Cremation Insurance for Parents

cremation insurance for parents

So your working years are nearing a close and you are looking ahead to the big day- DAY ONE of retirement. Nowadays, more and more soon to be retirees are having to consider the costs of supporting their parents as a consideration in their budget. As you enter your retirement years and ensure your financial planning, an important step is making sure that the passing of your parents will not compromise your retirement funds with a huge chunk of money going to pay for your parents’ final arrangements. Click below quotes for cremation insurance for parents.


Many seniors are on a shoestring budget and if this is your parents’ situation, you may find yourself paying for their cremation expenses along with other final expenses upon their passing. This is where cremation insurance for parents can help you plan ahead for this expense by budgeting a small monthly premium rather than having your retirement funds hit for thousands of dollars in expenses all at once at an unexpected time. 

Whether it is your parents who need their final expenses paid for or maybe you want to budget your final expenses as you near retirement, cremation insurance plans or other whole life insurance options are a simple, effective way to budget for these expenses. This detail of finding the best cremation insurance for parents should be moved to the top of your retirement to do list.

How much cremation insurance will cover your parents’ final expenses?

Deciding how much cremation insurance for parents you need depends on your parents wishes for their final arrangements. There are varying possibilities starting with memorial services, ways of holding their remains, mausoleum rental, debts, and other final expenses. Cremation insurance policies are designed to cover the final expenses a person has and allow for inflation based on their life expectancy when they purchase their policy. While plans range from as little as $5,000 to as much as $50,000, the average cremation insurance policy is between $10,000-$15,000 which pays for cremation, a modest service with something left over for other debts or expenses. 

Applying for your parents’ cremation insurance

Cremation insurance for parents is a type of whole life insurance plan. It is a simple type of insurance to start. There are a few questions to gather personal information and name the beneficiary along with some yes and no health questions. The main difference between securing cremation insurance for yourself versus your parents is that you will be named the policy owner while your parents are named as the insured parties. This is allowed when the owner of the policy has a vested interest in the person who is insured.  Clearly a child has an interest in their parents being insured so that requirement is met with a parent-child relationship.

One way to view cremation insurance for parents is that you are simply prepaying their final expenses within your budget rather than being hit with a huge expense at an emotionally difficult time. The application process is straightforward and approval is based on your parents’ ages and health history.


Choosing the cremation plan for your parents’ needs

Once you calculate how much cremation insurance your parents need and after the application is complete, the final step is choosing the plan. This step is when you reap the benefits of using a broker compared to an individualized agent or going directly through an insurance company. After the application is completed, as a broker, we are able to go to numerous companies and find the one that fits your parents medical history to get them the best plan. Some cremation insurance companies have the lowest rates for seniors in their 60’s while others specialize in older folks in their 80’s. Other life insurance companies have the best rates for tobacco users while others specialize in rewarding those in excellent health with equally excellent rates.

Being able to place our clients with the right company can mean thousands more in coverage at lower monthly rates. This knowledge is the key to getting the best plan for your parents and also saving money yourself if you are paying the premiums on their behalf. Cremation insurance for parents comes with many options so using the expertise of a a broker to work through the details on your parents’ behalf will save you time and money.

Final thoughts-

No one wants to think of the passing of their parents. However, seeking cremation insurance for parents is one way to ensure that your memories of your parents aren’t clouded by incurring a financial difficulty paying for their final expenses upon their death. Plan ahead so you can know their needs will be taken care of and give your precious parents the peace of mind knowing they haven’t left their family burdened financially. Click right to get your FREE QUOTE now.