Affordable Life Insurance Protection for Your Family
When we lose a loved one, the last thing we want to worry about is how to pay for their funeral. Unfortunately, funeral costs can be exorbitant, with the average funeral in the United States costing between $7,000 and $10,000. That's where burial insurance comes in, providing families with the financial assistance they need during a difficult time.
Burial insurance is a type of life insurance policy designed specifically to cover funeral and burial expenses. In Illinois, many residents choose to purchase burial insurance to ensure their families don't have to shoulder the financial burden of their final arrangements.
What is Burial Insurance?
Burial insurance, also known as final expense insurance or funeral insurance, is a type of life insurance policy that is specifically designed to cover the costs of a person's funeral, burial, and related expenses. Unlike traditional life insurance policies, burial insurance typically has a lower face value and is intended to cover only the immediate expenses associated with a person's death.
Burial insurance policies can range in coverage from a few thousand dollars to tens of thousands of dollars, and they may offer a range of benefits, including:
Illinois has a long history of family traditions, including those surrounding funerals and burials. In many communities, it is customary to have a large funeral service, which can be expensive. Funeral homes in Illinois can charge between $5,000 and $10,000 or more for a traditional funeral service, depending on the type of service and the options selected.
Many people in Illinois are choosing to purchase burial insurance to ensure their final expenses are covered. This can help alleviate the financial burden on their families and ensure that their final wishes are carried out without the added stress of figuring out how to pay for it.
Burial insurance policies are particularly important for people who may not have other resources to cover their final expenses. For example, people who have limited income or assets may not have the means to pay for their funeral and burial expenses out of pocket. Additionally, people who have medical conditions or are older may have difficulty obtaining traditional life insurance policies, making burial insurance a viable option for coverage.
To purchase burial insurance in Illinois, you can start by researching insurance companies that offer these policies. Many insurance companies offer burial insurance policies, so it's important to shop around and compare coverage options and rates.
When selecting a burial insurance policy, it's important to consider the following:
It's also a good idea to discuss burial insurance with your family members or loved ones to ensure they understand your wishes and have the information they need to file a claim.
Burial insurance is an important consideration for anyone in Illinois who wants to ensure their final expenses are covered and their families are not burdened with the financial stress of paying for their funeral and burial. By purchasing burial insurance, you can have peace of mind knowing that your final wishes will be carried out as you desire.
Another benefit of burial insurance is that it is typically easier to qualify for than traditional life insurance policies. Many burial insurance policies do not require a medical exam, and some may only ask a few basic health questions. This can be particularly beneficial for people who have pre-existing health conditions or who may have difficulty obtaining traditional life insurance policies.
In addition to providing financial assistance for funeral and burial expenses, burial insurance can also offer emotional support to families during a difficult time. By having the financial burden lifted from their shoulders, families can focus on grieving and celebrating the life of their loved one, rather than worrying about how to pay for the funeral.
Overall, burial insurance is a valuable investment for anyone in Illinois who wants to ensure their final expenses are covered and their families are not burdened with the financial stress of paying for their funeral and burial. By doing some research, comparing coverage options, and selecting a reputable insurance company, you can find a burial insurance policy that meets your needs and gives you peace of mind.
Can I Buy Burial Insurance in Illinois?
Yes, whether you live in Chicago, Aurora, Joliet, Naperville, Rockford, or anywhere else in the state of Illinois, you may purchase burial insurance coverage.
You have several options to choose from in purchasing burial insurance in Illinois including buying coverage over the internet, calling a life insurance carrier direct, or contacting an insurance agent in your area to request information and a free price quote for your policy.
Burial Insurance is available to all citizens of Illinois who meet the requirements for approval. There may be some age restrictions which vary by insurance carrier.
However, several insurers offer burial expense life insurance plans for people between the ages of 45 to 85. Some of the leading providers of burial policies include Mutual of Omaha, Gerber Life, Met Life, AIG, Gerber and AAA, among others.
Usually, burial life insurance coverage is a type of permanent life insurance that provides a limited amount of life insurance protection that lasts your entire lifetime.
With Burial Plans, you select the amount of coverage you need and there is no health exam or health questions required. These plans are called "Guaranteed Issue" because they guarantee approval for anyone who meets the age requirements for acceptance.
The amount of insurance for burial coverage available will vary by insurer, usually from $2,000 up to $25,000. Note, if you need more insurance, you may purchase a policy from more than one insurance company.
The availability of burial expense plans may vary by insurer, but could be 45-75, 40-80, or 45-85 years of age, to get guaranteed approval insurance for burial and related expenses.
Can I Get Burial Insurance for My Spouse?
Yes. If you are married, you have an Insurable Interest in your spouse, and you may purchase burial coverage on him or her. You can get a burial policy for yourself, and a separate policy on your spouse.
What If I Change My Mind?
Each guaranteed issue life insurance policy from Mutual of Omaha comes with a 30 day Free Look Period, based on the state requirements in your state of residence. This basically gives you a Full Refund of all premiums paid if you return your policy within the Free Look Period, which may vary from 10 days up to 30 days, depending on the state and the insurance company.
While cremations are becoming increasingly popular because they usually cost a lot less than a traditional burial, families may incur extra expenses to hold a service as with any funeral.
A final expense burial policy can make certain that your family has plenty of money to plan a dignified funeral and pay other bills like travel expenses or feeding guests; as well as, paying for the cost of your burial.
Here are some Sample Costs for Burial and Related Expenses:
What is the Average Cost of a Funeral in the USA?
It depends on whether you opt for a burial or cremation.
The average cost of a funeral and burial is $7,360, according to the latest data from the National Funeral Directors Association (NFDA). If you get a vault — required by many cemeteries — that number rises to $8,755.
The average cost of a funeral and cremation is a little lower: $6,260.
Can Life Insurance Help Pay for a Funeral and Burial?
Yes. Your beneficiaries can use the payout from your policy to cover your funeral costs.
If you don’t have coverage in place yet, look into final expense life insurance — a permanent policy that’s specifically designed to pay for end-of-life costs, like a funeral, burial and unpaid medical bills.
Usually marketed to seniors over age 65, these policies are limited to smaller amounts that range from $2,000 to $25,000, and they don’t require a medical exam.
How Much Money Does an Illinois Burial Insurance Policy Cost?
We always suggest shopping around because some burial insurance companies are more competitive than others. Besides that, companies base their rates on health, age, and location.
These are some examples of sample monthly premiums for a burial insurance plan in Illinois for a man who is 67 and doesn’t smoke:
Note: The Illinois burial insurance rates above are just samples, and they could depend upon the company, location, and health underwriting. Either the applicant or family members might pay premiums. Get a FREE Quote.
Even people with pre-existing health conditions can buy a burial policy.
With Guaranteed life insurance for seniors, there are no health questions asked.
However, the insured person has to outlive a waiting period in order to qualify for the entire death benefit from the insurance policy.
Before that, the policy might only refund previous payments (including interest) or pay the beneficiaries a part of the face value.
You can also find simplified issue policies that ask a few health questions, and these are cheaper, offer an immediate death benefit, and might also offer more benefit choices.
Also, some of these guaranteed plans offer life insurance to relatively healthy people over eighty years old.
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
Highly Recommended – Gerber Life
Gerber Life offers guaranteed acceptance whole life insurance for people age 50 to 80. Choose from $3,000 up to $25,000 of coverage. Rates start as low as $17.69 per month. There’s no medical exam and no health questions asked. You cannot be turned down. START HERE to get a FREE Quote.
Do Funeral Homes Sell Burial Insurance Plans?
In some states, funeral homes can sell funeral and burial insurance policies, but there's no need to buy this type of insurance policy from a funeral home. If the funeral home agrees, you can assign the payout to go directly there upon your death to save your loved ones the trouble, but it's important to clear this with the funeral home first.
Is Burial Life Insurance a Good Deal?
Burial insurance coverage is not the only way to cover the cost of your final expenses. However, it can be a good type of insurance plan for people who only want a small life insurance policy and can't qualify for a larger or less expensive type of life insurance plan because of their age or health issues.
What is Covered by Burial Expense Insurance?
Burial insurance is a type of final expense life insurance policy designed to cover the cost of your burial, funeral, or cremation expenses, when you die. After you die, burial life insurance pays the death benefit of your insurance policy directly to your beneficiary, who can use the money in any manner they see fit.
How Much Does Burial Insurance Cost?
The average cost of a burial policy is approximately $40 to $50 per month, and the most common face amount purchased is around $10,000. Your specific premium may be higher or lower depending on your age, gender, health, and the amount of life insurance you purchase.