Guide to Burial Insurance in Memphis TN

What is Memphis Burial Insurance Coverage?

Simply put, it's a type of life insurance designed specifically to cover your final expenses such as burial, funeral and other end of life related costs.

It is typically a whole life insurance policy with a smaller death benefit ranging from $5,000 to $25,000. This provides a financial cushion for your loved ones in a difficult time without adding further distress or financial hardship.

Learn How Burial Insurance Works in Memphis

Let's look at how it works. The policyholder pays regular premiums to the insurance company to keep the life insurance policy active.

Upon the policyholder's death, the death benefit, up to the policy's coverage limit, is paid out to designated beneficiaries who can use the funds at their discretion, traditionally to cover the cost of burial expenses and funeral arrangements.

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Best Burial Insurance Companies in Memphis

If you're shopping for burial insurance, some highly recommended companies include Mutual of Omaha, MetLife and Colonial Penn among others.

Each insurer provides unique packages and premiums so it's essential to select one that best fits your financial situation and anticipated final expenses.

Mutual of Omaha

• Up to $25,000 of coverage
• No physical exam and no health questions asked
• Guaranteed Acceptance ages 45-85 (50-75 in NY)
• 30 day money-back guarantee.
• Two year limited benefit period

Met Life

• Rates as low as $10 per month.
• Guaranteed Issue for ages 45-75.
• Up to $20,000 of coverage available.
• No medical examination required.
• Two year limited benefit period.

Colonial Penn

• Exclusively for ages 50 - 85 (most states)
• You cannot be turned down because of your health
• There are no health questions asked and no physicals to take
• Two year limited benefit period

In some cases, people who would be turned down for a life insurance policy are those who have medical issues. These people do have an option because there are life insurance companies that will write a guaranteed issue life insurance policy for them.

These life insurance policies do not require that applicants take a medical examination. Anyone in any situation can apply for this type of life insurance coverage, and they are guaranteed to receive a policy.

Benefits of Burial Insurance in Memphis

Owning a burial insurance policy can be beneficial for several reasons.

Firstly, it ensures your funeral and burial costs are covered without being a financial burden to your loved ones.

Secondly, it provides peace of mind knowing end-of-life expenses are taken care of.

Lastly, with no medical exam required, it is a feasible option for those with preexisting health conditions.

Limitations on Memphis Burial Insurance

Despite its benefits, there are limitations to be aware of.

For one, coverage may be limited during the initial two-year period, often referred to as a graded death benefit.

Another limitation is the small death benefit which often covers only basic end-of-life expenses.

Maximum Amount of Burial Insurance Available

So, how much burial insurance can you purchase?

This largely depends on your budget, age, health, and your perceived final expenses.

A typical burial insurance policy in Memphis can range between $2,000 to $25,000 in coverage.

The maximum amount available is usually $25,000 but if you need more you may purchase an additional policy from another insurance carrier.

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Is a Medical Examination Required?

No. The choice to skip medical exams is one of the appealing features of burial insurance.

The approval process is usually smooth and straightforward with no physical examinations to worry about.

Your age, gender, state of residence, amount of coverage, and tobacco use, might be all that's required for a price quote.

There are no health questions asked when you apply for coverage with a guaranteed approval policy.

Can I Buy Burial Insurance on My Spouse?

Yes, you can buy burial insurance on your spouse.

This offers double security for your family since both of you would be covered under separate policies.

Your loved ones (beneficiaries) would receive the death benefit upon the death of either spouse, thereby ensuring peace of mind for everyone involved.

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Pros and Cons of Memphis Burial Insurance Plans

Like any financial decision, burial insurance has its pros and cons.

Pros

On the positive side, it provides immediate access to funds for funeral expenses, has typically no waiting period, the premium amounts are fixed, it builds cash value over time, and no medical exam is required.

Cons

On the downside, the policy may be more expensive than term life insurance and some policies have a graded death benefit for the first couple of years.

Pricing Factors for Burial Life Insurance

Pricing factors in burial coverage usually include:

• Age
• Gender
• Coverage Amount
• Tobacco Use
• State of Residence
• Premium Payment Option

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Statistics About Burial Insurance in Memphis

On average, the cost of burial insurance in Memphis, Tennessee for a 50-year-old male or female opting for a $10,000 policy is between $25 to $45 per month.

Memphis has an average life expectancy of around 76 years in 2024. This useful statistic helps in you in making a wise decision on when to purchase a burial insurance policy.

Funeral and burial related expenses in Memphis can range from $7,000 to $10,000 in 2024.

Memphis Burial Insurance Statistics

• Expected Memphis, TN lifespan: 76
• Average Memphis, TN household income: $50,622
• Typical cost of a TN funeral and burial: Over $8,140
• Typical cost of a TN cremation package: From $1,936

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.

Burial Expenses in Memphis TN

Here are some Sample Costs for Burial and Related Expenses:

• Metal Casket - $3,500
• Funeral Service Fee - $2,150
• Transfer to Funeral Home - $302
• Viewing - $410
• Ceremony - $458
• Vault - $1,395
• Cremation Casket - $1,200
• Embalming - $714
• Cremation Fee - $350
• Hearse - $270
• Transportation - $138
• Urn - $295
• Cosmetic Preparations - $200
• Pamphlets / Prayer Cards - $175
• Headstone - $199 to $10,000
• Burial Plot - $1,000 - $4,000
• Flowers - $75 or more

What is the Average Cost of a Funeral and Burial in the USA?

It depends on whether you opt for a burial or cremation.

The average cost of a funeral and burial is $8,593, according to the latest data from the National Funeral Directors Association (NFDA).

The average cost of a direct cremation is $2,194.

A burial insurance policy helps in managing these costs without encumbering loved ones.

Planning for final expenses while keeping a fixed income in mind can be tough.

Here's where a burial insurance policy is particularly beneficial. Its affordable premiums and guaranteed acceptance (for individuals ages 45 to 85) prevent significant harm to your budget while ensuring your loved ones aren't burdened with burial costs.

Requesting Memphis Burial Insurance Quotes

Acquiring a burial insurance quote is quite straightforward.

Each insurer provides an online portal where you can request your free quote or alternatively contact their customer service for assistance.

Simply provide the necessary details and you'll be provided with a customized quote tailored to your needs.

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Reasons to Buy Memphis Burial Insurance

Burial insurance is an excellent way to secure your family’s peace of mind. Seniors often worry about leaving loved ones with the burden of debt, especially the costs associated with final expenses. Investing in a burial insurance policy helps safeguard your family's future.

Despite its seemingly grim essence, burial insurance is an essential aspect of end-of-life financial planning. Not only does it help cover impending burial costs but also any remaining debts, giving your family the freedom to mourn without worrying about the financial consequences.

Acquiring burial insurance is quick and easy. Simply fill out a short application, in most cases, no medical exam or doctor’s visit is required, ensuring a hassle-free approval process. You can have peace of mind knowing you're insured with a safe, financially strong insurance company.

One of the key selling points of burial insurance is its guaranteed acceptance for seniors up to the age of 85

This means even if you have been turned down before due to pre-existing health conditions or old age, you will still be accepted - a significant relief for many.

Burial insurance is definitely a wise choice for those residing in Memphis, considering the city's life expectancy and average burial costs. It helps securing proper arrangements for your final sendoff without putting financial stress on your family or dipping into your hard-earned savings.

Reasons Why You Should Consider Burial Insurance

1. Peace of Mind for Your Loved Ones: Burial insurance provides you and your family with peace of mind knowing that when the time comes, your funeral expenses will be covered. It relieves the financial burden on your loved ones during an already difficult time, allowing them to focus on honoring your memory rather than worrying about expenses.
2. Protect Your Family's Finances: Funeral costs can be a significant financial burden for families, often running into thousands of dollars. Burial insurance ensures that your family doesn't have to dip into savings or take on debt to cover these expenses. By purchasing burial insurance, you're safeguarding your family's financial stability.
3. Customize Your Final Wishes: Burial insurance allows you to plan your funeral according to your wishes. Whether you prefer a traditional burial, cremation, or something more unique, you can tailor your policy to cover the expenses associated with your chosen arrangements. This ensures that your final farewell reflects your personality and values.
4. No Medical Exam Required: Unlike many other types of insurance, burial insurance typically doesn't require a medical exam. This means that even if you have pre-existing health conditions or are elderly, you can still qualify for coverage. It offers a straightforward and accessible option for individuals who may have difficulty obtaining other types of insurance.
5. Lock in Affordable Rates: Purchasing burial insurance at a younger age can lock in lower premiums. By securing coverage early, you can ensure that your rates remain affordable throughout your life. This proactive approach not only provides financial protection for your family but also saves you money in the long run.
6. Ease the Burden on Executors: Without burial insurance, your loved ones may face the daunting task of figuring out how to cover your funeral expenses. By investing in burial insurance, you alleviate this responsibility from your executors. You provide them with a clear plan and the necessary funds to carry out your final arrangements with ease.
7. Leave a Lasting Legacy: Beyond covering funeral expenses, burial insurance allows you to leave a meaningful legacy for your loved ones. It demonstrates your thoughtfulness and care by ensuring that they are taken care of even after you're gone. It's a tangible way to show your affection and provide support during a challenging time.

Burial insurance offers numerous benefits that extend far beyond financial coverage. It provides peace of mind, protects your family's finances, allows you to customize your final wishes, and leaves a lasting legacy of care and consideration. Consider investing in burial insurance to ensure that your loved ones are supported during one of life's most difficult moments.

Summary

Purchasing burial insurance in Memphis symbolizes a thoughtful financial decision fostering financial security and emotional peace of mind. It's never too early to plan ahead - secure your legacy now and ensure the financial security of your loved ones in future.

By now, you should have a solid understanding about burial insurance, its workings, benefits, and pitfalls. The next step is to acquire your free burial life insurance quote and begin the journey towards assuring you've planned ahead for yourself and your loved ones. So, why wait? Start today. Opt for the secure future which you and your family deserve.

Memphis Burial Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 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. 

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

Burial Insurance in Memphis TN