How to Buy Burial Insurance to Older Parents
What to Expect with Funeral Expenses and How Purchasing Guaranteed Issue Whole Life Insurance Can Benefit
As parents get older, making the most of your time with them is what’s important. Recognizing that any end-of-life requirements, like burial costs, are covered means you can focus on what matters: being there for your parents in the hither and now.
Don’t let funeral costs loom over you. You can get burial insurance for your parents through a life insurance policy like Guaranteed Issue Whole Life Insurance for seniors. If you’ve questioned how to buy burial insurance for parents, this article supervises you through.
What Sort of Burial Insurance Is Available?
Guaranteed Issue Whole Life Insurance is a life insurance plan for those ages 50 to 85 guaranteed to be issued to the applicant, without any medical exam or health question terms. With up to $25,000 in coverage, this type of insurance policy is designed to cover expenses like funeral expenses.
One benefit of Guaranteed Issue Whole Life Insurance is that you can buy this type of life insurance policy on your parent’s behalf. This helps alleviate any stress or financial burden from your parents while giving you the future assurance you’ll be ready to accept them with the burial service they and your family deserve.
What Is the Benefit of Burial Insurance?
According to a 2019 report by the National Funeral Directors Association, the 2016 median price of a funeral with burial and viewing was $7,360. 1 If a vault is included, the median price was $8,508. These prices vary depending on the type of burial or funeral that is had and other expenses like a funeral home used for seeing or if a burial plot is obtained.
These costs can become vital for family members who have had to financially support aging parents in other ways, such as medical services and end-of-life care.
Life insurance for elders can help ease these expenses. A life insurance plan provides survival family members and coverage for expenses like burial costs or outstanding debts. Getting a policy for a senior parent can help give peace of mind for the future.
How to Buy Guaranteed Issue Whole Life Insurance for Parents
Before you see into life insurance for older parents, you should consider the amount of coverage you think your family might want based on any debt or final costs, such as due medical bills. Applying for a whole life insurance policy may be the best choice since sudden expenses can arise at any time. Know that while a low-cost plan may provide short-term savings, a more general plan may be more beneficial in the future.
To purchase burial insurance for your parents, you’ll need your parents’ consent to buy a policy in their name. In most cases, this entails that they sign the insurance application. Besides, with Guaranteed Issue Whole Life Insurance, no medical questions or exam is directed.
You’ll also want to demonstrate “insurable interest” when you’re the applicant. This means the loss of the insured financially impacts you. In most cases, since you’re a family member, you will have an automatic insurable interest because it is just that you’d be responsible for your parents’ final costs.
How to Approach Your Parents About Burial Insurance
Having a conversation about death can be challenging for many families. Approach your parent or parents from the perspective that securing burial insurance now ensures their last requests are carried out. Since you’re offering to help by purchasing the plan for them, you have their best interests at heart.
You typically can’t buy a life insurance plan for a parent without their consent. Prepare yourself to have the conversation. In many cases, parents will welcome discussing end-of-life plans with children since these issues may be on their minds, as well.
Get Burial Insurance for Aging Parents to Help Alleviate Worry Now
Burial insurance can be a sensitive topic for many families. But having the discussion now can help alleviate stress, worry, and future financial burdens. By buying a Guaranteed Issue Whole Life Insurance policy for your parent or parents, you can use the time you have now with your loved ones.