Burial insurance comes in two types: simplified issue and guaranteed issue. These options make it feasible for seniors to secure life insurance even in their later years or if they have some health concerns. If you're unsure about your health status and eligibility, don't hesitate to request a free quote from us—there's a good chance you can still obtain coverage.
As mentioned earlier, burial insurance comes in two types, each designed to make it easier for most seniors to obtain life insurance coverage later in life:
If you’re older, have health issues, and haven’t secured life insurance or are specifically looking to cover funeral expenses, traditional term or whole life insurance might be challenging to qualify for. That’s where simplified issue life insurance, like burial insurance, comes in. No medical exam is required, but there’s a detailed medical questionnaire. If approved, options up to $50,000 are often available for beneficiaries, and as long as premiums are paid, the policy remains active for life. Depending on health, there may be a two-year waiting period before the full death benefit is payable, with potential add-ons called “riders” to eliminate the wait or provide additional features.
Designed for seniors facing challenges in qualifying for traditional or simplified issue life insurance due to serious health concerns, guaranteed issue life insurance requires no medical exam and has a minimal health questionnaire, resulting in approval for nearly every applicant. Once approved, coverage remains unchanged and is payable to the beneficiary as long as premiums are paid. A two-year holding period is typically required before the full death benefit is payable.
If your burial insurance policy stipulates a two-year holding period before the full death benefit is paid and you pass away during that time, your beneficiary will receive a predetermined amount, at least equal to what you paid into the policy.