Having reliable burial insurance for parents coverage is a necessity because that inevitable day comes for all of us. When it does your family members will be left with handling the expenses.
This type of coverage will provide them with the benefits they need so they are not stuck having to launch a GoFundMe campaign or ask around for money. It will help them make sure your final wishes are met and you are treated with dignity.
This article will provide you with plenty of information about this coverage.
Burial expenses along with your final expenses present a big financial burden for your next of kin when you pass away. Unresolved medical bills, funeral costing, and even unpaid car loans all play a factor! Picking your beneficiary is also important, who will be the person to handle your funeral?
This often falls on the children, creating what we call the insurable interest in the children. This is why here at ParamountQuote we are dedicated to helping our clients find the absolute best burial insurance company.
Funeral homes and national funeral directors are not exactly known for waiting around for their money. They typically want their money upfront for a burial.
The best part about these plans is approval can be done in minutes not weeks! A few basic health questions, an affordable rate, and an E-signature or Voice signatures and you now have the perfect insurance plan to provide your family with the peace of mind they deserve!
Keep in mind that burial insurance is life insurance for final expenses also known as final expense insurance also known as life insurance for seniors just different marketing terms to learn more about what is a burial insurance policy you can read our article on What is Funeral Insurance. Out of the types of life insurance, it is a whole life policy.
We assist clients in all 50 states by connecting them to the best life insurance company to purchase burial insurance. If you are in very poor health the best part is with a guaranteed issue policy acceptance is guaranteed!
Table of contents
- Understanding Burial Insurance for Parents
- Can I Buy a Burial Insurance for my Parents?
- Funeral Insurance for Parents with No Waiting Period
- Final Expense Insurance for Parents Cost Ages 50 – 90
- Steps to Qualify
- Health Conditions for No Waiting Period & Waiting Periods
- Worst Life Insurance Companies for Parents
- Burial Insurance for Parents over 50
- Burial Insurance for Parents over 60
- Burial insurance for Parents over 80
Understanding Burial Insurance for Parents
If you are wondering what burial insurance is and how it works it is simplified issue whole life insurance & guaranteed issue whole life insurance policies. These are permanent life insurance policies with no medical exams to qualify, cash value accumulation, level premiums(premiums never increase) and level death benefits(death benefit never decreases).
Applicants can get a maximum of $50,000 with a simplified issue whole life plan and $40,000 with a guaranteed acceptance plan.
The policy pays out a lump-sum tax free death benefit to the beneficiary upon the insureds death. A beneficiary then uses that money to pay funeral, burial, cremation and any end of life expenses of the insured.
If any money is left over the beneficiary can keep it to use as they see fit. It is important to have this type of plan for parents so when they die you will not have to pay the funeral expenses out of pocket. You submit the certificate of death to the life insurance company when filing the claim and they pay you(the beneficiary) the death benefit with a check.
Depending on the amount of coverage chosen the whole funeral will be covered. We typically recommend a $15,000 whole life policy or $25,000 whole life policy for covering all expenses.
Waiting Periods Simplified
We are going to make the waiting periods associated with burial insurance simplified for you. A simplified issue whole life insurance policy will not have a waiting period because there are health questions involved.
The life insurance company of your choosing will ask health questions on their application that your parent will answer. That same company will perform medical & prescription history checks to cross reference the information with their answers to their health questions.
If everything checks out the applicant(your parent) receives an instant approval within minutes. They will not have a waiting period because the life insurance company has done their due diligence of their health.
This means the life insurance company can accept your parents risk upfront(insurance is the transferring of risk).
If everything does not check out your parent’s application will either be denied or sent over to the life insurance company’s underwriting team for further review.
Now a guaranteed issue policy is the polar opposite because they do not have underwriting, health questions or medical & prescription checks. No matter what your parents health is they will be approved.
That being said since they are approved instantly there is always going to be a 2 year waiting period before the death benefit will be paid. If death occurs before the 2 years are up then the guaranteed issue company will pay a return of premium benefit. In addition to this they will pay a percentage of interest to the beenficiary on top of returning the premiums paid(usually 10%).
Simplified Issue & Guaranteed Issue Made Simple
- Simplified Issue Whole Life – Has health questions, no med exams, no waiting periods
- Guaranteed Issue Whole Life– Has no health questions, no med exams, always has waiting periods.
Can I Buy a Burial Insurance for my Parents?
Yes, you absolutely can! In fact, many of our clients go this route for their parents. Now the process would go as follows:
- Have your parent with you at the time of the application for a voice signature.
- Answer a few basic health questions.
- You apply your voice signature to be your parent’s payor.
At that point, the carrier would let you, your parent, and our agent know if it is instant approval and with our highly trained agents it should be!
Quick Tip: To get started fill out the form to your right.
Can I get Life Insurance on my Parents?
Yes, life insurance coverage and burial insurance are the same things and you can get life insurance on your parents. This coverage is designed specifically to cover the cost of your parent’s funeral when that time comes. It will relieve any financial burden from you so you can just focus on grieving your parents.
Life insurance for elderly parents should always be final expense whole life insurance. It should never be term life insurance because term requires a paramedical exam and it takes weeks to be approved. In addition to this term expires so it is not permanent funeral insurance for parents like whole life insurance is.
Funeral Insurance for Parents with No Waiting Period
Yes, you can get funeral insurance with no waiting period for your parents they just have to be healthy. Now they do not have to be in optimal health as funeral insurance is simplified issue whole life insurance (final expense life insurance). This means there are no medical exams only health questions and Medical Information bureau health checks.
If your parent or parents can answer each health question with a “no” and their prescriptions line up with their answers to the health questions they will qualify for level or immediate coverage which means no 2 year waiting periods.
Insurable Interest & Consent
When it comes to getting life insurance on parents there just needs to be 2 things present in order for you to get burial insurance for parents and they are simple.
- Insurable Interest – Are you financially responsible for their funeral? If yes then you have an insurable interest in them.
- Consent – Your parents do need to give consent and be present for any voice signatures on the application if it is a voice signature required. The life insurance company is going to pull their medical records so this is why they require consent from the actual insured. HIPPA is the Health Insurance Portability and Accountability Act this is the law that mandates your parents to give full consent for having medical records pulled.
Final Expense Insurance for Parents Cost Ages 50 – 90
These quotes have been taken directly from our quoting technology to give you a comprehensive idea of how much burial insurance for parents costs and what companies are available per age. Keep in mind if you are looking for burial insurance for a young adult there are options available. Final expense insurance for parents is affordable and rates are according to age and health.
$5,000 Whole Life Insurance Policy Cost for Parents
|Age||$5,000 Male Non Smoker||$5,000 Female Non Smoker||$5,000 Male Smoker||$5,000 Female Smoker|
$10,000 Whole Life Insurance Policy Cost for Parents
|Age||$10,000 Male Non Smoker Sample Quotes||$10,000 Male Smoker Sample Quotes||$10,000 Female Non Smoker Sample Quotes||$10,000 Female Smoker Sample Quotes|
Keep in mind you can also buy life insurance for grandparents if you are searching for them.
Steps to Qualify
- You, the life insurance agent and your parent get on a 3 – way phone call.
- The agent asks your parent health questions and makes policy recommendations.
- You and your parent conduct voice signature with the agent or DocuSign to electronically sign the application.
- The instant decision of approval or denial is reached within minutes.
It’s that simple.
Best Burial Insurance Companies for Parents
The best life insurance companies to take care of your parent’s funeral expenses are as follows:
- Mutual of Omaha
- American Amicable
- Prosperity Life
- Aetna Life Insurance
- Royal Neighbors of America
- Guarantee Trust Life
- Great Western
- Gerber Life
- American General(AIG)
All of these companies provide the right amount of coverage and underwriting niches to ensure all types of burial are covered.
Life Insurance Agent Pro Tip: If you are looking to buy a burial policy for a parent from those companies you need to work with a life insurance agency or broker. Those companies do not sell their final expense policies to individuals directly. You do not pay any extra on premiums for using a life insurance agent to get a funeral insurance policy for parents.
Health Conditions for No Waiting Period & Waiting Periods
Below is our table that will tell you exactly which health conditions qualify for final expense insurance without a waiting period or with a waiting period. Type in your parents health condition and it will tell you if they have a good chance of being eligible for no waiting periods for life insurance
Keep in mind this table does not include medications associated with certain health conditions. Some medications have dual purpose that life insurance companies can confuse with health issue the applicant may not have.
That being said this table will help you have a strong idea of if your parent qualifies for a waiting period or non waiting period.
|Health Condition||Eligible for No Waiting Period||Eligible Only for a Waiting Period|
|ADL’s(Assistance of Daily Living Eating, Dressing, Toileting, Bathing)||Yes||No|
|AIDS & HIV||No||Yes|
|Alzheimers & Dementia||No||Yes|
|Amputation Caused by Accident (No ADLS Needed)||Yes||No|
|Amputation Caused by Accident(ADL’s Needed)||No||Yes|
|Amputation Caused by Diabetes or Disease(No ADL’s Needed)||Yes||No|
|Amputation Caused by Diabetes or Disease(ADL’s Needed)||No||Yes|
|Assisted Living Facility||Yes||No|
|AFIB (Atrial Fibrillation)||Yes||No|
|Brain Tumer(Non Cancerous)||Yes||No|
|Coronary Bypass Surgery||Yes||No|
|COPD Chronic Obstructive Pulmonary Disease||Yes||No|
|Congestive Heart Failure||Yes||No|
|Drug & Alcohol Abuse||Yes||No|
|Obesity & Under Weight||Yes||No|
|Kidney Disease Stage 1 – 3||Yes||No|
|Kidney Disease Stage 4 – 5||Yes||No|
|Sickle Cell Anemia||Yes||No|
|TIA Mini Stroke||Yes||No|
Guaranteed Issue Only
This table below lists the health conditions that only qualify for a guaranteed issue plan. Medications do not matter if you have any of the health issues below your only option is a burial policy with a waiting period.
|Health Condition||Guaranteed Issue Life Insurance Only|
|Use of Oxygen Tanks (Does not Include Oxygen Concentrator or CPAP)||Yes|
|Alzheimers & Dementia||Yes|
|Current Cancer or Cancer Within 12 Months||Yes|
|Nursing Home Confinement, Hospital, Mental Health Facility, Hospice||Yes|
|AIDS ARC or HIV||Yes|
Worst Life Insurance Companies for Parents
The worst life insurance companies for seniors out there that are not good for healthy elderly individuals. Among those are companies are the ones we have listed below. Many of the companies below will automatically put anyone regardless of their health in a 2 year waiting period.
This is what our agents try to avoid for 90% of our clients. Our goal is to find most client’s day one coverage.
Burial Insurance for Parents over 50
These plans are designed specifically for seniors, if you are over 50 this is a prime time to purchase your coverage! Your rates would be extremely low.
We have had clients get approved for $20,000 coverage for only $45 monthly in some cases! Also at your age, the policy would begin to build cash value that you could borrow against if you ever need to!
We tell clients all the time whether it is life insurance for parents over 50 or life insurance for parents over 55 it will be extremely affordable in most cases.
Burial Insurance for Parents over 60
The same applies even in your sixties!
life insurance for parents over 65 is still very affordable in most cases we have helped clients get policies for $20,000 for only $60 in some cases.
There are more factors that determine the total price of the coverage such as lifestyle, exact age, geographical location, etc. In most cases, it still affordable.
We have had clients ask us.
“What is the best life insurance for parents over 60?”
The answer is there is no best policy or best company, the real question is what is the best policy for YOU or YOUR parent? This is why we custom tailor a policy to fit your specific needs.
If you want a nice service for burial that costs upwards of $15,000 and to leave behind extra money for your family as an inheritance gift we would custom tailer a $20,000 policy for you.
So whatever your vision is for your family speak with us and we will help you achieve it.
Burial insurance for Parents over 80
If you are wondering if you can get coverage at age 80 or over 80 the short answer is yes you can!
Even at age 80 coverage is still available! As we also stated before acceptance is guaranteed, we know as we move up in age our health conditions can drop therefore as we get older the necessity to secure affordable coverage becomes more real.
Whether it is level day one coverage or a guaranteed issue policy with limited 2-year coverage making sure you have something in place for your family is the end goal.
We specialize in helping clients with a variety of health issues get day one coverage in most cases.
Burial Insurance for Parents Over 85
If your parents are over 85 now is the time to get burial life insurance for parents. At this particular age, there are very few options available and if they get any older they will be uninsurable. So if your parents are below or over 85 now is the time to fill out the form to the right and get a burial insurance policy for your parent.
You can learn more about life insurance for seniors over 85 as we have written extensively about that age.
Burial Insurance for Parents New York State
Unfortunately for burial life insurance for elderly parents options, New York does not have many to choose from. There are only about 2 life insurance companies you can get coverage from.
The 2 life insurance companies you can get coverage for your parents in New York are:
- Royal Arcanum
- Gerber Life Insurance Company
Burial Life Insurance for Unhealthy Parents
Your parent’s health does play a factor in if they can get approved for burial insurance but with the easy underwriting of the burial insurance companies even moderate health conditions still get approved for coverage. Keep in mind that no one can actually be denied for final expense life insurance.
It is just simply a matter of having a waiting period for benefits or not having a waiting period that’s it. We have written extensively about burial insurance with preexisting conditions and with our training it is easy to qualify and get coverage when working with our agents.
Do I need My Dad’s Signature for Burial Insurance?
Yes you need to have your father or mothers signature for a final expense life insurance application. They are consenting to have their health & prescription history checked which is something you cannot sign for them.
Can I get Burial Insurance on my Parents without them Knowing?
The short answer would be no.
We get questions all the time from our clients like this they ask:
“Can we get them approved if I answer the questions?”
“Can you buy life insurance on a parent without their consent?”
The reason this cannot be done is that the applicant must answer health questions and the carrier will cross-reference their Medical Information Bureau health report and prescription checks with the actual questions being answered.
There are no medical exams but a carrier will underwrite the application with a simplified underwriting process to make sure the client is in the acceptable health status for insurability.
You can be their third-party payor for their policy but they must be present with you for underwriting and the e-signature process.
Can I Buy Burial Insurance for my Parents from an Agency?
Yes, you can purchase burial insurance for your parents and other family members through an agency like ours. As long as there is an insurable interest you can work with one of our agents and shop life insurance companies for your parents.
As long as the carrier terms insurable for your parents and you have a good idea of their health issues and know roughly the cost of a funeral for them. This will help you in selecting the right life insurance plan with the amount of death benefit to take care of any financial loss due to their funeral and you have to pay for it.
Buying life insurance for when your parents pass is a very responsible thing to do and will guarantee you peace of mind not having to owe money to the funeral home. This will eliminate any financial burden for you when their time comes.
Now if you have an accurate idea of their health history and can help answer health questions pertaining to them. You should apply to purchase life insurance by filling out our quote form to your right.
After that, you will be connected with one of our agents and they will walk you through the types of life insurance and whether or not your parents qualify for day one coverage or a waiting period.
Getting this coverage for your parents is the smartest move you can make to protect yourself financially from the burden of their final expenses. You will receive a quick payout and be able to use the money to pay for any funeral expenses that come up.