As a disabled individual, you may be wondering if burial insurance is something that would benefit you. Burial insurance for disabled individuals can provide peace of mind and financial security in the event of death or serious illness.
It’s important to understand how it works, who should consider buying it, what benefits are available and which type of policy might best meet your needs.
In this article, we’ll explore burial insurance for disabled people (one in four U.S. adults) – from its basics to choosing the right plan for you – so that you can make an informed decision about whether this kind of coverage makes sense for your situation.
Table of Contents
- What is Burial Insurance?
- Who Should Consider Buying Burial Insurance?
- Benefits of Burial Insurance for Disabled Individuals
- How To Choose The Right Policy For You
- Frequently Asked Questions
- Next Steps
What is Burial Insurance?
Also known as final expense insurance, burial insurance is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses.
It is typically purchased by seniors over the age of 50 who want to ensure that their loved ones are not burdened with the financial responsibility of their funeral and burial costs.
The cost of funerals can range from several thousand dollars up to tens of thousands depending on services chosen. Burial insurance helps alleviate this burden for families so they don’t have to worry about coming up with money at an already difficult time.
This type of coverage pays out a lump sum upon death which can be used for any purpose related to end-of-life arrangements such as cremations, caskets, flowers, headstones or other memorials.
In addition to covering funeral expenses, some policies may include additional benefits like living expenses during hospice care or access to grief counseling services for surviving family members.
Burial insurance is especially important for disabled individuals because, often, their disability prevents them from securing enough funds to pay for final bills.
The added features of burial insurance for seniors make it easier for families dealing with loss while providing peace of mind knowing that all necessary arrangements will be taken care off without having them pay out-of-pocket costs.
Key Takeaway: Burial insurance is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses. It can provide additional financial security for disabled individuals who may not be able to save money for end-of-life arrangements due to their disability.
Who Should Consider Buying Burial Insurance?
Really, anyone with a financial need for their end-of-life expense should evaluate burial policies.
And, in particular, seniors who are disabled or have a disability should consider purchasing burial insurance.
Burial insurance is an important financial tool for seniors with disabilities, as it helps to ensure that they do not leave behind any financial burden on their family members when they pass away.
Benefits Of Burial Insurance For Disabled Individuals
For those living with a disability, the benefits are numerous in having a burial insurance policy in place.
Note: Burial insurance policies typically pay out quickly (with the appropriate death claim filed).
For starters, a burial policy helps to alleviate some of the stress associated with planning for end-of-life expenses, as well as providing an additional source of income for those who may not have other sources available to them.
For loved ones left behind, the stress of trying to find free places for a burial is avoided. Those you care about most will have access to funds to provide a meaningful memorial service.
Outstanding Debts and Medical Bills
Another major benefit of burial insurance is that it can be used to pay off any outstanding debts or medical bills left behind by the deceased individual.
This means that family members won’t have to worry about paying these bills themselves or having them passed on to future generations.
The cost of burial insurance is typically affordable, even if you are on a modest fixed income.
Usually, burial insurance is worth it for disabled individuals because of its affordability and confidence it provides that outstanding debts and medical bills will be covered.
No Medical Exam
Another advantage is that most policies are designed so they don’t require a medical exam prior to approval – making them ideal for those who may not qualify for traditional life insurance due to health issues or age restrictions.
Disabled individuals will avoid needles, nurses, and inconvenience when they buy a burial policy. In fact, you can secure up to $50,000 in burial coverage and skip a physical.
Finally, riders are available through certain policies.
If you choose a policy with an accelerated death benefit rider attached then you could receive part of your benefits while still alive should you become terminally ill or suffer from another qualifying condition such as Alzheimer’s disease.
Related – if cancer runs in your family, considering purchasing a separate cancer plan.
This allows disabled individuals access funds earlier than expected in order cover necessary treatments or medications without having wait until after they pass away before receiving any money from their policy payout.
To review, there are several advantages to purchasing burial insurance specifically tailored towards disabled individuals:
- Ability to pay off debts and medical bills left behind by the deceased individual.
- Customizable plans allowing adjustment of coverage amounts.
- No need for medical exams prior to approval.
- Access to funds earlier via accelerated death benefit riders, if needed.
Key Takeaway: Burial insurance is a great option for disabled individuals offers many benefits, such as no need for medical exams prior to approval, customizable plans allowing adjustment of coverage amounts, and sometimes access to funds earlier via accelerated death benefit riders if needed.
How To Choose The Right Policy For You
For older individuals who are disabled, burial insurance for seniors provides peace of mind that their loved ones will be taken care of in the event of their passing.
When it comes to choosing the right burial insurance policy for yourself or a loved one who is disabled, there are several factors that need to be taken into consideration.
The coverage amount, or face amount, and premiums should be carefully examined in order to ensure that you’re getting the best value for your money.
Many seniors living with a disability opt for the following burial insurance face amounts:
Further, riders, which offer additional features beyond the death benefit, may also be available depending on the policy you choose.
It’s important to make sure you understand any exclusions or limitations associated with the policy before making a decision.
Be sure to work with an expert agent and evaluate your needs and compare them with what different burial insurance companies offer.
For example, many burial policies include a two year waiting period. If you pass away during the first two policy years, except for qualifying accidental deaths, the death benefit will not be paid to your beneficiaries. Rather a return of premium usually occurs.
You will want to select an agent who specializes in burial insurance for elderly individuals and has a deep understanding of the unique needs of someone who has been diagnosed with a disability.
Experienced independent agents provide invaluable insight on how to conduct a needs assessment and compare and contrast your specific requirements with different top-rated burial insurance companies.
Consider your needs, first:
- Expected medical bills.
- Funeral plans.
- Outstanding debts.
- Other monetary needs or goals.
Then, compare your needs with burial policy details from different carriers:
- Desired policy features, such as an accelerated death benefit.
- Premium payment options.
- Customer service reviews.
- Available face amounts (e.g. $15,000 burial policy).
- Premium rates.
Comparing different policies from different providers is essential when selecting burial insurance for someone who is disabled.
Different companies offer varying levels of coverage at different prices, so it pays to shop around and compare policies side-by-side in order to find the best fit for your needs and budget.
Be sure to read through all of the fine print associated with each policy before signing up in order to avoid any surprises down the road.
That way, you can be sure you are selecting the best policy to fit your needs. When you are living with a disability, it is extra important to take the time to find the right carrier to meet your unique requirements.
In general, the following burial (final expense) carriers are highly rated and offer excellent coverage options for burial insurance for disabled individuals:
Your agent will assist in analyzing multiple life insurance companies so that you feel confident in the policy you decide to purchase.
Communicate Final Wishes
Finally, if possible, it is always a good idea to talk directly with family members about their wishes concerning funeral arrangements prior to making any decisions about burial insurance policies.
This will help ensure that everyone involved understands what kind of coverage has been purchased and why it was chosen over other options available on the market today.
Key Takeaway: Burial insurance is an important financial tool for seniors with disabilities, as it helps to ensure that they do not leave behind any financial burden on their family members when they pass away. If you can, meet with family members about burial plans so that everyone is on the same page.
Frequently Asked Questions for Burial Insurance for Disabled Individuals
Here, we cover frequently asked questions and their important answers.
Does Social Security pay for funeral expenses?
No, Social Security does not pay for funeral expenses.
However, it can provide a one-time payment of up to $255 to the surviving spouse or child of the deceased person if they meet certain eligibility requirements.
This money is intended to help with burial costs and other related expenses.
It is important to remember, though, a modest payment from Social Security, if you qualify, will not come near to covering funeral costs, which typically range from $5,000 – $15,000.
In reality, if someone only relies on a Social Security payment for burial expenses, loved ones may have to search for free places for burial.
What kind of insurance covers burial?
Burial insurance (also known as final expense) is a type of life insurance policy designed to cover the costs associated with funeral and burial expenses.
It typically pays out a lump sum benefit upon death, which can be used to pay for funeral services, cremation costs, cemetery plots, headstones or other related expenses.
Burial insurance policies are often purchased by seniors over the age of 50 who want to ensure their families have enough money to cover these costs without having to worry about it.
Can I get life insurance if I’m on disability?
Yes, you can get life insurance if you are on disability.
Almost all life insurance companies will consider your application. However, there may be certain limitations or exclusions associated with policies issued to those who are disabled, depending on the type of policy and carrier you apply with.
Be sure to speak with an experienced insurance agent who can help guide you through the process and provide advice tailored to your specific situation.
How much does a burial policy cost?
The cost of a burial policy will vary depending on the type of policy you choose, your age, and other factors.
Generally speaking, final expense policies are among the most affordable types of life insurance for seniors over 50. These policies typically start at around $25 per month and can range up to several hundred dollars per month depending on coverage amounts and other factors.
What other forms of insurance should I consider?
In addition to life insurance, it is worth your time to verify that you are adequately covered for your medical needs.
The last thing you want is for doctor and hospital bills to add up.
Medicare plans are available to seniors aged 65 or older which provide healthcare coverage options at typically affordable rates.
Related – consider a dental, vision, and hearing plan because Medicare does not adequately cover these services.
If you are younger than 65 years, evaluate other health insurance plans offered via the Affordable Care Act.
Cancer plans can also be purchased separately from traditional health insurance policies for added insurance protection.
Burial insurance for disabled individuals is an important consideration to make when planning for the future. It can provide peace of mind and financial security in the event of a death or disability.
There are several types of policies available, so it’s important to do your research and find one that best meets your needs.
With careful planning and due diligence, you can ensure that you have the right policy in place to protect yourself and your loved ones from any unexpected costs associated with burial expenses.
Burial insurance for the disabled is often a financial lifeline to provide peace of mind and security in difficult times.
iSeniorBenefits offers an array of solutions tailored specifically for seniors, including final expense, Medicare, health and cancer plans that are designed to fit their needs.