Funeral Insurance Companies
Review of Leading Funeral Insurance Companies
If you’re looking for life insurance to cover the cost of your funeral expenses you may want to learn about funeral insurance companies and which insurers offer the best funeral plan.
Today there are several highly-rated insurance companies that offer affordable funeral life insurance protection for those in need of insurance to pay for their final expenses, including funeral and burial costs.
Did you know the average cost of a funeral in America is around $8,543? That’s right, according to a recent survey of the National Funeral Directors Association. These costs usually include your funeral, flowers, casket, burial plot, memorial service, hearse and other related costs.
Many people plan ahead and choose to purchase a funeral policy so their family members will not have to carry the financial burden of paying for a funeral.
By purchasing funeral insurance, you can rest assured you have prepared for the inevitable, and made certain the cost of your funeral and burial expenses are paid for, without creating any undue financial burden for your loved ones.
Top Funeral Insurance Companies
Here is a review of some of the leading insurance companies offering guaranteed issue life insurance coverage to pay for your funeral and burial costs.
- Up to $25,000 of coverage age 45-85 in most states
- No doctor exam and no health questions asked
- Guaranteed Acceptance
- 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.
AARP/NewYork Life
- Up to $15,000 permanent group life insurance
- Exclusively for AARP members
- No medical exam and no health questions
- 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
These life insurance policies do not require that applicants take a medical exam. Anyone in any situation can apply for this type of coverage, and they are guaranteed to receive a policy, if they meet the age requirement for acceptance.
The guaranteed issue funeral life insurance policy is a good option for people looking for life insurance who have been in the following situations:
- They have had a heart attack recently
- They have received a diagnosis of a serious medical condition
- They have been denied for coverage by other life insurance companies
- Their medical conditions are serious but not terminal
- They are obese or a heavy smoker
How Much Does a Funeral and Burial Cost?
The average funeral costs around $8,543 today. That is up significantly from about $6,000 from the turn of the 21st century. This figure is according to a recent survey conducted on behalf of the National Funeral Directors Association.
Common Funeral Costs
There are many contributing factors as to why funeral costs have risen, but the essential components of the funeral remain the same, including:
- Funeral
- Memorial Service
- Remembrance Cards
- Burial Casket
- Basic Services
- Grave Marker
- Clothes or Shroud
- Burial Plot
- Embalming
- Flowers
- Hearse
There may be other expenses associated with your funeral depending on the funeral home that you choose and the type of burial casket, grave marker, and services you want provided.
For example, a chapel service can run you a considerable amount, especially if the service is conducted at a facility separate from the funeral home.
How Much Insurance Do You Need to the Cost of a Funeral?
So, how much insurance do you really need?
Since the average cost of a funeral and related burial expenses is around $8,500 you’ll probably want to use that figure as a benchmark.
Next, how much money will you have saved to pay for your funeral expenses?
If you have nothing saved you probably need around $8,500 of insurance to cover your final expenses.
Life Insurance to Cover Funeral Costs
Now, you’ll also want to choose a permanent life insurance policy which means, you will have life insurance protection that is guaranteed to last for your entire lifetime – you will not outlive the duration of your insurance.
That way, as long as you pay your premiums on time, the death benefit will be paid out on your insurance when you pass away.
Will I Have to Take a Physical Exam?
Usually, life insurance plans for funeral and burial expenses are non-medical, which means there is no physical examination required.
What If I Have Serious Health Problems?
If you have any pre-existing health conditions you may find it difficult to get approved for life insurance, and it may be very costly.
Am I Too Old to Get a Funeral Policy?
If you are over age 70 or 75, you may find it difficult to find an affordable life insurance plan, if you are approved for life insurance.
Have You Been Turned Down for Life Insurance?
If you have already applied for a life insurance policy and been turned down you may be wondering what options you have left to get insured.
"Guaranteed Issue" Funeral Expense Insurance
Whether you are over 75, have a health problem, or have been denied life insurance, you can get life insurance to cover your funeral expenses.
It’s called Guaranteed Issue whole life insurance because it guarantees your approval for coverage regardless of your health.
Age Requirements for Funeral Coverage
As long as you meet the age requirements, you can get life insurance to pay for your funeral costs. One leading life insurer offers guaranteed approval plans for people ages 45 to 85.
Which Insurance Carriers Offer Funeral Plans?
There are several highly-rated insurance carriers that offer life insurance to cover funeral costs, including Mutual of Omaha, MetLife, Gerber, AARP/NewYork Life, Colonial Penn, Kemper, Fidelity, AIG, AAA Life, and Foresters, among others.
How Much Guaranteed Acceptance Funeral Insurance is Available?
Mutual of Omaha Life offers up to $25,000 of life insurance with guaranteed approval.
What If I Change My Mind After Buying a Policy?
With Mutual of Omaha your life insurance policy comes with a 30-day money-back guarantee.
That means, you have 30 days after receiving your policy to review it and decide if you want to keep your coverage. If you don’t want the life insurance you can return your policy within 30 days to get a full refund of all premiums paid.
Can I Get Funeral Expenses Insurance for My Spouse, Too?
Yes, guaranteed life insurance coverage is available for spouses, and you can get life insurance on your spouse.
Funeral Insurance Quotes
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.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
Highly Recommended – Met Life
MetLife offers guaranteed issue life insurance for people age 45 to 75. Choose $2,500 up to $20,000 of coverage. Rates start as low as $10 per month. There’s no medical exam and no health questions. You cannot be turned down.
Can I Buy Funeral Insurance for My Parents?
Mutual of Omaha vs Funeral Advantage
Disclosure: Compensated Affiliate