Above all, seniors born before 1975 with no life insurance can still qualify for life insurance. This is why products like burial insurance also known as a final expense or whole life exist.
For seniors who never got around to setting up a trust fund for their family or any kind of prearranged funeral this is the perfect option to take care of your final expenses or just to add more cushion for your family.
According to statista.com
16.5% of Americans in 2019 became seniors.
Americans reaching retirement age is at an all-time high. This is why if you are reaching this age burial insurance is crucial to protect your family from the burden of your final expenses.
This applies even if you were born in 1969.
In this article, we will go over the most important information you need to know to make an informed decision to purchase life insurance to protect your family.
Quick Tip: To see life insurance rates and speak to one of our agents fill out the form to your right.
Table of contents
Cost of a Funeral in 2021
Over the years as people are born and die burial prices continue to increase. 30 years ago burials would range between $2,000 to $3,000.
Today they range between $8,000 to $12,000 this is due to inflation. A burial price also varies depending on the state in which you are living. The type of service you want also plays a big factor, a memorial service with flowers, caskets, mausoleums, embalming fees, is going to be much more expensive compared to a basic service of burial.
Furthermore, cremation is significantly more affordable than a traditional burial. These are all factors to consider when deciding how much life insurance you are going to need.
Here at ParamountQuote we tell our clients to purchase a policy based on the price list they obtain from the funeral home and then add on 5,000 more to account for inflation this should cover the whole cost for years to come.
Sparing your Loved Ones
When it comes to your final expenses if not handled correctly the expenses will fall on your next of kin which could be a daughter, son, sister, brother, father, or mother.
Based on the current prices nationwide your family would be responsible for coming up with $8000 to $12,000 when the funeral director asks “How would you like to pay for this?”. This is where families put themselves into debt trying to make sure their loved one gets buried with dignity.
Furthermore, burial insurance is designed to pay quickly within 1 – 2 days this means your family will get the money fast and get the funeral covered so they can focus on just grieving you.
Life Insurance Benefits
With burial insurance the benefits are as follows:
- Fast Payout Within 1 – 2 days
- Plans ranging from $1,000 – $40,000
- Critical Illness Riders
- Accelerated Living Benefit Riders
- Accidental Death & Dismemberment
- Automatic Premium Loan Riders
- Cash Value
Working with The Best Companies
There are 3 things that classify a carrier as one of the best these 3 things are:
- A – Rating – This is a rating given to an insurance company from the insurance industry themselves a company that maintains an A-rating proves they have great customer satisfaction.
- Been in Business for Over 60 years – If the carrier has been in business for over 60 years they are not going anywhere.
- Their Track Record – Do they have a proven record for paying their client’s claims? This factors into the A – rating of carriers.
Our carriers have and maintain all of these 3 factors.
Easy Underwriting and Qualification for Seniors Born Before 1975 with no Life Insurance
Burial insurance companies use easy underwriting to qualify potential clients.
Above all, most carriers will require a full medical exam with blood work, physicals, and full background check, etc.
With burial insurance companies all they look at is your Medical Information Bureau Health Report and a prescription check. They will never make you do a medical exam or send anyone to your home. Everything can be done right over the phone with these carriers in minutes.
We specialize in helping 90% of our clients qualify for day one level coverage. This means if you got covered and made your first payment today and died this following night your family would receive the face amount in full.
In addition to the easy underwriting, your health conditions if you have any are looked at on how well you manage them. If you have diabetes this would not exclude you from day one level coverage.
The question one of our agents would ask you is:
“How well is your diabetes controlled?”
“Have you had any insulin shock in the last 2 years?”
The carriers only care about how well your conditions are managed and it makes your chances of approval for day one coverage much higher. This would be what one of our agents would go over with you when applying.
Seniors without Life Insurance are in for a Big Surprise born before 1975
A lot of senior citizens are under the impression that Social Security will pay their burial costs. This is not the case at all, the truth is Social Security will pay $255 if certain requirements are meant.
Now that is like throwing a pin at a brick wall. This is why getting the right life insurance plans are crucial to protecting your family from your final expenses. You want to have permanent coverage in place which is exactly what burial insurance is.
Here at ParamountQuote we represent the top major carriers in the United States like Mutual of Omaha, Greek Catholic Union and much more. These plans will always be there for your family to provide the death benefit they need of anywhere between $10,000 – $35,000 that will actually pay for your funeral.
This is why having life insurance for seniors is the best way to make sure your funeral is covered in full. You cannot rely on social security payments it will not be enough to pay for your funeral.
Do not rely on term life insurance for a funeral either because it terminates and is hard to qualify for. Out of all types of life insurance you want to get simplified issue whole life insurance coverage. You will not receive compensation for your funeral through social security.
Born before 1969 Payout or any Age
It does not matter if you are age 62 or age 70 the life insurance benefit amount will always payout when you die. Now it is important to note that the retirement benefits for social security benefits do not pay barely anything for a burial.
It does not matter for men and women, if they are age 65 or any age and are full retirement age being born in 1960. They may be able to collect benefits and receive social security retirement however social security retirement income from the previous year or any year for retirement planning will not pay a full funeral.
So if you receive social security or state pension, this monthly benefit will not be enough to protect your family when you die. No amount of delayed retirement credits will provide the same high-level payout as burial insurance.
You will only get $200 for a burial if you think Social Security will handle it. This is why seniors born before 1975 with no life insurance need to consider getting coverage right away.
Work With ParamountQuote
We are a national independent agency specializing in burial insurance.
We have access to all of the top-rated carriers in your state and have specialized training that allows us to place 90% of our clients into day one level policies.
We pride ourselves on our exceptional customer service to our clients. We will hold your hand every step of the way and help you make an informed decision to protect your families from any final expenses you may have.
The agent that helps you with your policy will also become your personal service agent for life to answer any questions or concerns you may have. They will educate you and make sure you understand all of the in’s and out’s when it comes to your coverage.
We always want to show our clients how much we care and how important their goal of protecting their families’ financial future is to us.
Fill out the form to your right to see pricing and speak with one of our agents. In 30 minutes you will be a client for life.