Cremation Insurance for Seniors

Can seniors get life insurance to pay the cost of their cremation?

Yes, there are cremation life insurance plans available for seniors.

In fact, you may purchase a life insurance policy with guaranteed approval for people age 45 to 85 that offers up to $25,000 of life insurance which can be used to pay for cremation and related final expenses.

Even if you have a pre-existing health issue, you can get insured.

Here's how to get cremation insurance for seniors.

Final Expense Insurance: United Omaha vs John Hancock

Which type of life insurance is best for your final expenses?

If you need final expense life insurance you may want to compare United of Omaha versus John Hancock - two of the more well-known providers of life insurance plans to cover your final expenses.

Both insurers are highly rated, with an A+ Superior financial strength rating from A.M. Best.

However, there are some differences, including pricing, maximum amount of insurance available, and the age requirements for approval.

The good news is there are no health exams required, no health questions asked, and if you meet the age requirements, your approval for coverage is guaranteed.

To learn more, compare United Omaha vs John Hancock for final expense coverage.

Life Insurance Policy Types

What are the different types of life insurance policies?

There are several different life insurance plans to choose from including term life, whole life, accidental life, child life and guaranteed issue, among others.

When choosing a policy make sure to consider what goal you want your life insurance plan to accomplish and how long you will need your coverage to last.

Learn about the different types of life insurance policies and how they work.

Life Insurance Policy Owner

What is a life insurance policy owner?

The owner of a life insurance policy is the person or entity that pays the premiums on a life insurance policy and has the rights of ownership to the policy.

The owner is responsible for paying premiums, managing the insurance policy, choosing the beneficiaries of the policy, and handling the oversight of policy ownership.

The owner may or may not be the person insured by the policy.

Learn more about being an owner of a life insurance policy.

Life Insurance Policy Term Plan

What is a term plan for life insurance coverage and how does it work?

It's a type of life insurance that provides protection for a temporary period of time.

These plans usually offer a "term" (duration) of coverage that lasts for 10 to 30 years.

You may select a term of 10, 15, 20, 25 or 30 years of coverage, depending on your age.

The longer your policy "term", the higher your annual cost of life insurance protection.

Term plans offer the most affordable type of life insurance, and the flexibility to choose how long your coverage will last.

These plans are useful for anyone who needs life insurance protection for a period for 30 years or less, as you will get the maximum amount of insurance for the lowest premium cost.

Learn more about a life insurance policy term plan and how it works.

Life Insurance with Living Benefits

What is life insurance with living benefits coverage?

It's life insurance that provides you with the option of accessing a portion of your insurance policy's death benefit while you're alive.

If you become ill with a terminal diagnosis with a life expectancy of less than 6 months (or one year), you may access a portion of your death benefits from your life insurance policy.

This type of coverage allows those who are terminal to have money available to help pay for things like medical bills and other end of life expenses.

Learn more about buying a life insurance policy with living benefits.

Life Insurance to Cover Funeral Costs

Is there life insurance that will cover my funeral expenses?

Yes, there are guaranteed-issue life insurance plans for seniors (ages 45 to 85) that offer guaranteed approval without any health exam or health questions.

These guaranteed policies offer up to $25,000 of life insurance to pay for your funeral and any related costs; such as, your burial, hospital bills, credit card debt, etc.

Guaranteed approval means you cannot be denied coverage due to any pre-existing health problems.

Here's how to get a life insurance policy to cover funeral costs.

Life Insurance for a Specific Period of Time

Is there life insurance I can buy that will last for a specific period of time?

Yes, it's called temporary life insurance, also known as term life insurance, which provides protection lasting for a specific number of years.

Most term life plans offer coverage you can choose to last for a term (duration) of 10, 15, 20 or 30 years.

The longer your policy "term", the higher your annual premium for insurance.

However, the length of term may be shorter for seniors. For example, a person age sixty may be limited to a term of 20 years, or less.

Here's how to learn more about getting a life insurance policy for a specific period of time.

Mortgage Protection Death Insurance?

What is mortgage protection insurance for death?

It's a type of life insurance policy that pays out a death benefit upon the death of the insured person who has a home mortgage loan.

The death benefits paid out on the mortgage death insurance policy are used to pay off the outstanding balance on the home mortgage loan if the insured person dies.

There are different types of life insurance plans available to protect your mortgage loan.

Here's how to get mortgage protection death insurance coverage online.

Do All Life Insurance Policies Require a Physical?

No, all life insurance policies do not require a physical, but some do require you to take a paramed exam.

There are non-med life insurance policies available for term life insurance, whole life insurance, or guaranteed issue life insurance coverage.

However, most standard life insurance policies require a medical examination if the person is over age 30, smokes, has health problems, or is looking to buy more than $50,000 of life insurance protection.

To learn more, read this article: Do all life insurance policies require a physical exam?

What is the Cheapest Life Insurance Policy?

If you're searching for the lowest priced life insurance policy, you'll want to look into term insurance.

Term life insurance offers the lowest pricing on life insurance plans available.

With term life you choose a "term" which is the duration for your life insurance protection to last.

The shorter the policy "term", the lower your cost.

Term life usually offers coverage lasting for a period of up to 30 years, but you may be able to choose term for 10, 15, 20, 25 or 30 years of coverage.

Permanent life insurance is the other type of policy, and costs up to 5 to 10 times more for the same amount of coverage as term life, because permanent provides lifetime protection and builds up some cash value inside your plan over the years.

Learn more about What is the cheapest life insurance policy.