Burial Life Insurance



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Types of Burial Life Insurance plans

Burial Life insurance, also known as Final Expense Insurance is a whole life insurance policy that usually is offered between the ages of 40 to 85. But there are a few carriers which do offer coverage from age 0 to 90. The policy can often range between $2,000 to $50,000 (age restrictions apply). Since these are mostly simplified issue plans, usually, there is no medical exam required to qualify for this coverage. The higher amounts are also available to those who qualify. There are, generally speaking, four kinds of burial insurance plans in the market:

  1. 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.
  2. 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.
  3. 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 10%) to the beneficiary. But if you live beyond the first two or three years (depending upon the carrier), your policy becomes fully active. 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.
  4. 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.
All burial insurance plans are whole life plans with cash values and will cover you until the end of life.
Important Facts about Burial Insurance
  1. The premium once approved will not increase during the life of the policy.
  2. The face amount and death benefit will remain level.
  3. The policy cannot be canceled unless you decide to do so by calling, in writing or by stopping premiums.
  4. Since these are whole life policies, there is going to be cash accumulation over time.
  5. You are covered for the entire lifetime.
  6. Most plans come with a 30-day money-back guarantee in most states.

Most seniors are concerned about how soon the beneficiary can receive the funds from the insurance company upon death. In fact, it is a very easy solution. Upon the demise of the insured, the beneficiary must immediately fill up an Assignment of Proceeds form and submit it along with the death certificate to the insurance carrier. The beneficiary of the policy can obtain this form from the funeral home. All leftover money goes to the beneficiary after the insurance company pays the funeral expenses directly to the funeral home.

Burial Life Insurance Riders

The availability of riders for burial life insurance plans is subject to age and state availability. The most common riders are:

  1. Accelerated 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 12 months or less. The insured who receives this advance can use these funds whichever way he or she likes.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
Single Pay Burial Insurance

Most burial insurance carriers accept checking accounts and debit cards as a method of payments. A few of of the carriers also accept Social Security Debit 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.

Examples of Affordable Burial Insurance Plans and Rates
TYPE OF COVERAGE
Insure in Minutes logo
Male | 65

Coverage
$10,000
Female | 65

Coverage
$10,000
Male | 65

Coverage
$15,000
Female | 65

Coverage
$15,000
Male | 65

Coverage
$20,000
Female | 65

Coverage
$20,000
Simplified Issue Whole Life
Level Benefit | Excellent health
(answer a few questions to qualify)
$42.80*
$36.61$62.90$53.61$83.00$70.61
Simplified Issue Whole Life
Modified Benefit | Minor to serious health issues
(answer a few questions to qualify)
$63.99$50.15$93.18$72.42$159.98$107.90
Simplified Issue Whole Life
Graded Benefit | Minor to serious health
(answer a few questions to qualify)
$73.83$56.16$107.54$82.54$142.26$108.92
Guaranteed Issue Whole Life
Modified Benefit | Uninsurable health
(no questions asked)
$85.16$62.61$127.28$93.45$169.40$124.30
*Monthly premiums