Tips to Select Burial Insurance To Cover Final Expense and Debt for the Seniors
Funeral or burial insurance is a type of insurance that is most opted by those kinds of people who care about their family members. Even though that finances cannot replace the presence of someone once he or she is gone, however, once you are gone the funds you had been saving can help and relieve members of your family. The burial insurance for the elderly can help family members who are in need of money for the expenses that a particular funeral will cost. Death is one of the few certainties humans get in life. However, the how you pay for the funeral is not a certainty.
Immediate Benefit Plans for Seniors Burial Insurance
An immediate benefit plan or also referred to as an immediate benefit policy is a type of policy whose value is readily available. Some of the key options which most companies offer on senior life insurance are:
Super Preferred Whole Life
This option is also referred to as a Platinum Plan. This is a plan which is available to seniors who are between the ages of 40 years to 80 years. The kind of people who can access this plan needs to be in good health and also need not have used any tobacco products in the past five years of their lives before applying for the plan. This plan ranges from $5,000 to $30,000 in an increment of $1000.
Preferred Whole Life
Preferred whole life also known as the Gold Plan is one that is offered in the policy range of around $1,000 to $20,000 in and increment of $1,000. This option as compared to the Platinum Plan option is much easier to qualify for. The type of individuals who can be eligible for this plan are people of ages between 0 to 80 years old. Individuals able to qualify for this plan need to have non-terminal or minor health issues. They also need not ton have used tobacco within a period of the past 12 months.
This option is also known as the regular whole life plan. This is the most common kind of life insurance that most seniors apply for. It is common than the previous two because it covers a broad range of people together with it having to have minimum health issues. Also, the plan has minimum age standards that are; it does not have those strict age limits for the applicants like the other burial insurance plans. This option ranges from between $1,000 to 20,000 with an increment of $1,000.