Life Insurance for Burial Only
Life insurance for burial only, often called "burial insurance" or "final expense insurance," offers a targeted solution for those planning their final arrangements.
Specifically designed to cover funeral and burial costs, this type of policy ensures that loved ones are not financially burdened during an already difficult time.
Guide to Buying Life Insurance for Burial Expenses
Quick Review
Life insurance for burial only, often referred to as burial insurance or final expense insurance, is a type of life insurance policy designed specifically to cover the costs associated with a person's funeral and burial expenses.
These policies typically offer smaller death benefits compared to traditional life insurance, usually ranging from $5,000 to $25,000, and are intended to alleviate the financial burden on the deceased's family.
Burial insurance is generally easier to qualify for, with simplified underwriting processes and no medical exams required, making it accessible to older adults or those with health issues.
Burial Life Insurance Explained
Understanding coverage options is crucial when considering burial insurance. Typically, these policies provide coverage amounts ranging from $5,000 to $25,000. Premiums are usually fixed, meaning they won't increase as you age. The terms and conditions often include a guaranteed acceptance feature, especially beneficial for those with health issues.
Compare Insurance Carriers
When it comes to comparing providers, the market is filled with reputable companies offering burial insurance. Providers like Mutual of Omaha, Met Life, and Colonial Penn offer policies with similar features but different premiums and benefits. Their policies often include no medical exam requirements and fast approval processes.
Top Guaranteed Issue Burial Life Insurance Companies
- 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
Cost of Coverage
Calculating costs is a significant step in choosing the right policy. The average funeral costs range between $7,000 to $12,000, according to the National Funeral Directors Association.
Therefore, estimating these expenses will help determine the necessary coverage.
Generally, premiums for a $10,000 policy can be around $50 per month, but this varies by age and health status.
Request a FREE Quote
Making a purchase decision on a burial insurance policy involves gathering all the necessary information.
It’s wise to request a free burial life insurance quote from various providers to compare rates and coverage options side-by-side. This step ensures an informed decision, fitting both needs and budget.
Benefits of Burial Life Insurance
The benefits of having a burial insurance policy extend beyond just financial security.
It offers peace of mind knowing that your final wishes will be fulfilled without imposing financial hardship on your loved ones.
Additionally, policies often accumulate some cash value over time, offering a small loan option if needed.
Seniors
Those considering life insurance for burial expenses only typically fall within a specific demographic profile: often seniors, moderate to lower income, possibly dealing with health issues, and focused on end-of-life planning.
These individuals understand the high costs associated with funerals and are looking for a straightforward way to cover these expenses.
Health Issues
Health considerations play a crucial role in qualifying for traditional life insurance. Burial insurance, however, is often available with minimal underwriting requirements.
Many policies do not require medical exams or any health questions, and offer guaranteed acceptance, making them ideal for those with pre-existing health conditions.
Plan for Final Expenses
Burial insurance policyholders are often those who have experienced the death of a loved one and encountered the high costs of funerals firsthand. This experience highlights the necessity of planning for such expenses to avoid leaving the burden on family members.
Peace of Mind
Planning ahead for your final expenses is a responsible way to ensure peace of mind. Funerals can be a heavy financial burden if not planned for.
Burial insurance takes this worry off your family's shoulders, allowing them to focus on celebrating your life rather than financing its end.
Affordable and Practical Coverage
For individuals without existing life insurance or whose current policies are insufficient, burial insurance offers a targeted solution. By focusing solely on covering funeral and burial expenses, these policies are both affordable and practical.
Responsible Choice
Family responsibilities are another driver for purchasing burial insurance. Individuals want to protect their loved ones from financial strain, ensuring a dignified farewell without the stress of monetary concerns.
Simple and Easy Approval
The simplicity and ease of acquiring burial insurance make it an attractive option. Policies often feature straightforward application processes, immediate approval, and clear terms.
Many seniors appreciate the no medical exam requirement, speeding up the approval process.
Burial and Funeral Insurance Trends
The American Council of Life Insurers (ACLI) reports that the number of final expense policies is on the rise, reflecting an increasing awareness of the high costs associated with funerals. This trend underscores the growing importance of having a dedicated policy for these expenses.
Cost of Funerals / Burials Increasing
According to the National Association of Insurance Commissioners (NAIC), the median cost of a funeral in the U.S. has been steadily increasing over the years. This rising expense makes it even more critical for individuals to consider burial insurance as a viable solution.
Example of Life Insurance for Burial Coverage
Anecdotally, many seniors find immense relief in knowing that their final expenses are taken care of.
A friend’s story of how a burial insurance policy provided for their mother’s funeral without financial strain perfectly illustrates the peace of mind this coverage can offer.
Guaranteed Acceptance Plans
For those over 50, and definitely for seniors over 70 or 80, the urgency to secure burial insurance can be even higher. Given the increased likelihood of health issues, the guaranteed acceptance feature becomes particularly appealing. Get a FREE Quote.
Applying for Coverage
Applying for burial insurance is straightforward. Most providers offer online applications, allowing you to receive a free quote quickly.
Once you compare the options, selecting the best policy involves looking at coverage amounts, premiums, and any additional benefits.
Summary
Life insurance for burial only is a practical and compassionate choice for those planning their final arrangements. It offers peace of mind, financial security, and ensures that loved ones are not left with a heavy financial burden during an emotionally challenging time.
For those interested in exploring burial insurance, the next step is to request a free quote.
Compare different policies, speak with representatives, and select the plan that best meets your needs and budget. This thoughtful decision will provide lasting peace of mind for you and your family.
Burial Life 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
Life Insurance for Burial Only
Disclosure: Compensated Affiliate