If you are looking for some concrete information about burial insurance you have come to the right place! You should know a couple things about burial insurance and that is exactly what we will be covering in this article today. Burial insurance can be confused with final expense insurance but we are here to clarify each and to even give some information about burial insurance for seniors. Here at InsureChance, we understand that purchasing any type of insurance from trying to find the best car insurance company, to finding the best health insurance can be stressful, so we are here to help with all your needs. Just remember to always shop around just like you would shop around for a car or ask for references for your new nanny, read some reviews, look at some company rating and get on top of your game. This will help you determine which company is better and who gives the best coverage amount. The following are some key points on what you should know about burial insurance;
- Burial insurance is also known as funeral insurance but either way, it is also a whole life insurance policy.
- Coverage is available from $1000 to $50,000 in death benefit.
- Funerals can cost thousands of dollars and if your loved ones are not rolling in cash, then this could be very beneficial for them.
- Final expense insurance includes final expenses in addition to the cost of a burial.
- Burial insurance, which is also known as funeral insurance, is ONLY for the cost of a funeral and costs that come with the funeral.
- There are two plans that burial life insurance companies offer, Level plans and Modified or graded benefit plans.
- Burial or final expense policies are typically purchased in the $5,000 to $25,000 range, though many companies offer up to $50,000.
- There are a couple of top rated life insurance companies that offer burial insurance such as AARP, AIG, Colonial Penn, Foresters, MetLife, State Farm Life, and Settlers Life Insurance Co.
- Many people think about income protection when they think about life insurance, but that is not the only thing that life insurance can offer. Life insurance can cover funeral costs or even costs that can come before your passing.
- Don’t let life fly by in front of you, be worry-free and get some burial life insurance.
What is burial insurance?
A simple life insurance policy that is usually whole life designed to cover funeral expenses.
How does burial insurance work?
A burial policy doesn’t make you’re passing a burden to your loved ones. Funerals can cost thousands of dollars and if your loved ones are not rolling in cash, then this could be very beneficial for them. When the individual passes the insurance company will process the claim and issue a check to loved ones that can be used for all costs associated with death.
Burial insurance vs. Final expense insurance
People can get confused when it comes to burial insurance and final expense insurance, and we understand that and are here to make things clear. Final expense insurance includes final expenses in addition to the cost of a burial. Burial insurance, which is also known as funeral insurance, is ONLY for the cost of a funeral and costs that come with the funeral. So basically, it comes down to one question. Do you want life insurance or do you want prepaid funeral plans? They are both whole life insurance which means that they pay a benefit on the death of the insured and they both also accumulate a cash value. If you are looking for insurance then you should look into final expense insurance rather than burial insurance.
Burial insurance for seniors
If you have no serious medical issues and are under 85 you are eligible to apply for a burial insurance policy easily. If you are buying burial insurance for yourself you can personalize the policy to make it suit your funeral wishes.
Before you buy burial insurance you should know that there are different types of plans available to you. There are two plans that burial life insurance companies offer, Level plans and Modified or graded benefit plans.
- Level plans are plans that will stay fixed during the life of the policy and offer benefit payout right away without a waiting period. Most of the time you’ll have to answer about 15 to 20 questions to qualify for this type of plan. They are also more competitively priced.
- Modified or graded benefit are plans for seniors with high-risk health conditions that don’t qualify for level coverage. These plans are more expensive and have a gradual benefit kick in. Unlike level plans, these plans will provide a percentage of the death benefit that will increase through the first 3 or 4 years.
What is the cost of burial insurance?
Burial or final expense policies are typically purchased in the $5,000 to $25,000 range, though many companies offer up to $50,000. Since the amount of coverage is not large the premiums will be lower, however, you should look into traditional life policies because most traditional life policies offer funeral coverage.
What companies offer burial insurance?
There are a couple of top rated life insurance companies that offer burial insurance such as AARP, AIG, Colonial Penn, Foresters, MetLife, State Farm Life, and Settlers Life Insurance Co. It can get tricky when trying to find burial insurance because it isn’t exactly a specific insurance product. Most life insurance companies refer to burial insurance or final expense insurance, but burial insurance is simply just a way to refer to a small whole life insurance policy. With AARP they offer final expense amounts from $2,500 to $25,000, AIG offers up to $25,000 in guaranteed acceptance whole life insurance coverage. Colonial Penn offers whole life insurance that can be up to $50,000, and Foresters amounts range from $2,000 to $35,000. MetLife offers guaranteed acceptance to anyone 50 and 75. State Farm Life offers a $10,000 whole life insurance policy that can be used for final expenses and Settlers Life sells four kinds of policies from $1,000 to $50,000.
You have three options
Burial insurance is often overlooked by many people because let’s face it, time flies and life can go 200 mph. So between life flying by us and life going 200 mph, how do people find the time to get burial insurance? Well, you have three options, one is to do absolutely nothing and just let life pass and let it take care of itself. This is a pretty bad option because at one point someone will have to pay for it and if not you, your loved one. The second option is to DIY, do it yourself, and set up a pre-arranged burial plan with a funeral home. This isn’t a terrible idea, at least you are not leaving the funeral debt to your loved ones, but this option does include time consumption. If your life is going 200 mph then finding yourself a funeral home or pre-arranged burial plan will be taking the back seat and that’s not the best idea because time will fly and you will regret procrastinating this option. The last option, the third option, is to get some form of life insurance. Burial insurance is an excellent option because it will take care of all funeral costs. You could even get a final expense policy, which will take care of all your immediate end of life expenses.
Advantages of burial insurance
- No family drama with financial worries taken care of.
- No medical exam is necessary for burial coverage.
- No blood and urine tests are required.
- Payouts are possible immediately from the date of issue.
- With additional underwriting, there can be higher maximums.
- Peace of mind knowing your death will not be a burden on anyone.
Shopping for Burial insurance or life insurance?
When shopping for life insurance or just burial insurance you should make sure you have all your ducks in a row. You want to make sure you have as much information possible before you make your decision. Just like we said before, you wouldn’t buy a car just for its looks, you need to know the benefits and of course how much you need to pay. Same thing when it comes to buying any type of insurance because different life insurance companies specialize in different things. For example, one top ‘A’ rated company may specialize in no medical exam policies and offer a pretty chunky face amount for benefits while another ‘A’ rated company may specialize in niche underwriting and offer better rates for AIDS clients and offer amazing benefits for those clients. While both companies are ‘A’ rated which means they are financially stable and reliable, the first one offers no medical exam and you are not in the best health possible but you are no victim of AIDS. The first company may be the best for you to receive the most payout, and you wouldn’t have known that bit of information without reading reviews. Take some time and read some reviews or work with an independent life insurance brokerage (like us) who can look for you!
Welcome To InsureChance!
In conclusion, burial insurance is a type of insurance that pays for all funeral costs so your loved ones don’t have to worry. Many people think about income protection when they think about life insurance, but that is not the only thing that life insurance can offer. Life insurance can cover funeral costs or even costs that can come before your passing. Don’t let life fly by in front of you, be worry-free and get some burial or life insurance. Remember to always shop around when looking for any kind of policy because the first company may seem like the best one but you should still be open minded to them all. That’s how you can guarantee you are receiving the best rate and maximum face amount. Here at InsureChance, we work with over 60 top ‘A’ rated companies, which gives us a lot of options to work with. We are an independent life insurance brokerage whose goal in mind is to make life insurance simple and to make our clients’ lives a little more simple. Give us a call today 888-492-1967 or compare quotes instantly on our quoter!
