Finding The Best Burial Insurance 2023
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.
- updated last on March 15, 2023
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 policies
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 burial life insurance policies.
- 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.
Best 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 with 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 Life Insurance Companies
As a consumer, there are many options when it comes to choosing your final expense insurance. Here is a list of the best burial insurance 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 plans 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.
Burial and funeral insurance
Funeral insurance is a type of life insurance policy that covers the costs associated with a person’s funeral. Burial insurance is also an insurance product that provides explicit money to cover the cost of burial, cremation, and related expenses. Both policies offer a lump sum payout when the policyholder dies but differ in their features, cost, and coverage amounts.
What does burial insurance cover
The most significant difference between funeral and burial insurance is that burial insurance pays a lump sum death benefit to the policyholder or beneficiary upon the insured’s death. In contrast, funeral insurance covers specified expenses for arranging and conducting a funeral, such as cremation services, flowers, and other costs. In addition, funeral insurance typically requires evidence of insurability, while burial insurance generally does not.
How does burial insurance work
Burial insurance is a type of life insurance specifically designed to cover expenses related to burial and funeral costs. It works like other life insurance plans, in which the policyholder pays a premium to the insurer and designates a beneficiary who will receive the payout if something happens to the policyholder. The benefit is usually delivered in a lump sum and can be used for funeral costs, headstone expenses, or cremation services.
How much does burial insurance cost
The cost of burial insurance depends on your age, health, and the coverage amount you select. Generally, you can expect to pay between $5 and $50 per month for burial insurance depending on those factors.
Types of burial insurance
There are two main types of burial insurance: term life insurance and whole life insurance. Term life insurance is the less expensive of the two, providing death benefit coverage for a fixed period (usually 1 to 30 years). Whole life insurance offers lifelong death benefit coverage but comes with higher premiums. Both options can be tailored to provide financial protection for funeral expenses and other end-of-life costs.
Burial insurance quotes
Burial insurance is a type of life insurance policy specifically designed to cover the costs of funeral expenses and provide financial protection to your family following your death. Comparing burial insurance quotes from different providers can help you find the best coverage and rates.
Frequently Asked Questions
What is covered by burial insurance?
Burial insurance, also known as funeral insurance or final expense insurance, is a type of life insurance policy that is specifically designed to cover small expenses, such as funeral costs, medical bills, and other end-of-life expenses. It typically pays out a one-time lump sum death benefit and is usually not very expensive.
How much is a burial policy?
The cost of a burial policy can vary depending on factors like age, health history, and the type of coverage you're looking for. Generally, burial policies range from as little as $5/month to several hundred dollars per month in premiums.
Are burial policies worth it?
Many burial insurance policies offer significant financial benefits, but it's essential to do your research before purchasing one. These policies can be costly and are best used if you're looking for a way to cover end-of-life expenses without leaving the financial burden on your loved ones. Analyze all of your options before making a final decision about whether a burial policy is right for you.
What is the difference between funeral and burial insurance?
The most significant difference between funeral and burial insurance is that burial insurance pays a lump sum death benefit to the policyholder or beneficiary upon the insured's death. In contrast, funeral insurance covers specified expenses for arranging and conducting a funeral, such as cremation services, flowers, and other costs. In addition, funeral insurance typically requires evidence of insurability, while burial insurance generally does not.
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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