Affordable Life Insurance Protection for Your Family
Funeral Insurance and How It Works
Are You Looking to Buy Funeral Insurance?
If so, you may be wondering what it is and how it works.
Actually, it’s very simple – it’s a type of life insurance coverage that provides funds that can be used to pay for the cost of your funeral and related final expenses.
Whether you’re age 45 or 85, you may be considering how you’ll cover the cost of your funeral, burial, and other end of life expenses.
That’s where Funeral Insurance can help. You choose an amount of insurance that meets your needs, and the beneficiary who will receive the proceeds from your policy, and they will have the money needed when the time comes, to pay for your funeral and burial.
That means, you’ll have peace of mind knowing your final wishes are taken care of, and your loved ones will not have any financial stress or problems trying to figure out how to pay for your funeral.
How Much Does Funeral Insurance Cost?
The price you pay for funeral life insurance will depend on your age, gender, amount of insurance, and your state of residence, among other things.
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.
There are many contributing factors as to why funeral costs have risen, but the essential components of the funeral remain the same, including:
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 Cover Funeral Expenses?
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 for 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 Medical 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 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 Funeral Insurance?
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" Life 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.
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 (50-75 in NY).
What Insurance Companies Offer Funeral Insurance 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 Issue 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 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. Your parents cannot be turned down. You can get a quote and apply online now. START HERE to get a Free Quote.
Highly Recommended – Met Life
Met Life offers guaranteed acceptance life insurance for people age 45 to 75. Choose $2,500 up to $20,000 of coverage. Rates starts as low as $10 per month. There's no medical exam and no health questions. You cannot be turned down.