Should I Buy Funeral Insurance For People Over 65?
When looking to buy funeral insurance for people over 65, several factors should be considered. Although the average life expectancy for a person over 65 is around 75, this does not mean that one should wait until one has hit that mark to consider this purchase. With all the things that can happen to a person as they get older, they must be prepared in case something like a death occurs.
This is a policy that will help defray some of the costs associated with funeral arrangements. The price that one pays for the insurance policy will depend on several factors. The most common of these is gender and age.
Gender: The average female life expectancy is 80 years. This does not necessarily mean that a woman should wait until she passes before purchasing funeral insurance. If she knew that she was going to retire in a few years she could purchase this type of policy today and use it to make sure that her family is not burdened with a large financial burden once she has passed on. The same would go for a man. If he knew that he was going to retire in the next few years he would want to get funeral insurance before he dies.
Age: As the average age for people over 65 is older than the usual projection of when they will die, this also means that the average cost associated with a funeral insurance policy will be higher. This is because of the increased likelihood that the insured will need to go to a hospital or suffer long-term health problems after passing. The cost of this type of coverage rises along with age, so it makes sense to purchase this policy as you get older. However, if you are young and healthy you may want to consider waiting until you are older to begin planning for your funeral.
Family: It is always best to plan for unexpected events, one of which is death. One of the reasons that families opt to take out funeral insurance is so that they can pay for the funeral of one of their members if they should die unexpectedly. However, some people feel that this should be left to their loved ones because they are the ones who will remember the deceased.