for funerals and final expenses
No waiting period for those who qualify. Need help? Call 1.866.526.7264.
Burial insurance, or Final Expense Insurance is a whole life insurance policy that usually is offered between the ages of 40 to 90. The policy can often range between $2,000 to $50,000 (age restrictions apply). Over 90% of people who buy burial insurance are seniors. Since most of them are on a limited income, burial insurance cost dictates how much coverage they will end up purchasing. Many a times, you will also hear the phrase funeral insurance instead of burial insurance or, final expense insurance. They mostly mean the same. The idea is to make the funds available to your loved ones at the time of need. In nutshell, burial insurance is nothing but senior life insurance. There are dozens of life insurers that specialize in burial insurance plans.
It is important to note that these are mostly simplified issue plans. Therefore, there is no medical exam required to qualify for this coverage. The cost of burial can range between $8,000 to $25,000, depending upon your need and where you live. Once you are ready to protect your loved ones from financial embarrassment in the end, we shop the market for you to find you an affordable burial life insurance plan from one of the best burial insurance companies.
Various kinds of burial of final expense insurance plans:
- Level coverage burial insurance plans – Simplified Issue
There is no waiting period. As soon the insurance company approves you and you pay your first premium, your coverage becomes active. In order to qualify, you answer a few questions about your health and lifestyle. These simplified issue Level whole life insurance plans cover you for the rest of your life. Most people who qualify for these plans are those who are not suffering from severe health conditions.
- Graded burial insurance plans – Simplified Issue
Graded burial life plans usually delay fully activating the policy for a period of two or three years. If death occurs within this period of time, the insurer will pay and a percentage of the death benefit, usually 30% in the first year, 70% in the second year. After the graded period, the full coverage applies. If, however, death occurs due to an accident at any time after purchase, the policy offers a full death benefit. In order to qualify, you must answer a few health and lifestyle-related questions. The maximum coverage amount available in these plans varies by age and can range between $10,000 and $50,000.
- Modified burial insurance plans (Return of Premium) – Simplified Issue
These burial insurance plans also delay fully activating the policy for a period of two or three years. If you happen to die during that time, instead of paying a percentage of the death benefit, the insurance carrier returns the premiums you paid with interest (usually between 5 to 10%) to the beneficiary. But if you live beyond the first two or three years (depending upon the carrier), 100% of the death benefit goes to the beneficiary federal income tax free. The accidental death clause applies – if the death occurs due to an accident in the first two years. The full death benefit is paid. Accidental death nullifies the two year waiting period. The maximum coverage amount available in these plans varies by age and can range between $10,000 and $50,000. In order to qualify, you must answer a few health and lifestyle-related questions.
- Guaranteed Issue or Guaranteed Acceptance Burial Insurance Plans
These plans are available to those who do not otherwise qualify for any life insurance plan due to a severe health condition. These plans are also graded or modified and are the most expensive type of burial insurance plans. There are no questions to answer. The usual range of coverage guaranteed acceptance plans is between $2,000 and $35,000.
A few of our highly rated and competitive companies offering guaranteed acceptance funeral insurance for seniors include AIG, Gerber Life and, Great Western Life Insurance. The application process is online and over the phone. You need to have access to an email address in order to e-sign the completed application.
The Best Burial Insurance
The best burial insurance plan is the one that you qualify for and, can afford to pay the premium.
All life insurance companies are legally bound to pay the promised death benefit upon of the death of the insured.
There is no one, or a list of best burial insurance companies. To use the word ‘best’ for one insurance company and leaving another highly rated company with a good, long history on the side, is simply unfair to the consumer.
It is important that you talk to an agent (that includes us at insureinminutes.com!) who has access to a bunch of companies and can really shop the market for you. That’s the only way you can get the most suitable offer.
For those who can’t qualify no matter what, the waiting period of two years isn’t so bad if it comes with a 10% interest on the premium.
Facts about Burial Insurance for Seniors
- There is no medical exam.
- All burial insurance plans are whole life policies with cash values and will cover you until the end of life.
- The premium once approved will not increase during the life of the policy.
- The face amount and death benefit will remain level.
- The policy cannot be canceled unless you decide to do so by calling, in writing or by stopping premiums.
- Since these are whole life policies, there is going to be cash accumulation over time.
- The death benefit proceeds will go income-tax free to your chosen beneficiary.
- The funds can be used any which way the beneficiary likes.
- Your coverage can be level(immediate), graded or modified. It mainly depends on how a company approves you.
- Most plans come with a 30-day money-back guarantee in most states.
Burial Insurance Riders
The availability of riders for final expense plans is subject to age and state availability. The most common riders are:
- Accelerated Benefit Rider
It is also referred to as Terminal Illness Benefit Rider. This free-rider offers a percentage of the death benefit if the insured is diagnosed with a terminal illness and the death is expected within 24 months or less. The insured who receives this advance can use these funds whichever way he or she likes.
- Nursing Facility Waiver of Premium Rider
This rider waives the policy premium if the insured is admitted to a nursing home for 90 days or more. It can be attached to the policy at the time of purchase for a small premium.
- Accidental Death Benefit Rider
This inexpensive rider becomes active when death occurs usually within 90 days of an accident. The death benefit, in that case, may double.
- Waiver of Premium to Disability Rider
This optional rider waives the policy premium if the insured becomes disabled for a certain period of time. It is important to consider the restrictions before adding this rider to the policy.
- Children and Grandchildren Term Rider
With this rider in place, the insured can purchase a small, usually, between $1,000 to $10,000 term life policy on the children or grandchildren. At later agreed upon date, this amount of this rider can be converted into a permanent policy.
How to Pay for Burial Insurance
Most burial insurance carriers accept checking or savings account and, debit cards as a method of payments. A few of of the carriers also accept Social Security Direct Express Card for monthly billing.
A very limited number of insurance companies offer paid-up policy options of 20-pay, 10-pay, and single pay. By paying like this you can also end paying less for the same burial insurance in the long run. If you are interested in making limited payments so you don’t have to pay premiums for the rest of your life, give us a call at 1 818 808 0090 or send us a message to Team@InsureInMinutes.com.
EXAMPLES OF AFFORDABLE BURIAL INSURANCE PLANS AND RATES
COST OF BURIAL AND FINAL EXPENSES
|BURIAL AND FINAL EXPENSES||AVERAGE COST ($)|
|With 1.5% inflation rate,
this is estimated at $40,000
in the next 15-20 years.
|Grave Plot||400- 10000|
|Burial Clothes||100 - 350|
|Funeral Homes’ Basic Services||1,205 - 1,880|
|Transportation of the body to the Funeral Home||200 - 300|
|Embalming Fees||500 - 680|
|Casket – wood or metal||1,000 - 3,000|
|Burial Vaults Costs||1,000 - 2,000|
|Funeral Ceremony Fees||400 - 600|
|Hearse or Funeral Coach||300 - 400|
|Limousine or Lead Vehicle||200 - 500|
|Grave Opening and Closing||300 - 1000|
|Graveside Service||350 - 500|
|Flowers||220 - 360|
|Headstone||0 - 600|
|Obituary||1,200 - 2,000|
|Miscellaneous and other left out costs||1,000|
|TOTAL AVERAGE BURIAL AND FINAL EXPENSES||Between $8,375 - $25,170|
Besides the basics, you will need to provide your social security number, driver license number or, state ID and, your method of payment information(that may include your checking or savings account, credit or debit card).
No company will accept your application without that. Call to enroll at 1.866.526.7264.