Affordable Burial Expense Life Insurance - Cover Funeral & Burial Costs with Peace of Mind
When someone starts exploring a life insurance policy for burial expenses, it can seem like stepping into a perplexing new world.
Yet, it’s an essential conversation. Burial expenses in the USA can range from $7,000 to $12,000, according to the National Funeral Directors Association.
Many seek peace of mind, knowing their family won’t struggle with these costs. That's where guaranteed issue life insurance steps in, promising no health questions and easy approval, which makes it an attractive option for many.
Guide to Burial Expense Life Insurance Plans
Quick Review
A life insurance policy for burial expenses, often referred to as a burial insurance or final expense insurance, is a type of whole life insurance designed to cover the costs associated with a person's funeral and burial.
These policies typically offer smaller coverage amounts compared to traditional life insurance, ranging from a few thousand to around $25,000, and are intended to alleviate the financial burden on the insured's family by covering expenses such as funeral services, caskets, and burial plots.
Burial life insurance policies generally have simplified underwriting processes, making them accessible to individuals who may not qualify for larger life insurance policies due to age or health conditions.
Understanding Guaranteed Approval Life Insurance for Burial Expenses
Guaranteed issue life insurance is a type of whole life insurance designed to cover end-of-life expenses without the hassle of medical exams or health questions.
This is particularly aimed at individuals aged 45-85, including those who may have pre-existing conditions that make traditional insurance challenging to obtain.
It offers coverage ranging typically from $2,000 to $25,000, specifically for final expenses like funerals or medical bills. The simplicity and accessibility make it a go-to for many.
Reasons to Choose Guaranteed Issue Burial Life Insurance
The appeal of guaranteed issue life insurance for covering burial expenses lies in its guaranteed acceptance and ease of purchase.
Here’s why people choose it:
- No medical exam or health questions.
- Guaranteed coverage as long as premiums are paid.
- Fixed premiums that never increase.
- Coverage does not decrease over time.
- Suitable for ages 45-85.
- Offers peace of mind by ensuring your family is not burdened with funeral expenses.
- Available for people previously turned down for life insurance.
Top Guaranteed Issue Burial Life Insurance Company
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
Cost of Burial Life Insurance
Comparing costs is crucial when looking at guaranteed issue burial life insurance.
Let’s consider sample rates from Mutual of Omaha for $10,000 coverage.
- A male non-smoker in excellent health at age 60 might pay around $60 per month, while a female might pay approximately $43.
- By age 65, those rates could rise to about $71 for males and $52 for females.
- By age 70, estimates might hover around $90 for males and $68 for females.
Sample Premiums
Here's a comparison of monthly premiums for $10,000 coverage for non-smokers age 65:
Mutual of Omaha:
- Male: Close to $70.80/month for $10,000 coverage.
- Female: About $51.70/month for $10,000 coverage.
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Average Cost of Burial Final Expenses 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
Eligibility Requirements for Burial Insurance
For those seeking burial life insurance knowing eligibility criteria is crucial:
- Age: Most policies are available to those aged 45 to 85.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Payment Ability: Must demonstrate the ability to pay consistent premiums.
Average Funeral and Burial Cost in the U.S.A.
As you assess the costs, it's valuable to consider the average funeral and burial expenses in the USA, which sit around $8,592.
These figures help underline the adequacy of coverage amounts typically offered by guaranteed acceptance life insurance policies.
Understanding the average burial and funeral cost in the U.S.A. helps underscore the importance of such a policy.
By planning with life insurance for burial expenses, you can ensure that your loved ones are not left with this financial burden during a difficult emotional time.
Coverage Amounts Available
Evaluating coverage levels is another key step.
Guaranteed issue plans usually provide coverage amounts between $2,000 and $25,000.
For individuals planning their end-of-life expenses, it’s important to ensure these amounts align with the costs they expect to incur.
This type of insurance is ideal for covering not only funerals but also any other final expenses that might arise.
The average funeral expenses in the U.S. can quickly add up.
On average, a traditional funeral costs between $7,000 and $12,000, which aligns with reports from the National Funeral Directors Association.
These costs include services such as embalming, a service fee, and the casket, so having coverage that matches or slightly exceeds this range is beneficial.
Benefits of Guaranteed Issue Life Insurance Policies for Burial Expenses
Here are some standout features and benefits that clients enjoy about guaranteed issue life insurance designed for burial expenses:
- Easy approval process.
- No medical examination required.
- Premiums that never increase.
- Coverage stays the same throughout your lifetime.
- Policies specifically structured to cover final expenses.
- Quick payout to beneficiaries, ensuring timely financial support.
Real-Life Examples of Guaranteed Issue Life Insurance for Burial Expenses
Here are three concise real-life examples of guaranteed issue life insurance for burial expenses:
Elderly Parent with Health Issues
A 72-year-old with heart disease buys a $10,000 policy to cover cremation costs, ensuring her family isn’t burdened.
Terminal Illness Coverage
A 58-year-old with cancer secures a $15,000 policy so his family can afford a simple funeral without debt.
Low-Income Senior Planning Ahead
A 65-year-old on a fixed income gets a $5,000 policy to pay for her burial, avoiding financial stress for her children.
Why It Works: No medical exams, quick approval, and ensures burial and funeral costs are covered.
Is Burial Life Insurance Right for You?
For someone considering whether guaranteed issue burial life insurance is the right choice, start by reflecting on these questions:
- Do you want a straightforward policy without health exams?
- Are burial expenses your primary concern?
- Would fixed costs and lifelong coverage provide peace of mind?
If your answer to these is yes, and if you fall within the typical age bracket, this type of policy could be a perfect fit.
Financial Planning
Planning financially is key.
Guaranteed issue life insurance helps you lock in a plan that ensures your family isn’t left to shoulder the cost of your final expenses.
In this way, you're sparing them financial and emotional stress on top of their grief. The American Council of Life Insurers suggests it’s a step forward in life insurance planning.
Weigh The Pros and Cons
Making informed choices about life insurance involves weighing the pros and cons.
You'll want to weigh simplicity and guaranteed acceptance against waiting periods—often full benefits aren’t available until the policy’s been in effect for a couple of years.
For folks who have health concerns or have been denied traditional coverage, this can still be a viable path to ensure they're covered.
Affordable Fixed Premiums
Remember, fixed income or retirement doesn’t have to mean financial limitations for coverage.
Guaranteed issue life insurance shines as a manageable option, especially when compared with other policy costs that typically rise significantly with age or health issues.
Easy to Get Insured
Another consideration is simplicity. Many turn to guaranteed issue burial life insurance because they’ve seen complications arise when others have relied on prepaid funeral plans. This insurance offers not only coverage but a peace of mind that it’s regulated and portable.
Guaranteed Approval for Coverage
Those concerned about being denied due to age or health will find these plans particularly consoling. They’re designed strategically to cover this gap, recognizing that traditional insurers often shy from high-risk applicants.
Protect Your Loved Ones
For coverage that's entirely focused on final expenses—what some refer to as "life insurance for burial only"—this approach makes sense.
It's a targeted solution for an unavoidable life chapter, creating a safety net dedicated solely to easing your family's financial load.
Is Life Insurance for Burial Expenses Worth It?
If you're asking, "Is life insurance policy for burial expenses worth it?" Consider the total picture: Your financial status, family needs, and peace of mind matter most.
Understanding all your options and what you’re personally comfortable with is imperative to follow through confidently.
Ultimately, discussing a guaranteed issue burial life insurance with a trusted advisor or directly with insurance providers will empower you to decide the best steps moving forward.
Whether you're looking to gather more information, request a free quote, or pinpoint the best plan, this journey can help solidify a comprehensive plan to meet your needs and ensure your family’s future is secure.
As you consider taking action, reaching out for a free quote is an excellent way to begin comparing policies. By chatting with providers like Mutual of Omaha, you can confirm the premiums, coverage options, and any unique features that suit your personal circumstances.
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 Policy for Burial Expenses
Disclosure: Compensated Affiliate