Insurance On Your Parent Without Them Knowing?
No, there is no way to legally get insurance on anyone that doesn’t know about the policy (outside of your child under the age of 18).
This includes life insurance for your parents.
You’re taking steps to ensure your parent’s wishes are respected and to eliminate financial stress.
How Much Will Their Policy Cost?
Monthly premium costs depend on several factors including gender, age, where they live, tobacco use, and their health history.
As a rule, women pay lower premiums, and rates are lower for younger people.
For example, a 45-year-old woman with $10,000 of coverage might pay around $24 per month for her policy while a man would pay $26.
If those same people took out a policy at age 80, their premiums might be between $95 and $105.
Because premiums vary so widely, it’s important to get quotes from a number of insurance companies to get the best deal.
THE SIMPLY INSURANCE WAY
Life Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
Are There Any No Medical Exam Option?
If your parent is unwilling to undergo a medical exam, they can still qualify for guaranteed acceptance plans.
Guaranteed acceptance plans don’t require a medical exam or prescription history for coverage.
However, the insurance company is at a greater risk of financial loss by covering someone who may be ill or have a preexisting condition.
Hence, the premiums for these plans are usually significantly more expensive.
These plans also have a waiting period, meaning that if your parent passes away within the first two years of the policy, you won’t be entitled to the full benefit amount.
Unless your parent knows that their medical history will disqualify them for a regular burial insurance policy, it’s best to avoid guaranteed acceptance plans.
Getting Burial Insurance For Your Parents In 2022
In the end, buying burial insurance for parents is all about finding a policy that fits their needs and offers an affordable premium.
Take your time to look over different policies and get different quotes before you choose.
Securing a policy for your parents provides you and your loved ones with peace of mind and protects you from the financial impact of their final expenses.
INSURANCE WHERE YOU LIVE
Life insurance by state.
">Taking Action
It’s essential that you don’t waste too much time procrastinating when trying to find coverage for your parents.
You won’t believe how many times I have had customers reach out when it was too late to get their parents covered.
You can click here to get some quotes and get the process started.