Categories Final Expense Insurance

How To Buy Burial Insurance For Your Parents

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The main reason that people purchase large life insurance policies is so they can leave a significant sum of money to their beneficiaries to help pay for living expenses. Some of this money will go toward the cost of a funeral and other burial expenses, which can be in excess of $10,000. However, some people may not be able to afford the high cost of life insurance, but they would like to have burial insurance so that they can at least be laid to rest with dignity and without sticking their children, grandchildren, and friends with the bill. Many times, adult children of these folks purchase final expense insurance for their parents. If you are wondering how to buy burial insurance for your parents, you’ve come to the right place.

Why Buy Burial Insurance For Your Parents?

The reason for burial insurance (also known and final expense insurance or funeral insurance) is simple. Funerals are expensive. And emotional. It can be very difficult on family members when they have to find a way to pay a lot of money while they are grieving. Life insurance takes care of the funeral expenses, but in many cases our parents were not able to pay for an insurance policy while they were alive due to financial constraints. Or they suffered from a severe medical condition that made them unable to purchase life insurance.




In these instances, you can go ahead and buy burial insurance for your parents. Typically the children have more disposable income, and since they will be the ones paying for the funeral anyway, they go ahead and buy the insurance policy themselves.

Also, final expense insurance typically does not have health requirements as strict as regular life insurance. And there are even policies called Guaranteed Issue, which means the policy does not have any health requirements. However, under a Guaranteed Issue policy, the policy is more expensive and usually doesn’t pay the face amount if the death occurs in the first 2 years after issue.

How To Talk To Your Parents About Burial Insurance

Talking about burial insurance for your parents with them can be awkward. Still, it is important to talk it over with them. Burial insurance is an inexpensive way to keep you financially stable after a parent’s passing. When you explain to your mom or dad that a final expense policy will be financially and emotionally helpful, most parents will gladly agree that insurance is the best thing to do.

What is the Best Type of Burial Insurance for Your Parents?

Term Life Insurance

Term life insurance is an insurance policy that expires after a certain term. You pay a premium until the insured person reaches a certain age. If they die before that age, then the policy pays out. If they do not die before they reach that age, then the policy goes away. Term life insurance is cheaper than other forms of insurance, but as I mentioned, it may not pay anything at all. Also, term life insurance usually requires a health exam.

Because term life insurance has smaller premiums than other forms of insurance, some people prefer to pay the premium and save a little extra. That way if their parent lives past the expiration date of the policy, the family will have saved up some money for a funeral. However, not everyone is disciplined enough to save the extra money.

Burial Insurance

Burial insurance is the most popular investment option for people specifically looking for ways to pay for a funeral. It can be purchased inexpensively, even if your parents are older, and it doesn’t require heavy medical underwriting. Some basic questions is all. The person is covered for the rest of their life and the premiums never rise.

Face amounts of burial insurance can be purchased in small increments as well. That way if all you want is a little help, you can get that.

Graded Burial Insurance

Of course, many seniors have health concerns. But don’t be alarmed. Burial insurance does not knock out everyone with a risky health history. Rather than deny every sick person out there, most burial insurance companies will still cover the person under a graded policy. What this means is that for the first 2 years after the policy is issued the policy will pay out a reduced amount, but after 2 years is will pay out in full. It’s a great middle-ground, protecting both your parent and the insurance company.

How To Buy Burial Insurance For Your Parents

Buying burial insurance for your parents is simple. All it takes is a brief conversation with an agent to go over the best policies at the best pricing. We would love to be able to talk with you about the benefits of burial insurance for your parents. You may request a quote today and one of our best agents will call you back very soon.



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