Best Burial Insurance Options For Seniors 85 & Older
last updated on March 7, 2022If you’re wondering how to secure burial insurance for a senior who’s between the age of 85 and older, then check out the article below!
If you’re looking to purchase burial insurance for yourself or a loved one like your parent, stick around.
This post will discuss the options we have for seniors aged 85 and older interested in purchasing burial insurance.
Let’s get started!
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Can a senior 85 or older get burial insurance?
The short answer: Absolutely, YES.
In fact, this article specifically mentions a couple of companies that will, in most cases, provide burial insurance to seniors aged 85 and older (as long as their health meets the insurer’s requirements).
Let’s start with Aetna!
Sometimes known as the CVS Health Aetna Plan, Aetna or American Continental will cover seniors up to age 89.
They offer several different burial insurance plans starting from $3,000 in coverage up to $30,000.
And, yes, you do have to answer health questions.
However, Aetna is known for being easier on underwriting, and is usually fairly simple to help insure older seniors.
Thankfully, they’re available in most states across the country. Plus, the application process is electronic, which means you’ll most likely receive an answer immediately without having to invite an insurance agent into your home.
Short and sweet! That’s how we like it =).
Moving on to Security National Life
Another great company that can be a solid choice for seniors wanting burial insurance aged 85 to 90 years old.
Security National Life is based in Salt Lake City, Utah. They provide burial insurance coverage up until age 90 with plans starting from $2,500 up to $10,000.
Plus, guaranteed the senior’s health meets specific criteria, they may qualify for first day full coverage for natural and accidental death.
Guarantee Trust Life
New to the final expense burial insurance market, Guarantee Trust Life, GTL, offers excellent burial insurance coverage options for those seniors, 85 and older, who may not be in the best of health.
We describe this policy as “near guaranteed issue coverage.”
There’s a minimal amount of health questions. And starting from the second year, the senior will receive half of the death benefit amount should the worst happen.
In other words, a $10,000 plan will equal $5,000 during the second year. And that’s AWESOME for those seniors with pre-existing health issues.
Plus, it’s very simple to qualify for these plans with GTL. All that’s required is a quick verbal application. The answers are recorded, and you’ll find out whether you are eligible at the end of the call.
Plans start from $2,500 to $25,000 in coverage, giving seniors the flexibility to choose between a simple cremation and a traditional burial ceremony.
So, which one of these companies is the best choice for you?
That depends on your health, prescription medication usage, and goals.
All three of these companies are competitively priced and offer flexible plans for specific health issues and ages. Meaning, in most cases, anyone can secure quality burial insurance for seniors aged 85 and older
Why should elderly seniors 85 and older get burial insurance?
It’s not unheard of for an elderly loved one to doubt why they need burial insurance. But, rest assured there are plenty of valid reasons why seniors should secure quality burial insurance. Here’s just a couple.
Reason #1 Insufficient Funds
One major reason to get burial insurance for seniors 85 and older is that families simply don’t have enough cash on hand to cover funeral costs.
Or perhaps, they’d prefer not to rely on their savings since burial costs can add up significantly.
Information released by the National Funeral and Cremation Association shows that funeral expenses, on average, have increased by 250% over the past 30 years.
And if current inflation rates continue, we expect prices to double over the next 20 years.
This alone stands as a viable reason why elderly seniors 85 and older should take out burial insurance.
Reason #2 Debt Payoff
Burial insurance plans can also be used to cover unforeseen costs.
For example, some seniors will have a few extra expenses that need settling upon their passing.
Maybe your dad’s car or credit card needs paying off, or there are medical bills to cover.
Anything similar is always a great reason to get additional burial insurance, so you’re not left owing money at this difficult time.
What should you watch out for regarding plans that are for seniors 85 and older?
One thing that you should look out for is making sure that you secure high-quality burial insurance for yourself or your loved one.
Sometimes people forget that not all life insurance plans are the same. In fact, some burial insurance options are dramatically worse than others.
So, before we conclude, let’s discuss the differences between the following burial insurance policies: Term, Whole Life, and Universal Life.
Starting with term insurance!
In most cases, securing a term life insurance plan for a senior aged 85 or older is next to impossible. But to be honest, this is a good thing.
Even if you manage to get approval, many term insurance plans for people aged 85 are extremely expensive and not worth your time.
Now, moving on to universal life insurance
Universal life can occasionally be a solid option for seniors in their later years.
Albeit harder to find, there are universal life plans that will cover a substantial amount more than standard burial insurance plans.
However, I would only recommend universal life insurance when the client wants more than $25,000 in coverage and is in significantly good health.
Finally, let’s explain how whole life insurance works.
Most of the time, whole life insurance is our preferred choice for seniors needing burial insurance aged 85 and older.
We recommend a special type of whole life insurance called “simplified issue whole life insurance” when it comes to burial insurance.
How simplified issue burial insurance works
It’s relatively easy to get simplified issue whole life insurance approved. While we can’t guarantee everybody will qualify, the good news is that there are no medical exams.
And the senior in question doesn’t have to provide a detailed analysis of their health.
Other benefits of simplified issue burial insurance coverage:
- Your whole life insurance premiums never increase (as long as you keep up with payments).
- Unlike term insurance that terminates after a set period, whole life insurance plans never cancel due to age or health. The last thing you want is to risk buying burial insurance that runs out before you need to make a claim. But, with whole life insurance, this can never happen.
- If you qualify, you may be eligible for first-day full natural death coverage. This is extremely beneficial since most plans don’t come into full effect until a few years after the policy starts.
To apply, all you need to do is complete a simple questionnaire over the phone or online.
If you would like guidance during this process, we can help. We can’t make any promises, but most of the people we talk to, 85 and older, receive instant approval.
What happens if you don’t qualify for any coverage?
There’s always a chance that a senior aged 85 to 90 won’t be able to qualify for any burial insurance plan.
And unfortunately, at Buy Life Insurance For Burial, we don’t have any plans that offer guaranteed acceptance burial insurance for seniors aged 85 and older.
However, you may be able to get some sort of guaranteed acceptance plan through your local funeral home.
Check with us first
But before assuming you or your loved one won’t qualify, it’s always wise to have a quick, casual chat with an insurance agency like us.
We can run a quote in less than ten minutes! And you never know; we may find a suitable option that you qualify for.
If you’re interested in working with us and ready to get burial insurance for an elderly senior aged 85 or older, you can apply for a free, no-obligation quote below. It’s very simple!
Call us directly at:
(888) 626-0439!
Or, if you would like to speak to a trusted member of our team, we can run a quote for you in under ten minutes.
There’s absolutely no pressure to accept. We’ll explain how it works and let you decide if it makes sense for you.
To submit a quote request online, you can also click the “quote request” button.
Fill in your information, you’ll receive a free quote straight away and find out how much it will cost to purchase burial insurance for a senior aged 85 and older.
Feel free to comment on this article below if you have any questions. Thank you for reading!