Purchase funeral insurance for seniors.

It is indeed possible to purchase funeral insurance for seniors even at a later age, although in such case certain criteria and rules apply.

Most funeral insurance companies allow seniors to purchase insurance up to age 75. Keep in mind that the premium for the insurance will be a lot higher than at a lower age.

Depending on which insurer you want to purchase insurance from, there is a chance that it will not be accepted based on your age as a senior. This, of course, is because the insurer is at a higher risk in that case, since the probability of death is higher for an older person than for a younger person.

This is why there are some rules for insurers and why the premium for funeral insurance for seniors is usually higher. Nevertheless, it is a good idea to apply for such insurance even as a senior citizen, as it will save your next of kin a lot of trouble.

What are some of the criteria for buying funeral insurance for seniors?

1. Taking a health statement

The cost of funeral insurance depends on several factors, including the age of the policyholder, the coverage, the amount insured and the health status of the person in question. Therefore, in most cases, seniors must answer some relevant questions related to their health.

It may happen that you do not have to provide a health statement when taking out funeral insurance, but then the insurer usually uses another criterion: the so-called Carenz years.

2. The Carenz Years

Carenz years basically mean that the insurer establishes a period of time, usually 2 years, during which you, the policyholder, do pay premiums for your insurance, but the insurer does not have to pay any (or only a partial) benefit if you die within that period.

Once this period ends, however, you are fully covered for the cost of a cremation or burial. The Cadenz years reduce the insurer's risk of an early payout, with the result that you, the policyholder, also pay a lower premium.

As an elder, it is important to consider the advantages and disadvantages when purchasing funeral insurance. Only then can you make an informed decision. Below is an overview:

The benefits

• The funeral will be organized and paid for either way
• Your next of kin have fewer practical responsibilities and headaches
• Your next of kin should also not have to pay for your funeral themselves

The disadvantages

• Funeral insurance premium for seniors costs more
• Specific, restrictive policy conditions are in place, as already cited
• As a policyholder, you are much more likely to be rejected by an insurer

So, taking out funeral insurance for seniors is indeed an option and is still the best decision if you want to give yourself and your loved ones a heartbeat, both financially and emotionally. In fact, as long as you keep in mind the specific requirements, there is no reason not to do it!