As people age in life, they may start to think about how to prepare for end-of-life expenses to ensure their loved ones are taken care of financially. Burial insurance can help seniors protect their loved ones from having to deal with the burden of large funeral and cremation costs.

What is Burial Insurance?

Burial (also called final expense or funeral) insurance is a type of life insurance policy specifically designed to cover the costs of a person’s funeral expenses and end-of-life arrangements. Burial insurance policies are generally low in value compared to other types of life insurance, typically ranging from $2,000 - $50,000, ensuring that the cost of the premiums is also more affordable for seniors.

Benefits of Burial Insurance for Seniors

Seniors can gain a number of benefits from buying burial insurance, including:

• Peace of mind: Burial insurance takes away the worry of having to pay for a funeral or cremation out of pocket, allowing loved ones to focus on grieving rather than worrying about expenses.

• Affordable: Burial insurance is an affordable way to ensure that end-of-life expenses are taken care of. With premiums often costing less than those of traditional life insurance policies, it can be an ideal solution for seniors on a fixed budget.

• Ease of purchase: Most burial insurance policies require no medical exam and are easily obtainable, making them ideal for seniors who may be unable to qualify for traditional life insurance due to age or health issues.

• Tax-free: Many burial policies include an accelerated death benefit, which means any death benefits paid out are not taxable. This can help reduce the financial burden of a loved one’s death.

• Gifts to charity: Policyholders may be able to provide a death benefit to a charity of their choice, fulfilling any wishes they may have to give back posthumously.

Burial insurance can be a great way for seniors to ensure that their end-of-life expenses are taken care of, and that their family members are not burdened with the cost of a funeral or cremation. With an affordable premium and a range of benefits, burial insurance can give seniors peace of mind in knowing that their final wishes will be taken care of.