How can elderly people cover their funeral and burial costs?

Everything changes. Starting with our minds, our perception of reality and ending with our bodies, we are literally not the same person we were a second ago. As grim as it may sound, we, as any other being, will have to undergo the supreme rite of passage. However, the way in which we handle the aspects of it will definitely make a difference for our loved ones: they needn’t worry about finances while undergoing the grieving process. Thus, how do we make sure we can cover funeral and burial costs?

1.      Life insurance

term-life-insurance-over-65Life insurance is probably the best option there is. Functioning as a financial safety net, insurance kicks in when you need it the most and helps your loved ones cope with change and loss from a financial point of view. Insurance comes in a variety of forms. Elderly citizens should focus on term life insurance policies, which offer protection for a limited amount of time at very accessible fees, as opposed to whole life annuities. Another option consists of no-exam insurance policies which have been designed to help those who couldn’t buy standard insurance. Guaranteed acceptance life insurance, for example, is a great option for those who don’t have any other alternatives.

2.      Burial insurance

If you feel you can’t afford standard insurance, or simply don’t need so much coverage, you can buy final expense life insurance which basically works as a term annuity with lower rates and, naturally, a smaller death benefit. Burial insurance is designed to cover specifically funeral expenses. So this is probably the best solution if you’re looking for a realistic approach on final expenses.

3.      Classic savings

Last, but not least, you can simply save some money. In your sock, in your bank account – whatever works. The important thing is to have an emergency fund for an unforeseen situation, such as this one.

Click here for more helpful articles and tips about life insurance and final expense insurance! Don’t forget to get your free online insurance quote right here, on our website. Comparing quotes has never been this easy!