Talk Directly to a Care Advisor

1-800-955-8510

Best Ways to Pay for Funeral and Burial Services

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.

Comments

Related Articles

What You Need to Know About Direct Cremation?

Unlike the traditional burial services, direct cremation requires the deceased to be...

Read Full Article

Demystifying Incontinence Supplies

The internet has become a transformational tool for buying incontinence products. There is a...

Read Full Article

How to be the Best Grandparent Ever

Build strong, lasting relationships through quality time with your grandchildren: listen,...

Read Full Article

Helping Older Relatives Keep Their Pets

Baby boomers represent 37 percent of pet owners in America. What can you do to help support...

Read Full Article

How to Avoid These Big Medicare Mistakes

If you’re nearing retirement and Medicare age, here are some of the most important...

Read Full Article

Top Home Safety Tips for Seniors

Out of all age demographics, senior citizens are perhaps the most at risk of safety issues...

Read Full Article

Which Insurance Policies Do Seniors Actually Need?

Many seniors have multiple insurance policies out. Does this sound like you? If so, you may...

Read Full Article

How Can Driving Help Seniors Stay Mentally Healthy?

One reason why older adults might consider driving as long as they can: their mental health...

Read Full Article

Home Warranties Disadvantages That Seniors Should Consider

Home warranties are on the rise among senior citizens. Although a great option for older...

Read Full Article

Essential Facts on Senior Palliative Care

As a result of aging, older adults often experience a variety of illnesses that cause them...

Read Full Article

NEWSLETTER SIGN-UP

Sign up for our FREE monthly newsletter to receive the most up-to-date information on caring for your elderly parent or loved one

Order your printed copy of Senior Directory today!

Still enjoy flipping through the pages of a printed copy? So do we! Click on the button below to start receiving Senior Directory right at your doorstep!

Order Your Copy

I prefer the digital copy, please.

Speak to one of our advisors 1-800-955-8510