Affordable Funeral Insurance Under 50 - Guaranteed Issue 18-85, No Medical Exams or Health Questions

It's never too early to think about securing peace of mind for your loved ones. At under 50 years old, funeral insurance might not be the first thing on your mind, yet it offers affordability and essential financial preparedness.

Understanding the ins and outs of funeral insurance under 50 is crucial for making an informed choice. This article aims to provide the knowledge you need to choose a policy that fits your budget and meets your needs.

Guide to Funeral Insurance for People Under 50

Quick Review

Funeral insurance under 50 refers to a type of insurance policy designed to cover funeral and burial expenses for individuals under the age of 50. These policies typically offer a smaller coverage amount compared to traditional life insurance, focusing specifically on end-of-life costs. They are often marketed as an affordable option for younger individuals who want to ensure that their funeral expenses are covered without burdening their loved ones financially. Premiums are generally lower for younger policyholders, making it an attractive option for those seeking peace of mind regarding future funeral costs.

Understanding Funeral Insurance Coverage

Funeral insurance, also known as burial or final expense insurance, provides a smaller death benefit designed specifically to cover funeral and burial costs. It works much like traditional life insurance but focuses on helping your family manage funeral expenses.

This policy pays a designated beneficiary a set amount upon the policyholder's death, usually between $5,000 and $25,000, ensuring that loved ones aren’t left with the hefty average funeral costs in the U.S., which range from $7,000 to $12,000.

Average Funeral and Burial Cost in the U.S.A.

On average, funeral and burial expenses in the U.S. can be financially overwhelming, which is why planning ahead is vital. Typical costs include the funeral service itself, casket or urn purchases, burial plots, headstones, flowers, and death certificates. These costs add up quickly, highlighting the value of having an insurance policy to buffer financial impact.

As you assess the costs, it's valuable to consider the average funeral and burial expenses in the U.S.A., which sit around $8,592. These figures help underline the adequacy of coverage amounts typically offered by guaranteed acceptance life insurance policies.

Top Funeral Life Insurance Companies

When selecting funeral insurance, comparing providers is crucial. Two significant players in the field are Allstate Benefits Insurance Company and Mutual of Omaha.

When comparing Allstate Benefits and Mutual of Omaha, it's essential to consider both the features and limitations of each.

Allstate Benefits offers higher coverage amounts and no waiting periods, which could be beneficial for those who want immediate assurance. Both offer level premiums and coverage, but consider the maximum coverage, waiting period options, and additional benefits when choosing.

Recent A.M. Best ratings highlight the financial strength of both companies, with Mutual of Omaha and Allstate Benefits both holding an "A+" rating, confirming their stability and reliability for policyholders.

Features of Allstate Benefits vs. Mutual of Omaha

Let's break down the features of Allstate Benefits vs. Mutual of Omaha for guaranteed acceptance coverage.

Allstate Benefits Insurance Company

• Guaranteed Acceptance: Ages 18-70
• Coverage Amount: $10,000 up $75,000
• Available in every state and DC (except NY)
• No Medical Exam Required
• No Health Questions Asked
• No Waiting Period
• No 2 Year Graded Death Benefit
• Policy builds cash value, loan available
• Lifetime protection
• Premiums never increases, coverage never decreases

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NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.

The policy goes In Force on the first day of the month after it's purchased.For example, if the policy was purchased during the month of January, it would be active February 1st.

Mutual of Omaha

• Guaranteed Acceptance: Ages 45-85 (50-75 in NY)
• Coverage Amount: $2,000 up to $25,000
• Two year waiting period limited death benefit
• No physical exam
• No health questions asked
• 30 day money-back guarantee
• Policy builds cash value, loan available
• Lifetime protection
• Premiums never increase, coverage never decreases

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Eligibility Requirements

Understanding eligibility is vital when considering funeral insurance. Allstate Benefits and Mutual of Omaha have varying criteria.

For Allstate, eligibility ranges from ages 18 to 70, suitable for young adults seeking early financial security.

Mutual of Omaha accepts applicants aged 45 to 85, offering guaranteed acceptance for those who want to bypass lengthy medical examinations or underwriting processes, ideal for individuals with pre-existing conditions.

Cost of Funeral Life Insurance

Cost is always a significant consideration. These rates are subject to change based on various factors such as health status and benefit exclusions.

However, once you start your coverage, the rate you pay is locked-in (will never increase).

The pricing of guaranteed issue funeral insurance is determined by several factors including age, gender, health condition, and the amount of coverage desired.

Common premium payment options include monthly, quarterly, or annual payments, making it flexible for your budget.

Sample Premiums

Here's a comparison of monthly premiums for $10,000 coverage for non-smokers age 45:

Allstate Benefits:

• Male: Approximately $21.68/month for $10,000 coverage.
• Female: Around $21.68/month for $10,000 coverage.
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Mutual of Omaha:

• Male: Close to $36.40/month for $10,000 coverage.
• Female: About $27.90/month for $10,000 coverage.
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Reasons to Buy Funeral Insurance

There are several compelling reasons to purchase funeral insurance under 50: 

• To protect your family from unexpected financial burdens.
• To cover ancillary costs like medical bills or travel for relatives.
• To secure lower premiums that come with young age.
• To manage costs proactively, especially for those without existing life insurance.
• To ensure financial resources are available regardless of personal savings.

Average Cost of Funeral and Burial in the USA

• Basic Services:                     $2,135
• Transfer to Funeral Home:     $373
• Embalming:                          $763
• Dressing and Casketing:         $264
• Viewing:                               $463
• Ceremony:                            $548
• Hearse:                                 $354
• Utility Vehicle:                        $190
• Median-Priced Casket:            $3,500
• Total Cost:                             $8,592

Factors to Consider

When buying funeral insurance, consider these factors:

• Coverage amount versus anticipated expenses.
• Fixed premiums that fit your budget.
• Insurance provider reputation and customer service.
• Policy terms, such as waiting periods and cash value options.
• Flexibility in policy terms for future adjustments.

How to Buy Funeral Insurance

The steps to purchase funeral insurance include:

• Determine your coverage needs and budget.
• Research insurers and compare offerings.
• Obtain multiple quotes and read the fine print.
• Choose a policy with the most favorable terms.
• Apply, ensuring you meet eligibility requirements.
• Keep your beneficiary information updated.

Is Funeral Insurance Right for You?

If affordability and simplified coverage are priorities, especially if traditional life insurance seems daunting or financially out of reach, funeral insurance could be appropriate.

It's particularly beneficial for those who want to avoid burdening their families, have experienced recent losses, or seek to prepare against unexpected events.

As someone under 50, you're in an advantageous position to secure lower rates and avoid future financial pitfalls.

Securing a funeral insurance policy now offers long-term benefits and cost savings, fitting into a wider financial strategy that includes protecting assets and ensuring your family's stability.

Affordable Plans

Affordability is a primary motivator for those seeking funeral insurance under 50 years old.

With standard life insurance often expensive at this life stage, smaller burial insurance premiums can be more manageable, with policies available for as low as $10 per month depending on coverage level and provider.

Health Issues – No Problem

Health considerations also play a role here. Simplified or guaranteed-issue insurance policies mean that minor health conditions may not disqualify you, providing a safety net often unseen with traditional options. This appeals significantly to those with family medical histories that might otherwise make insurance acquisition tricky.

Not Burden Family

Life’s responsibilities grow with age. Whether it’s ensuring young families or aging parents aren’t left to shoulder financial burdens, funeral insurance can fill this protective gap. By choosing a funeral insurance policy, you’re contributing to ensuring dependents won’t be caught unprepared.

Planning ahead for funeral expenses is more than a financial decision; it’s a compassionate act for your family. In the U.S., the average cost of a funeral can be financially daunting.

The cost covers several elements like caskets, funeral home services, and burial or cremation fees. According to the National Funeral Directors Association, funeral costs have been steadily rising, making advance planning crucial.

Premiums Never Increase

For many, cost sensitivity is crucial. Many policies under the funeral insurance umbrella offer fixed rates, avoiding the hiking prices frequently associated with other insurance types. This predictability can help you maintain coverage without worrying about rate increases.

Peace of Mind

Triggering events often lead to taking concrete steps.

A recent death, health scare, or advice from a financial advisor may ignite interest in funeral insurance, offering both coverage and peace of mind.

Such events can act as valuable reminders to evaluate current contingency plans.

Summary

With this knowledge, you're equipped to make an informed decision.

By securing an appropriate plan, you can ensure that when the time comes, your family is financially protected from immediate expenses, allowing them to focus on what truly matters—celebrating the life and legacy you leave behind.

If you're considering applying for a policy, it's a great time to request a free quote.

This gives insight into what might be available for your unique circumstances and aids in comparing providers like Allstate Benefits and Mutual of Omaha, allowing you to see which aligns best with your needs.

Funeral Life Insurance Quotes

Top Pick – Allstate Benefits Insurance Company

Allstate Benefit's Guaranteed Acceptance policy offers $10,000 to $75,000 of coverage to working applicants between the ages of 18 and 70. Rates start as low as $9.65 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply today. Start Here to get a FREE Quote.

NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.

Highly Recommended – 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.

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