One of the simplest and most affordable life insurance policies for seniors is burial insurance. It is a whole life insurance policy that covers all your final expenses with ease, so you will not be a burden to your loved ones.
Burial insurance never expires and very effectively pays your final expenses.
It is a very simple life insurance policy, with no hidden fees. After your death, a burial policy will give a tax-free check to your beneficiaries. Thus, they can pay your final expenses without spending from their own pockets. There are no restrictions or conditions in using the money from your burial policy. This is tax free cash that you gift to your loved ones after you pass away.
This money eliminates the burden of your final expenses, and you can add/include a financial gift. Seniors with burial insurance are leaving a financial legacy to their loved ones.
Level benefit plan
If you are healthy and have no history of diseases, you will get 100% coverage from day one. You will pay the lowest price if your answers are “No” to all of their health questions.
Graded benefit plan
If your answers are “Yes” to 1 or more of their health questions, then there may be a reduced death benefit, if death occurs within 2 years of starting a policy.
If you have significant health complications, keeping you from getting graded or level benefit burial insurance, you may qualify for a modified plan, which is also known as a return of premium whole life insurance plan. This Arizona burial insurance plan will pay your loves a further reduced death benefit, IF death occurs within 2 years from starting the policy. After the 2 years, the policy pays 100% of the death benefit.
If you have the above mentioned health complications, and only qualify for the modified burial insurance policy, it is highly recommended you get a guaranteed life policy. This type of burial insurance works EXACTLY the same way as modified, but costs far less.
People who are applying for burial policy should be within the age range of 55 to 85.
If you have any questions, talk to a state-licensed broker today and see which policy you qualify for.