Applicants will never be asked to get a medical exam, and the coverage is cheaper than other life insurance options. Whole life policies also build a cash value that accumulates over time. Senior final expense insurance is a type of whole life insurance that lasts for the insured’s entire life with premiums and a death benefit that never fluctuates. Life insurance for burial comes in smaller coverage amounts, while conventional life insurance offers much more significant death benefits. Burial insurance is taken out to cover the cost of a funeral and other final expenses, while traditional life insurance is intended to replace an income. The difference between life insurance and burial insurance is the policy’s intention and what the beneficiary will use the payout for. What is the Difference Between Life Insurance and Burial Life Insurance? The most common items the money goes towards are funeral, burial, cremation, medical bills, or other outstanding debt. The death benefit is flexible and can be used on anything the beneficiary deems necessary. Many companies will provide coverage for seniors over 80. Applicants must answer a few simple health questions to qualify for immediate coverage, and no medical exam is required.įinal expense coverage is designed for seniors to make a simple and low monthly payment to receive permanent benefits. This whole life insurance comes in smaller death benefit sizes ($2,000 – $50,000), making the premiums affordable for all seniors. What Is The Best Life Insurance For Seniors?įinal expense is the best life insurance for seniors because coverage never expires, and the premium never increases. ![]() Fortunately, there is a life insurance program designed specifically for seniors. When looking into life insurance policies, there are many options, and it is easy to get overwhelmed. However, some insurance plans provide the financial resources needed during grief. With average funeral costs between $8,000 – $12,000, this is a significant financial burden to ask your family members to take on. Life insurance is a popular, helpful, and needed financial tool to protect loved ones from financial hardship. LnRiLWZpZWxkW2RhdGEtdG9vbHNldC1ibG9ja3MtZmllbGQ9ImZlMjNiYThlNTQ0N2JmYTdiZWRiNmEyOGVhMDhlZWNjIl0gYSB7IHRleHQtZGVjb3JhdGlvbjogbm9uZTsgfSAgLnRiLWZpZWxkW2RhdGEtdG9vbHNldC1ibG9ja3MtZmllbGQ9IjhkNTQwMWFlYmJiNDZlNmMwMzk1OWE2YTZlMTI0OTdiIl0geyBmb250LXNpemU6IDQ4cHg7Zm9udC1mYW1pbHk6IFJvYm90bztmb250LXdlaWdodDogYm9sZDtsaW5lLWhlaWdodDogNTBweDt0ZXh0LWFsaWduOiBsZWZ0O2NvbG9yOiByZ2JhKCA2OCwgMTMwLCAxMzYsIDEgKTsgfSAudGItZmllbGRbZGF0YS10b29sc2V0LWJsb2Nrcy1maWVsZD0iOGQ1NDAxYWViYmI0NmU2YzAzOTU5YTZhNmUxMjQ5N2IiXSBhIHsgY29sb3I6IHJnYmEoIDY4LCAxMzAsIDEzNiwgMSApO3RleHQtZGVjb3JhdGlvbjogbm9uZTsgfSAgQG1lZGlhIG9ubHkgc2NyZWVuIGFuZCAobWF4LXdpZHRoOiA3ODFweCkgeyAudGItZmllbGRbZGF0YS10b29sc2V0LWJsb2Nrcy1maWVsZD0iZmUyM2JhOGU1NDQ3YmZhN2JlZGI2YTI4ZWEwOGVlY2MiXSBhIHsgdGV4dC1kZWNvcmF0aW9uOiBub25lOyB9ICAudGItZmllbGRbZGF0YS10b29sc2V0LWJsb2Nrcy1maWVsZD0iOGQ1NDAxYWViYmI0NmU2YzAzOTU5YTZhNmUxMjQ5N2IiXSBhIHsgdGV4dC1kZWNvcmF0aW9uOiBub25lOyB9ICAgfSBAbWVkaWEgb25seSBzY3JlZW4gYW5kIChtYXgtd2lkdGg6IDU5OXB4KSB7IC50Yi1maWVsZFtkYXRhLXRvb2xzZXQtYmxvY2tzLWZpZWxkPSJmZTIzYmE4ZTU0NDdiZmE3YmVkYjZhMjhlYTA4ZWVjYyJdIGEgeyB0ZXh0LWRlY29yYXRpb246IG5vbmU7IH0gIC50Yi1maWVsZFtkYXRhLXRvb2xzZXQtYmxvY2tzLWZpZWxkPSI4ZDU0MDFhZWJiYjQ2ZTZjMDM5NTlhNmE2ZTEyNDk3YiJdIGEgeyB0ZXh0LWRlY29yYXRpb246IG5vbmU7IH0gICB9IA=
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