For seniors over 70, choosing a life insurance plan is one of the most important decisions to make. There are many providers and policies available, but the first step is deciding which type of plan fits your needs. Funeral insurance and traditional life insurance are two options worth considering. While each plan has its limits, each will benefit users in different ways. After reading this article, you should be able to decide which particular policy fits your purpose.
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Let’s discuss the pros and cons and compare between their general features.
First, it is very easy to obtain. Unlike many life insurance policies, funeral insurance policies do not require medical exams. For seniors with pre-existing conditions or poor health choices like smoking, the minimal health requirements might be very attractive. Additionally, many insurance companies offer funeral expense policies, and they can be obtained online. We are pleased to let you know that, you can request multiple life insurance quotes from us for free of cost and compare them here for the best rate in the market.
Another benefit of funeral insurance is their relatively low price. Unlike traditional insurance, funeral insurance can be bought at a much lower rate. For those with financial constraints, these lower premiums can be incredibly attractive. Finally, funeral insurance can provide peace of mind. If a senior is unable to afford a more expensive policy financially, a funeral insurance policy can give them comfort knowing their final expenses will not burden their family. This can be a parting gift to their loved ones.
Here are the benefits of regular life insurance policies such as term or whole life insurance for 70 year old:
Traditional life insurance plans have several pros for seniors to consider as well. This type of policy has less red tape on payouts. For example, funeral insurance often has a two-year minimum premium paying period before you can collect and they often only cover you until you are 100. With advancing medical technologies, it’s increasingly likely that you will live to over 100 years. Unlike funeral insurance, traditional life insurance does not have these constraints.
Furthermore, conventional life insurance pays out a set lump sum of money upon death. Whereas funeral insurance only allows you to use the money for funeral costs, life insurance money can be used for anything the beneficiaries desires. If the deceased is leaving behind children or a spouse, these funds can be necessary to make ends meet after their death. Furthermore, with life insurance, there are many more options available to seniors. Seniors can choose between the term or whole life insurance, and can work with an insurance provider to find a plan that meets their unique needs. While at first glance, most funeral insurance plans look cheaper than traditional life insurance, there are many plans available that are a comparable cost but provide a much wider range of benefits.
So, what’s the bottom line?
Both funeral insurance and traditional life insurance have pros and cons. The people over 70 years old need to evaluate their health, financial situation, and their family demands to decide which plan is right for them.