10 Steps to Getting Burial Insurance for Your Parents Over 60

Are you wondering whether it’s possible to get quality burial insurance at a great rate for a parent aged 60 or over? 

You’ve come to the right place.

Below, I’ll explain how to find the best burial insurance policy for your parents.

Let’s get started.

Quick navigation links for this article:

  1. Talk To Parents
  2. Goals
  3. Payments
  4. Health History
  5. Exam
  6. Options
  7. Find A Broker
  8. Application
  9. Review
  10. Denied

Step #1 – Get Approval From Your Parents

60 Year-Old Woman Looking For Life Insurance

At Buy Life Insurance For Burial, we can help you buy quality burial insurance for your parents over the age of 60. 

But there’s one condition. 

Your parents must agree that you take out life insurance for them. In fact, it would be illegal to do so without their consent. 

So, before calling us and going forward with the application process, make sure to get your parents’ approval. 

Step #2 – Set Your Goals

Before you start looking for burial insurance for your parents, you should decide exactly what you want the policy to accomplish. 

The main purpose of burial insurance is, of course, to cover final expenses. You may also want to use it to pay off debts. 

When deciding how much coverage you want, keep in mind that the average burial cost in 2020 was approximately $9,000. And it can be much more depending on where your parents live. 

I recommend purchasing more coverage than you need if your budget allows it. In any case, even if you’re on a budget, you should get at least some coverage. 

Step #3 – Choose the Payment Schedule

When it comes to taking out a policy for a parent, the most convenient is to pay premiums yourself. You can either set up a monthly bank draft, or you can pay on a quarterly, semi-annual, or annual basis by check. 

Your parents can also set up a payment schedule themselves. In this case, you will send money to your parents, but the premium payments will be coming out of their account.

Step #4 – Health History and Medication Use

Before you start looking for burial insurance for your mom or dad 60 or over, you should catalog your parent’s health and medication history over the past ten years. Life insurance brokers will ask you to provide this information. 

Step #5 – Exam or No Exam

You also need to decide whether you want your parents to take a medical exam. As the exam is an exhausting process, most clients would rather avoid it. 

Unless your parents over 60 are in great health, we recommend getting simplified issue life insurance coverage. It requires no medical exams. All that your parents need is a review of their current medical information and prescription history.

Step #6 – Compare Term, Whole Life, and Universal Life

When looking for a policy to cover your parents, you will encounter three types of insurance: term, whole life, and universal life.

Term Insurance

Term insurance terminates, which makes it increasingly difficult to get coverage for an elderly individual. It can also be very expensive. In most cases, we don’t recommend term insurance for parents wanting burial insurance aged 60 or older. 

Universal Life Insurance

A universal life policy can be designed to last much longer than the standard term. However, there are two main issues with universal life plans: they are very expensive and they are difficult to qualify for. 

This type of insurance would make sense only if your parents’ health is excellent. Even then, they will still have to undergo medical exams without any guarantee that they’ll be accepted.

If you are considering universal life insurance, we recommend what’s called guaranteed universal life insurance for seniors.

Whole Life Insurance

Whole life insurance is what we usually recommend to our elderly clients. 

Whole life insurance rates never increase as long as you are paying premiums, and policies never cancel due to age or health.

Plus, unlike with other insurance types, you can get first-day full coverage for natural and accidental death even if your health is not the best.

A simplified issue policy can get approved immediately with the carriers we have at Buy Life Insurance For Burial. 

Step #7 – Find a Broker

Consider purchasing a 15 year term life insurance product to fund a buy-sell agreement

There is a difference between a broker and a captive agent. 

Captive agents represent only one insurance company and will recommend its product regardless of whether it’s the best choice for you.

You should look for a life insurance broker instead. A broker will offer multiple options and help you find a great deal for the best price.  

Of course, that’s how we operate at Buy Life Insurance For Burial.

Step #8 – Complete the Application

life insurance for a 50 year-old woman

The next step is to set up a meeting with your broker to complete the application. 

Most of the new simplified issue whole life burial insurance plans are referred to as verbal authorization plans or electronic applications. There are no traditional paper applications to sign.

Step #9 – Review the Policy

Once you get the approval over the phone, your parents will receive the policy in the mail within a couple of weeks.

It’s essential that you help your parents review all the information covered in the policy. Make sure that everything discussed over the phone is included in the document.

Step #10 – Options If Your Parent Doesn’t Receive Approval

Unfortunately, there’s no guarantee that your parents will be approved for the policy.

The good news is that if you work with a broker from our team at Buy Life Insurance For Burial, you’ll have access to a multitude of carriers.

If during the underwriting process we discover that there’s a high chance they won’t get approved, you don’t need to cancel the policy altogether. 

We always have a backup in place.

Some of the companies we work with ask minimal health questions. These firms can act as great backup options when your first choice doesn’t work out. 

Contact Us

I hope our article has helped you understand how to secure high-quality burial insurance for your parents aged 60 or older.

If you would like to know more, contact us for a free, no-obligation quote. 

You can call us directly at 888 626 0439 to speak to a member of our team. We will run a quote for you in under ten minutes and there’s absolutely no pressure to accept.

You can also submit a quote request online. Just click the “quote request” button at the top or side of the screen, fill in your information, and we’ll let you know what your options are via email, text, or phone.

Feel free to comment on this article below if you have any questions. 

Thank you for reading!