Burial insurance gives you peace of mind about your final arrangements.
This type of policy can cover funeral costs, outstanding debts, and other related expenses, ensuring your loved ones aren’t burdened with these financial obligations during a difficult time.
When considering burial insurance, you should evaluate different providers and policy options. The best burial insurance offers affordable premiums, adequate coverage limits, and reliable customer service. By comparing top-rated companies, you can find a policy that fits your needs and budget while providing the necessary protection for your family’s future.
1) AARP Burial Insurance
AARP offers burial insurance options for its members through a partnership with New York Life.
This coverage is available to AARP members and their spouses between the ages of 45 and 80.
One of the key advantages of AARP burial insurance is its guaranteed acceptance policy.
You don’t need to undergo a medical exam or answer health questions to qualify for coverage.
The policy provides up to $25,000 in coverage, which can help your family cover funeral expenses and other end-of-life costs.
Your premiums remain fixed throughout the life of the policy, providing financial predictability.
AARP burial insurance is a form of whole life insurance, meaning it lasts for your entire lifetime.
The policy also builds cash value over time, which you can borrow against if needed.
When considering AARP burial insurance, keep in mind that there’s typically a two-year waiting period before the full death benefit is payable.
During this time, your beneficiaries would receive a refund of premiums paid plus interest if you pass away.
AARP offers a 30-day satisfaction guarantee, allowing you to cancel the policy and receive a full refund if you’re not satisfied.
This gives you time to review the policy details and ensure it meets your needs.
2) Colonial Penn Guaranteed Acceptance Plan
Colonial Penn offers a guaranteed acceptance life insurance policy known as their $9.95 plan.
This plan is designed for individuals aged 50 to 85 who want to ensure they have coverage for final expenses.
The unique feature of this plan is its unit-based pricing system.
Each unit costs $9.95 per month, regardless of your age or gender.
Your age and gender determine the death benefit amount per unit.
You can purchase up to 25 units of coverage with Colonial Penn’s Guaranteed Acceptance Plan.
This allows you to customize your coverage amount based on your needs and budget.
One of the key advantages of this plan is that you don’t need to undergo a medical exam or answer health questions.
Acceptance is guaranteed as long as you meet the age requirements.
The plan also includes a rate lock feature.
This means your premium will never increase, providing you with predictable costs throughout the life of the policy.
It’s important to note that this policy has a two-year limited benefit period.
If you pass away within the first two years of coverage due to natural causes, your beneficiaries will receive a refund of premiums paid plus interest, rather than the full death benefit.
When considering this plan, carefully evaluate the coverage amount you’ll receive for the premium you pay.
Compare it with other options to ensure it meets your specific needs and provides good value for your money.
3) Mutual of Omaha Whole Life Insurance
Mutual of Omaha offers a Guaranteed Whole Life Insurance policy that can serve as burial insurance.
This policy is available for people aged 45-85, or 50-75 in New York.
One of the main advantages of this policy is that it requires no medical exam or health questions.
This makes it an accessible option for many seniors who might have difficulty qualifying for other types of life insurance.
The policy provides a death benefit that can be used to cover funeral expenses and other end-of-life costs.
It also builds cash value over time, which you can borrow against if needed.
Premiums for Mutual of Omaha’s Guaranteed Whole Life Insurance are guaranteed to remain the same for your entire life.
This can provide peace of mind and help with financial planning.
Coverage amounts typically range from $2,000 to $25,000, allowing you to choose a level that fits your needs and budget.
The policy also includes a graded death benefit, which means full coverage begins after the second policy year.
Mutual of Omaha is known for its strong financial stability and customer service.
This can be reassuring when choosing a company to provide your burial insurance.
When considering this policy, it’s important to compare it with other options.
While it offers many benefits, the premiums may be higher than some term life insurance policies.
4) Globe Life Final Expense Insurance
Globe Life offers final expense insurance to help cover burial expenses, medical bills, and other costs.
This type of policy can provide peace of mind for you and your family.
With Globe Life, you can purchase a final expense policy directly.
The company provides options for coverage without a waiting period, which means your beneficiaries can receive the full benefit amount immediately.
Globe Life’s final expense insurance is flexible.
Unlike pre-paid funeral plans, your beneficiaries can use the funds as needed, not just for specific funeral services.
The company offers competitive rates for their burial and funeral insurance.
You can find plans starting as low as $3.49 per month for adults.
Globe Life has a strong financial standing.
They have received an A (Excellent) rating from A.M. Best Company, indicating their ability to meet policyholder obligations.
To get started, you can speak with a licensed insurance agent who can guide you through the process.
Alternatively, you can call their customer service line at 800-831-1200 for more information.
When considering Globe Life for your final expense insurance needs, compare their offerings with other providers to ensure you’re getting the best coverage for your situation.
5) Gerber Life Insurance Guaranteed Life Plan
Gerber Life Insurance offers a Guaranteed Acceptance whole life insurance policy designed for seniors aged 50 to 80.
This plan provides coverage ranging from $5,000 to $25,000, with a maximum limit of $15,000 in South Dakota.
You don’t need to undergo a medical exam or answer health questions to qualify for this policy.
Acceptance is guaranteed regardless of your health conditions, making it an attractive option if you have pre-existing health issues.
The policy features fixed premiums that won’t increase over time.
This predictability can help you budget for your insurance costs more effectively.
Additionally, the coverage amount remains constant throughout the policy’s lifetime.
One important aspect to consider is the two-year waiting period for natural causes of death.
If you pass away from natural causes within the first two years, your beneficiaries will receive the premiums paid plus 10% interest instead of the full death benefit.
The Gerber Life Guaranteed Life Plan builds cash value over time.
You can borrow against this cash value if needed, providing a potential source of funds in emergencies.
Remember that while this plan offers guaranteed acceptance, it may be more expensive than other options if you’re in good health.
It’s wise to compare rates and coverage with other insurers before making a decision.
6) Transamerica Immediate Solution
Transamerica offers a burial insurance product called Immediate Solution.
This policy provides level premium whole life insurance with face amounts ranging from $5,000 to $50,000.
One of the key benefits of this plan is that it has no waiting period.
This means your beneficiaries can receive the full death benefit immediately after the policy is issued.
You don’t need to undergo a medical exam to qualify for Immediate Solution.
This simplified issue policy makes it easier for you to get coverage, especially if you have health concerns.
The policy offers a guaranteed death benefit to help cover your end-of-life expenses.
This can provide peace of mind for you and your family.
Transamerica’s Immediate Solution stands out for its high maximum death benefit.
Depending on your age, you may be eligible for up to $50,000 of coverage.
Keep in mind that premium rates for the Immediate Solution standard plan may be higher compared to some other options.
It’s important to compare quotes from different providers.
When applying, Transamerica may request an attending physician’s statement if they need to clarify any health-related information.
This could potentially slow down the application process.
7) Foresters Financial PlanRight
Foresters Financial offers PlanRight, a whole life insurance policy designed for burial and final expense coverage.
This plan provides guaranteed level premiums and generally offers an income tax-free death benefit.
PlanRight is available for individuals aged 50 to 85, with coverage amounts ranging from $5,000 to $35,000.
This flexibility allows you to choose a benefit that aligns with your specific needs and budget.
The policy is underwritten on a Simplified Issue basis.
This means you’ll need to answer health questions, but you won’t need a medical exam.
This can make the application process quicker and more straightforward for many applicants.
One unique feature of PlanRight is its graded death benefit option.
In the first year, beneficiaries receive 30% of the face amount, and in the second year, 70%.
After two years, the full benefit is paid out.
It’s important to note that any loans taken against the policy will reduce your death benefit.
This factor should be considered when determining the coverage amount you need.
Foresters Financial is known for its financial strength, which can provide peace of mind when choosing a burial insurance policy.
Their PlanRight option offers a balance of affordability and coverage for many seniors seeking final expense insurance.
8) Lincoln Heritage Funeral Advantage
Lincoln Heritage Funeral Advantage is a prominent final expense insurance program.
It offers coverage to help your family handle funeral costs and other end-of-life expenses.
The program combines whole life insurance with personalized funeral planning assistance.
You can get coverage starting at $15 per month, making it an affordable option for many seniors.
When you pass away, your beneficiaries receive a cash payout from the life insurance policy.
This money can be used to cover funeral expenses or any other costs.
A unique feature is the Funeral Consumer Guardian Society membership.
This provides your family with assistance in planning your funeral and potentially saving money on funeral costs.
The application process is straightforward, with no medical exam required.
You only need to answer a few health questions to qualify.
Lincoln Heritage offers guaranteed acceptance for those aged 50-85, regardless of health status.
However, this option comes with a two-year waiting period for full benefits.
Keep in mind that premiums may be higher compared to some competitors, especially if you only qualify for the modified plan.
It’s important to compare quotes from multiple providers.
Consider your specific needs and budget when deciding if Lincoln Heritage Funeral Advantage is right for you.
It can provide peace of mind knowing your final expenses are covered, but be sure to review all terms and conditions carefully.
9) Fidelity Life RAPIDecision Senior Life
Fidelity Life offers a RAPIDecision Senior Life Term policy designed for older adults seeking burial insurance coverage.
This policy allows you to apply up to age 70, providing flexibility for seniors looking to secure final expense protection.
With RAPIDecision Senior Life Term, you can purchase up to $150,000 of coverage.
This higher coverage amount sets it apart from many other burial insurance options, giving you the ability to cover more than just funeral costs if needed.
The policy is a term life insurance product, which means it provides coverage for a specific period rather than your entire life.
This can be advantageous if you’re looking for more affordable premiums compared to whole life insurance options.
Fidelity Life’s RAPIDecision process aims to simplify and speed up the application and approval process.
This can be particularly beneficial if you’re seeking quick coverage without lengthy waiting periods.
As with other term life policies, your premiums for RAPIDecision Senior Life Term will typically be lower than those for whole life insurance.
However, keep in mind that the coverage will expire at the end of the term if not renewed.
When considering this policy, evaluate your specific needs and budget.
Compare it with other burial insurance options to ensure it aligns with your financial goals and provides the coverage you require for your final expenses.
10) MassMutual Guaranteed Acceptance Whole Life
MassMutual offers a Guaranteed Acceptance Whole Life insurance policy designed to provide coverage for final expenses.
This policy ensures you can’t be turned down for health reasons, making it accessible to those who might struggle to qualify for traditional life insurance.
You can apply for this policy if you’re between the ages of 50 and 75.
The coverage amounts range from $2,000 to $25,000, allowing you to choose a benefit that aligns with your expected final expenses.
One of the key features of MassMutual’s policy is the guaranteed level premium.
This means your premium will never increase, providing predictability for your budget throughout the life of the policy.
The policy includes a graded death benefit.
If you pass away from natural causes within the first two years, your beneficiaries will receive a return of premiums paid plus interest.
After two years, the full death benefit is payable regardless of the cause of death.
MassMutual is known for its financial strength, which can give you confidence in the company’s ability to pay claims.
The policy also builds cash value over time, which you can borrow against if needed.
Remember that while guaranteed acceptance policies offer easy qualification, they often come with higher premiums compared to policies that require health information.
Consider your health status and budget when deciding if this type of policy is right for you.
Understanding Burial Insurance
Burial insurance provides financial protection for end-of-life expenses.
This specialized coverage helps families manage funeral costs and related expenses without financial strain during a difficult time.
Definition of Burial Insurance
Burial insurance, also known as final expense insurance, is a type of whole life insurance policy designed to cover funeral costs and other end-of-life expenses.
It typically offers smaller coverage amounts compared to traditional life insurance, usually ranging from $5,000 to $25,000.
The policy pays out a death benefit to your beneficiaries, which can be used for funeral services, burial or cremation costs, and outstanding medical bills.
Unlike term life insurance, burial insurance provides lifelong coverage as long as you pay the premiums.
Burial insurance policies often have simplified underwriting, meaning you may not need a medical exam to qualify.
This makes it accessible for older adults or those with health issues who might struggle to obtain traditional life insurance.
Importance of Burial Insurance
Burial insurance helps protect your loved ones from financial burden during an emotionally challenging time.
The average funeral cost in the United States can exceed $7,000, making it a significant expense for many families.
By having a burial insurance policy in place, you ensure that funds are available to cover these costs without depleting savings or relying on credit.
This financial security allows your family to focus on grieving and honoring your memory rather than worrying about expenses.
Burial insurance can also provide peace of mind, knowing that you’ve taken steps to ease the financial impact of your passing on your loved ones.
It can be particularly valuable if you don’t have substantial savings or other assets to cover end-of-life expenses.
Who Should Consider Burial Insurance
Burial insurance is particularly well-suited for:
- Older adults: If you’re in your 50s or older, burial insurance can be an affordable way to ensure your final expenses are covered.
- Those with health issues: The simplified underwriting process makes it accessible for people who might not qualify for traditional life insurance due to health conditions.
- Individuals on a fixed income: Burial insurance premiums are often lower than those for larger life insurance policies, making it more affordable for those on a tight budget.
You should also consider burial insurance if you don’t have significant savings or assets to cover funeral costs.
It can prevent your family from having to use their own funds or go into debt to pay for your final expenses.
If you have dependents or outstanding debts, you may need additional life insurance coverage beyond what burial insurance provides.
In such cases, consider combining burial insurance with other types of life insurance to ensure comprehensive protection for your loved ones.
Benefits of Burial Insurance
Burial insurance offers financial protection, peace of mind, and coverage for funeral expenses.
These policies provide valuable support during a difficult time, ensuring your loved ones can focus on grieving without financial stress.
Financial Protection for Families
Burial insurance provides financial protection for your family after your passing.
You won’t burden your loved ones with unexpected costs.
The policy pays out quickly, often within days of your death.
This coverage can range from $5,000 to $25,000, depending on the provider and plan you choose.
The funds can be used flexibly, not just for funeral expenses.
Your beneficiaries can use the money for outstanding debts, medical bills, or other final expenses.
Burial insurance is generally more affordable than traditional life insurance.
Premiums stay level throughout the policy’s lifetime, making it easier to budget for this protection.
Peace of Mind
Knowing your final expenses are covered brings peace of mind.
You can rest easy knowing your family won’t face financial hardship during an already difficult time.
This assurance allows you to focus on enjoying life and spending quality time with loved ones.
Burial insurance policies often have simplified underwriting processes.
Many plans offer guaranteed acceptance, meaning you can’t be turned down due to health issues.
This accessibility is particularly beneficial for older adults or those with pre-existing conditions.
You have control over your final arrangements.
By specifying how the funds should be used, you ensure your wishes are respected.
This planning can alleviate potential disagreements among family members during an emotional time.
Coverage of Funeral Expenses
Burial insurance directly addresses the high costs of funerals.
As of 2021, the median cost of a funeral with viewing and burial was $7,848.
Your policy can cover these expenses, including:
- Casket or urn
- Burial plot or cremation fees
- Funeral home services
- Transportation
- Flowers and memorial items
The policy payout can also cover additional end-of-life expenses such as:
- Outstanding medical bills
- Legal fees
- Estate settlement costs
By covering these costs, burial insurance ensures your final expenses don’t deplete your estate or savings intended for your beneficiaries.
How to Choose the Best Burial Insurance
Selecting the right burial insurance requires careful consideration of providers, policy details, and costs.
It’s crucial to evaluate options thoroughly to ensure you get coverage that meets your needs and budget.
Evaluating Insurance Providers
Look for financially stable insurance companies with strong reputations.
Check their ratings from independent agencies like A.M. Best, Moody’s, or Standard & Poor’s. These ratings indicate the insurer’s ability to pay claims.
Consider customer service quality.
Read reviews and ask about claim processing times.
A responsive provider can make a significant difference during a difficult time.
Examine the company’s experience in offering burial insurance.
Established providers like State Farm and AARP/New York Life have extensive experience in this field.
Understanding Policy Terms
Pay close attention to eligibility requirements. Some policies have age restrictions, typically between 50-85 years old.
Verify if a medical exam is required or if guaranteed acceptance is offered.
Check the waiting period before full benefits take effect.
This can range from immediate coverage to two or three years.
Understand the difference between level benefit and graded benefit policies.
Level benefit policies provide full coverage immediately, while graded benefit policies increase coverage over time.
Review policy riders or add-ons that might enhance your coverage, such as accidental death benefits or inflation protection.
Comparing Costs and Benefits
Compare premiums across different providers.
Remember, the cheapest option isn’t always the best.
Balance cost with coverage and company reliability.
Consider the coverage amount needed. Typical burial insurance policies offer $5,000 to $25,000, but your specific needs may vary.
Look for policies with level premiums that don’t increase as you age.
This can help with long-term budget planning.
Evaluate whether the policy builds cash value over time.
Some burial insurance policies offer this feature, which can provide additional financial flexibility.
Check if the policy offers any living benefits, such as accelerated death benefits for terminal illness.
