When it comes to protecting your loved ones (aka, your policy’s death benefit beneficiaries) from unexpected financial burdens, burial insurance offers an affordable solution that provides peace of mind.
Planning for funeral costs may feel uncomfortable, but taking action today can ease the future emotional and financial strain on your family. This article will break down burial insurance quotes, and what factors you should consider when buying a policy.
How to Get a Burial Insurance Quote
Getting a quote is simple and you can buy burial insurance online, over the phone or meet with an agent. Here’s what you’ll need:
- Age: Burial insurance premiums increase with age, so securing a policy sooner can help you lock in lower rates.
- Health questions: While most policies don’t require a medical exam, you’ll still need to answer basic health questions, which help determine your risk level.
- Coverage amount: Decide how much coverage you need based on funeral costs and additional expenses you want to cover.
Follow these steps to get an insurance quote:
- Research burial insurance companies: Use the form below to compare burial insurance companies to find the best policy that fits your needs.
- Determine the coverage amount: Calculate the necessary insurance coverage based on your funeral preferences and other final expenses. Remember, the average cost is $7,000 to $12,000.
- Request a free quote: Our form below offers many burial insurance companies and provides a free quote online. Input your basic information, and you’ll be able to see prices immediately.
- Compare insurance rates: Review the quotes and policy details to choose the best option for your situation.
Why Burial Insurance?
Burial insurance is a type of life insurance, specifically whole life insurance policy designed for funerals, because Funerals can be expensive. The average cost of a funeral in the United States ranging from $7,000 to $12,000.
According to the national funeral directors association, the median cost of a traditional funeral with a viewing is $8,300, and cremation with funeral services averages $6,280. These figures don’t include additional costs like flowers, obituary notices, medical bills, or other add on services at the funeral home which can increase the overall financial burden on your loved ones.
Without the safety net of burial insurance, families build up credit card debt or loans to cover these expenses. A burial insurance policy helps prevent that by covering funeral costs and other related end-of-life expenses, allowing your family to grieve without added stress.
Purchasing funeral insurance or using life insurance options is a very common way people protect their family from the financial burden of funeral costs.
How Burial Insurance Works
Burial insurance is a form of whole life insurance coverage specifically designed to cover funeral expenses and other final costs. It typically offers lower coverage amounts than traditional life insurance policies, making it more affordable, especially for seniors.
These policies typically range from $5,000 to $25,000 in coverage, depending on your needs and the type of policy.
One of the primary advantages of burial insurance is the application process, it usually does not require a medical exam, making it accessible for those with health issues. Many policies offer guaranteed acceptance, meaning that as long as you meet the basic eligibility requirements, you’re approved without the need for extensive underwriting and can quickly protect your family members from unexpected burial expenses.
Good health is not always required to get approved. Many pre-existing conditions are accepted.
How Much Coverage Do You Need?
The amount of coverage you need will depend on your funeral preferences and any outstanding debts you wish to cover. For example, if you prefer a traditional funeral, you may want a policy that covers the full $7,000 to $10,000 range. If cremation is your preference, a policy of $6,000 to $8,000 may be sufficient, covering all associated funeral costs like flowers, transportation, and death certificates.
Additionally, you should consider any debts or medical bills that might be left behind. A burial insurance policy that covers end-of-life expenses can provide extra peace of mind, ensuring your family isn’t left struggling with financial obligations.
Factors That Affect Burial Insurance Premiums
Several factors affect burial insurance premiums:
- Age: The older you are, the higher your premiums will be.
- Gender: Women tend to live longer than men, so they often pay lower premiums.
- Health questions: Answering truthfully about your health will affect the policy you qualify for.
- Coverage amount: The more coverage you need, the higher the premium.
For example, a 65-year-old non-smoker seeking $10,000 in coverage might pay $50 per month, while a 75-year-old could pay closer to $80 per month for the same policy. By securing a policy earlier, you can lock in lower premiums and protect your family from future financial burdens.
What Makes Burial Insurance Different from Other Policies?
Unlike term life insurance, which provides coverage for a set period, burial insurance is a form of whole life insurance that lasts your entire life as long as premiums are paid. It also builds cash value over time, which can be borrowed against if needed. Additionally, burial insurance policies typically offer lower coverage amounts, specifically designed to cover burial costs and related end-of-life expenses.
Another key difference is that most burial insurance policies do not require a medical exam. Policies like final expense insurance are often guaranteed issue, meaning they’re available to individuals with existing health conditions.
Choosing the Best Burial Insurance
To find the best burial insurance policy, consider the financial strength of the life insurance company, the policy’s payout terms, and whether it fits your budget. Companies like Mutual of Omaha are well-known for offering strong final expense policies and are a great option for seniors seeking reliable coverage.
When evaluating your options, ask your insurance agent about the waiting period—some policies may not offer full benefits for the first two years. This is especially important if you have significant health issues.
Conclusion: Get Your Burial Insurance Quote Today
Burial insurance provides invaluable protection for your loved ones, ensuring that they won’t be left with a large financial burden. By planning ahead, you can cover funeral costs and other end-of-life expenses, giving your family peace of mind during a difficult time. Don’t wait—request a burial insurance quote today and take the first step in securing your family’s future.
For an indepth understanding, read the burial insurance manifesto. It provides tons of details!