Written by Danny Ray

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Should I Get Burial Life Insurance?

Burial life insurance, or final expense plans, are affordable life insurance policies that simply cover a person’s last expenses, like their funeral. Generally, burial insurance is for consumers between the ages of 50 and 85. It is sometimes called final expense.

Unlike term life policies, burial insurance policies or provide permanent coverage. In fact, burial policies are for your whole life; they will not expire. Instead, you pay for the policy, and it will cover your final expenses whenever it may be that you pass away.

Burial insurance policies have a cash value build-up feature, where you can accumulate tax-deferred savings. In some cases, life insurance for seniors over 75, a burial policy may be the only policy available depending on health.


Types of Burial Life Insurance Part of Final Expense

Choose from the following two kinds of burial insurance policies:

  1. Level Benefit — With this policy, your covered as soon as your application is approved.
  2. Graded Benefit —With a graded benefit policy, you’ll usually need to wait two years after approval before coverage begins. If death occurs before then, the paid premiums are paid to the beneficiary plus 10%.

Graded benefit life plans are usually for those with serious health conditions. They’re a type of guaranteed issue life insurance, since you do not need to answer any health questions whatsoever to get approved, and approval is guaranteed. These are most common for final expense. It will be more expensive, but it may be the only option for coverage for some people that can’t get accepted with other sorts of plans. On the other hand, a level benefit plan is a bit more strict about who they allow.


Burial Insurance Questions That Will Be Asked

Here’s a list of standard questions about burial life insurance for final expense:

  1. How Much Burial Life Insurance should I Get?
  1. Who Should Get A Burial Insurance Policy?
  • The most appropriate applicant would likely be an older person that does not have enough money for a term life insurance policy but does not want their family to cover their final expense. Also, people that are a too high risk to get traditional life insurance can still get a burial insurance policy, guaranteed. Furthermore, people that do not have any substantial debts and are without anyone that is financially dependent on them may figure that they only need the policy to pay for their final expenses.
  1. What Are Some Of The Best Burial Insurance Companies?
  • Foresters
  • Assurity Life
  • American National
  • Fidelity Life


What Is The Application Like For A Burial Insurance Plan?


Burial Life insurance

When applying for cheap burial insurance, you most likely won’t need to take a medical exam. However, you will have to answer some general questions. They’ll want to know how old are you, how tall you are, how much you weigh, occupation, whether or not you smoke cigarettes, etc.

Since there usually isn’t a medical exam, applications are approved pretty quickly. You will need to choose between paying a monthly premium or paying on a single lump sum. Some opt to get funeral insurance plans that include yearly/semi-annual premium payments.

You’ll also need to choose your beneficiary. This can be either a loved one, or you can choose a specific funeral home. However, if you do the latter, then you’ll obviously be committed to that specific funeral home.


How Much Are Final Expenses?

There are many things to consider when deciding what you want to be covered by your burial insurance policy. Let’s go over a couple of these below:

  • Your Funeral — Usually, funerals/burial costs are around $9,000. If you opt to be cremated, you can expect prices of around 3,000.
  • Any Debts — Death benefit does not necessarily have to be only for your funeral expenses. You may want to have any last debts covered in your burial insurance policy.



Burial Life Insurance



How Can I Find Cheap Burial Insurance?

The younger you are when you get it, the lower your costs should be. Meanwhile, any kind of Burial insurance for seniors will be significantly more expensive. Like for any kind of life insurance, you should shop around and compare prices before deciding on a policy. This can save you a lot of money.

Rating agencies like A.M. Best provide reviews of insurance companies. You can check these out to make sure you’re only working with the best insurance companies. Also, you may want to consider hiring an independent insurance agent. They may know exactly where to look for the most affordable policies.

Morre on the meaning of final expense, click here.

If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.

Danny Ray & Lisamarie Monaco Contributed To This Article
Danny Ray & Lisamarie Monaco Contributed To This Article

Here at PinnacleQuote Life Insurance Specialists we always put the CLIENT FIRST!! We are not in the business of selling life insurance, but to educate, and provide the best options for you and your family. This way you can make the best choice to properly protect your family. We have over 300 life products available to tailor make a policy for any one of our client’s needs!

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