Can I Buy Burial Insurance For My Parents In Mar 2023?

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.

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.

Can You Get Life Insurance On Your Parent Without Them Knowing?

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.

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.