About Burial Funeral Insurance for Seniors
Funeral expenses are basically a form of a life insurance policy for seniors, so that they have enough money for a funeral service upon death. Learn about guaranteed issue policies for people who are 80 years old or younger with information from an insurance agent in this free video on burial insurance.
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Hi, my name is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. Questions come up in the senior community about what about final expense or funeral expense insurance. Funeral expenses are basically a form of a life insurance policy. So that upon the demise of the insured, they have enough money to conduct a burial or a cremation, a funeral service of some sort. Traditionally they are a relatively a low dollar, in perspective, a low dollar life insurance policy. Typically around $15,000. You should consult with local funeral directors in your particular market areas as to what an average funeral would cost in your market area. There are also predetermine cost involved and prepayment for those funeral expenses. But in the insurance world to have a final expense policy to cover those costs at the time of the demise of the recipient, they have either guaranteed issue policies. Which means there are, there are no health questions. They basically pay the premiums and they are insured. There are residency requirement and there are also age requirements on the guaranteed issued type of policy. In most states, it age 80 or under could be a guaranteed issue. Older than that may not be insurable at all or they may have to pass certain underwriting questions, medical underwriting questions. But in general a final expense policy alleviates the concern for the remaining family members to cover that exorbitant cost for the funeral at the time of the demise of the insured. They are relatively inexpensive in terms of premium. And in most cases, the guaranteed issue policies are the best route because there are no underwriting questions and no examinations required as well. I hope that answers your question. My name again is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. Thank you for your concern.