CemetarySeniors often spend their life without any funeral or insurance plan. Sometimes, their children bear a substantial cost of the funeral. To decrease their burden, it is always smart to have a reliable funeral plan. It can help them to manage funeral services. Regular funeral costs may vary between $6,500 and $8,000. This cost doesn’t include the cost of a burial plot. Adding the cost of a plot, the average burial expenses can be more than $10,000. Here are some excellent options for seniors over 80. Feel free to consider any of them.

Get General Insurance

If your grandma is receiving Medicaid assistance in a nursing home, her family expected the state would bear her final expenditure. They hope that Medicaid assistance will cover funeral expenses.

Unfortunately, Medicaid doesn’t have any death benefit. If you don’t have savings for a funeral, you should consider a small insurance policy for your grandparents to cover the funeral expenses. Some simple life insurance plans are available for seniors over 80. Anyone can get an insurance plan for funeral expenses. Chances of rejection are dramatically low. Service providers will not ask any health question to grant this insurance.

Funeral Insurance

Special insurance plans are available for final expenses and funeral costs. For this insurance, no medical examination is necessary. Burial or funeral insurance is a special policy with minimum face value like $5,000 to $50,000. You can buy this plan from an insurance company.

In this insurance, you can name a family member or a friend as a beneficiary. This person will make a claim and receive money after your death. This beneficiary is responsible for using the money to fulfill your wishes after death.

Burial policies are simplified plans that you can obtain without a medical examination. If you have seniors with health issues, you can get these policies to avoid funeral expenses. The amount of coverage may increase with time. Sometimes, your beneficiary may not receive the full face value if you die in the initial years of the policy.   

Alternatives of Funeral Insurance and Funeral Plans

You can put money in savings accounts to get money for the funeral. Start your savings after the 60s to die without any risk. It is a good way to decrease the financial burden on your children after death.

Feel free to pay money from the estate. Sometimes, if you die in service, your employer may pay money for your funeral.

Become a member of a professional body or trade union. They often pay the benefits on the death of their member.

How do funeral plans work?

For a standard funeral plan, you have to pay money for a funeral in advance. You may pay a lump sum money or make payment in installments to your insurance provider. Children may get cash for cremation and burial. Standard plans may not include church services.

This method aims to protect your money for your death. Your children or any other nominated beneficiary can get this money for your funeral services.