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Protect Your Legacy with Burial Life Insurance

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If you are like most people, then the crescendo of your working life is a quick and easy slip into retirement. Once retired, instead of setting funds aside for the long-awaited golden years, you are now in the process of consistently removing money from your nest egg. If you planned and saved carefully and you control your spending after retirement, then you might not need to empty the nest egg during retirement and you could have enough money to leave a legacy to your heirs. But without a life insurance policy to absorb some of the costs associated with your death, you may leave no legacy at all.

Many pre-retirees believe that the group life insurance policy they contribute to while working will cover their funeral expenses after death, but group life insurance policies are generally not portable. This means that once you are retired and no longer a part of the group, you no longer have the insurance coverage. You might think that, as a senior, this means you are uninsurable and now must tighten your post-retirement belt even further to help your retirement savings stretch and pay for your funeral expenses, but because seniors can get burial insurance life policies that offer death benefits ranging in amounts from $5,000 to $30,000 that require no medical exams, there is no need to tighten your belt.

Senior Life Insurance

Burial insurance policies, also called pre-needs policies, are simplified issue policies with no cash value accumulation. They are term life insurance policies that allow you to name beneficiaries who will receive the death benefit after you have passed away. The death benefits can be just enough to provide you with a modest funeral and burial or can be a bit more substantial in order to help offset debt and taxes that your estate leaves behind.

Term Life Insurance—No Health Physical

One of the best benefits of these senior life insurance plans is that they allow you to obtain no medical exam life insurance quotes. You might find it odd that insurance developed specifically for seniors requires no medical underwriting, but these policies were developed and priced to cover all the risks that insuring the senior population brings. While many life insurance policies require that you have a physical examination prior to policy issue, term life insurance no physical policies do not require this.

Another important point is that there are generally no waiting periods for your coverage to begin. As soon as your policy is issued (meaning that it has been approved and mailed and the first premium has been paid), you are protected by the death benefit. These policies can lapse due to non-payment of premium, so it is important to keep paying the premium in a timely manner.

Beneficiary Choices

While many individuals like to name their family as the beneficiaries of their burial insurance life policy, others like to name a funeral home. Since the funeral home will receive the entire benefit if they are named alone as beneficiary of your policy, it is important to either choose a very small death benefit (so you don’t over-pay the funeral home) or to work with the funeral home to select all the items for your funeral ahead of time and then choose the death benefit that will pay for those selections. Remember, you can also give the funeral home a certain percentage of the death benefit and name another beneficiary for the other percentage split. If you do select all of your funeral arrangements before taking out the burial insurance life policy, make sure to keep the paperwork the funeral home gives you with that of your life insurance policy.

Don’t sacrifice your post-retirement standard of living in order to provide enough money in your legacy for your burial. Cover that cost with a burial insurance policy and enjoy your retirement exactly as you had intended to.

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