Finding The Best Burial Insurance 2022
Burial insurance provides enough insurance coverage to pay for your end-of-life final expenses like medical care and funeral costs, but at a higher cost than term life insurance.
Burial insurance, a.k.a. funeral or final expense insurance, is a helpful policy to help loved ones pay for a departed family member or friend’s funeral, memorial service, headstone, urn, and other final expenses. It is a life insurance policy that has a much lower benefit than a traditional life insurance policy. It’s purchased chiefly to pay for the final arrangements but can also be used to pay the deceased’s debts, medical bills, credit card bills, mortgage loans, and personal loans. If you and your family think you could benefit from burial insurance, it’s quick and straightforward to get a free quote for a final expense life insurance policy.
Best burial insurance
Like other insurance policies, it can cover all funeral expenses or part of it depending on the family’s decision on the type of casket and interment method. It will ease the burden from the bereaved family and focus on moving on with their everyday lives. The following are essential features of this policy.
- An applicant does not have to undergo any medical examination.
- The claim can start from $2,500 up to $75,000 or more, depending on the coverage plan.
- The claim is issued within 48 hours after filing.
- The monthly premium will not increase.
- A Bereaved family beneficiary can use the money for any purpose.
It is good to know that the application process is straightforward. All you need to do is to call a reputable and experienced insurer or visit their website. An agent will contact you through a voice call and discuss the application with you, or you can now use our new direct to consumer online application form and provide a digital signature.
They will give you several payment methods, and once payment is made, you will have your burial plan. Anyone can apply even without any dependencies to ensure decent funeral services.
However, it is vital to note that not all are qualified for this policy, as there are qualifications that you need to meet.
- People who are currently admitted to a hospital are not qualified.
- People who are in hospice cannot apply for this policy.
- Those who are terminally ill with less than a year to live will not be granted.
- Those who are 89 years old and above are not qualified.
- People who have AIDS or HIV positive will not be eligible for the policy.
- People who have dementia or Alzheimer’s disease will not be granted.
Burial insurance for seniors
When talking about insurance, many are skeptical about acquiring final expense insurance or burial insurance, but that was in the past. Today, people are getting more accustomed when talking about death and planning for a smooth passing. If you are concerned about your loved one in case of an unplanned death, you need to think wisely and consider burial insurance.
Burial insurance no waiting period
Burial insurance with no waiting period is a policy that will pay out the full death benefit starting from the very first day. Your beneficiary will receive 100% of the death benefit even if you’ve only made one payment on your policy. Many final expense companies offer coverage like this.
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Best Burial Insurance Companies
As a consumer, there are many options when it comes to choosing your final expense insurance. Here is a list of the companies we have found that do the best job and have the best rates.
AARP burial insurance
Believe it or not, AARP isn’t an insurance company. Many people think AARP provides AARP burial insurance to seniors, but it’s not.
New York Life provides life insurance bought via AARP.
Ultimately, AARP is just a marketing agency. AARP sells the rights of its image to various insurance companies. Whichever insurance company offers the most money, that’s who AARP will endorse.
Mutual of Omaha burial insurance
This burial insurance product, also known as Mutual of Omaha final expense life insurance, or whole life through its subsidiary United of Omaha. This policy is called the Living Promise Whole Life Insurance plan. It is designed to pay for someone’s final expenses and any other costs associated with ending an individual’s life. If a family member could incur some financial hardship, this policy would be for the insured’s family and survivors.
Colonial Penn burial insurance
Colonial Life is a well-known company with popular marketing campaigns and celebrity endorsement. Their two policies are mostly straightforward to the customer. Neither of the products will expire, both have fixed monthly prices, and the benefits will never decrease. There are, however, two major downfalls to their policies. Price is expensive when compared to similar products. There are various competitor products which are offered at a lower price. The second drawback is the absence of an independent agent.
Transamerica burial insurance
Transamerica is a big well-known insurance company. They operate throughout the entire USA, and they are very well known.
The cost of their final expense insurance is competitive. On top of that, their underwriting is rather lax. Usually, they have a plan that can cover most people. Typically, you can secure coverage with them without a waiting period.
First and foremost, you should never take their graded plan. It’s far too expensive, and you can easily get a better deal elsewhere.
Do I Need Funeral Insurance?
If you already have a significant life insurance policy that covers all your debts, including your funeral expenses, you very well may not need a burial policy. However, suppose in the past, you have had trouble getting life insurance due to health reasons or your age. In that case, a burial policy may be of great financial help to your loved ones since no medical exam is required and is offered to age 85 (some carriers offer policies over 85.) Your offer for coverage is often dependant on a few health questions on the application.
Please know that it may take longer to get a life insurance payout than a burial policy payout because every carrier is different. If your planning to have your funeral expenses paid by your life insurance, make sure you know all of the infinite details about how long it takes for your loved ones to receive funds.
Does Life Insurance Cover Funeral Expenses?
Life insurance can cover funeral expenses. Although life insurance is paid to a beneficiary, it’s for that beneficiary to decide on how they will use the money. If the deceased has other, more pressing debts, they might choose to pay those and find another payment form to pay for the funeral.
What Does Burial Insurance Cover?
Burial insurance is whole life insurance, also known as funeral insurance or final expense insurance, which helps with the cost of an individual’s final arrangements like casket, urn, memorial service, burial, or cremation. By chance, there is money left over from the burial policy; the beneficiary can pay for any other expenses like outstanding loans, medical bills, and legal bills.
How Much Burial Insurance Do I Need?
A funeral in the United States will range from $6000 to $12,000. It includes funeral home services, burial or cremation, a casket or an urn, and a headstone’s purchase and installation at the cemetery. However, you may need more or less than this to take care of your final wishes, but generally, a burial policy of $10,000 should cover these expenses.
What will Social Security Pay?
If you meet specific requirements, the federal government pays $255 to survivors to cover final expenses.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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