There comes a time when you start thinking about the costs that will fall on you when your parent’s health starts to decline. Funerals can range from $8,000 – $12,000, which is a high price for any family, especially if they are unprepared.
Senior burial insurance is an affordable solution to help cover these final expenses. However, like most life insurance, regulations must be followed when taking out a policy.
Quick Links
Can I Buy Burial Insurance For My Parents?
You can purchase burial insurance for your parent, but they need to be involved. Your parent must agree to the coverage and sign their name on the application. The child can be the payor and the beneficiary but must get the parent’s consent to take out a policy. By following these steps, you can purchase burial insurance for your parents.
Can I Buy Burial Life Insurance for Parents Over 80?
Getting your parents’ burial insurance over 80 is possible. If your parent medically qualifies, top insurance companies will provide immediate coverage. They will not be required to get a medical exam but need to answer a few health questions over the phone.
If your parent does not qualify for immediate coverage, there are still options, but there will be a waiting period of 2 years, and the price will be higher.
Can You Buy Life Insurance on a Parent Without Their Consent?
When buying any life insurance for your parent, they need to be a part of the process. The minimum standard for funeral insurance for parents is insurable interest, a signature, and a phone interview.
Burial life insurance policies for parents are intended to protect against financial hardship. Insurable interest exists when the loss of a loved one results in economic loss.
Insurable interest occurs when getting a life insurance policy for a family member (mother, father, grandparent, sibling, etc.). Since you are looking into purchasing coverage for a parent, this would establish the required insurable interest.
The Funeral Insurance Application Process for Parents
The application consists of four main steps that take roughly 30-minutes to finish from beginning to end and can be completed entirely over the phone. The child or relative can help facilitate the call, but the proposed insured must be a part of the process.
Fact Gathering: The process will start with your agent asking a wide variety of questions to determine which plan is best. Your parent will need to be on the call even if you guide the conversation.
HIPPA Authorization: The proposed insured must allow the insurance company to check their medical and prescription history. This is used to confirm their answers to the health questions.
Medical Questions: There will be a series of yes or no medical questions that your mom or dad will need to answer honestly.
Signature Process: Your parent must sign the application before your agent can submit it. This is done with an electronic signature through email.
Approval Timeline
Once the application has been submitted, it usually takes a few business days for the policy to be approved by the carrier and placed in force.
After the first payment is made, your parent’s policy will be active.
Payment Options
An automatic bank draft is usually the only option providers will accept. However, select life insurance companies will allow social security direct express cards.
Payment schedules can be billed annually, semi-annually, quarterly, or monthly. The most common is monthly billing.
The payments must be from one account. If you would like to split the cost with a sibling, that will need to be worked out between the family, you can set up only one bank account to make the payments.
Information You Will Need Before Calling
Before contacting an agent, you should have the following information about your mother or father. This information will be required to get an accurate life insurance quote and apply for coverage.
- Age
- Height & Weight
- Health history (including timeline)
- Prescriptions
- Desired coverage
- Phone number
- Address
- Date of birth
- Beneficiary
- Banking information
How Fast Does the Money Get Distributed?
Providing the death certificate to the insurance provider will start the claims process. Once the claim is filed, the lump sum payout will be distributed within a few days allowing families to have the financial resources needed promptly.
Final Expense Insurance Quotes For Parents
The chart below shows you price ranges for burial life insurance for parents. Funeral insurance quotes depend on age, coverage amount, and health history.
A healthy parent can expect to pay towards the lower end of the price range. In contrast, a sick parent or someone with a more complicated medical history can expect to pay more.
FemaleMonthly Premium RangeNon-Smoking Rates | |||
|---|---|---|---|
| Age | $10,000 | $15,000 | $20,000 |
| 50 | $24 – $39 | $35 – $57 | $45 – $80 |
| 55 | $28 – $47 | $40 – $69 | $52 – $103 |
| 60 | $33 – $54 | $48 – $80 | $63 – $119 |
| 65 | $41 – $66 | $60 – $99 | $79 – $146 |
| 70 | $53 – $80 | $78 – $120 | $103 – $177 |
| 75 | $72 – $116 | $107 – $173 | $142 – $254 |
| 80 | $98 – $190 | $146 – $283 | $194 – $411 |
| 85 | $136 – $221 | $202 – $329 | $269 – $437 |
MaleMonthly Premium RangeNon-Smoking Rates | |||
|---|---|---|---|
| Age | $10,000 | $15,000 | $20,000 |
| 50 | $31 – $56 | $44 – $83 | $58 – $110 |
| 55 | $36 – $61 | $52 – $91 | $69 – $135 |
| 60 | $44 – $68 | $64 – $101 | $84 – $149 |
| 65 | $56 – $91 | $83 – $135 | $110 – $199 |
| 70 | $75 – $106 | $110 – $158 | $146 – $233 |
| 75 | $100 – $150 | $148 – $223 | $197 – $328 |
| 80 | $140 – $206 | $208 – $308 | $276 – $416 |
| 85 | $193 – $316 | $288 – $473 | $382 – $629 |
The Basics Of Final Expense Insurance
Burial life insurance is also referred to as final expense, funeral, and cremation insurance. This type of whole life insurance is built for seniors to cover their funeral costs and other final expenses. Two things make it different from a traditional whole life product, no medical exam requirements and affordability.
Permanent Benefits
The security that comes with a whole life policy is knowing there will be no fluctuations in price or coverage. The monthly premiums you or your parent pays will never increase. The price and death benefit is locked in regardless of how long the policy has been in force. There will also be a cash value that builds over time.
Can I Buy Burial Insurance for Someone Else?
You can get burial insurance on someone else if there is an insurable interest. Whether you are looking into final expense insurance for siblings, parents, or grandparents, insurable interest and the proposed insured’s consent are the two big things you’ll need.
Can I get Life Insurance on my Mother without her Knowing?
You can get final expense insurance for your mother or father, but they will need to be a part of the process before your agent can submit the application. You can help facilitate the application and pay the monthly premiums, but your parent must participate by signing their name and agreeing to coverage.
Final Thoughts – Can I Buy Burial Insurance For My Parents?
a. Burial insurance for parents is easy to obtain, but the parent must consent and participate in the process.
b. To lock in the best possible rate, it is important to take action sooner rather than later, as changes in health often come without warning.
c. The application is simple to complete and will give you and your family financial peace of mind.