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.
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.
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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.
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.
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.
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.
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