Best Burial Insurance Guide in 2019
What is Burial Insurance?
Burial insurance is an insurance policy used to pay for burial expenses and funeral services when the named insured dies.
Such a policy helps ease the financial burden placed on a family when a loved one dies.
Burial insurance is a basic issue life insurance policy that covers people until they reach 100 years old.
It is quite similar to universal life insurance and is sometimes referred to as graded life or burial insurance with easy issue permanent coverage.
As an inexpensive insurance choice, Burial Insurance coverage can be used to cover the funeral and burial costs of the policy holder.
Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out burial insurance policies.
Burial premiums can begin with higher costs at first than other forms of insurance since they include cash value features. An important advantage of burial premiums is that they are fixed, which means they remain the same even if your health deteriorates.
Burial Insurance coverage can pay for the casket, funeral service, visitation/viewing, hearse, digging and filling the grave, the actual cemetery plot, or burial vault or grave liner, minister, headstone, flowers, and other expenses related directly to named insured’s funeral.
Burial Insurance or Pre Paid Funeral
We advise consumers to preplan, but not to prepay.
And this is largely because pre-need/prepaid contracts can leave many important questions unanswered and the industry is rife with deceptive sales practices and, in many cases, outright fraud.
Burial Insurance gives you more flexibility than Pre Paid Funerals — you don’t have to worry about moving and wanting to be buried somewhere else, and you don’t have to worry about your funeral home of choice closing its doors.
This option still gives your family peace of mind that all expenses are covered.
Finally, Burial insurance doesn’t only cover funeral costs — it can help pick up final health care bills that your children will be responsible for.
The downside of final expense insurance lies with the potential uncertainty that long life can bring.
If you significantly outlive your initial life expectancy, you can end up paying more than the benefits you’ll end up receiving.
Keep in mind that the funeral service and arrangements are still up to your family unless you put together a detailed funeral plan. (We’ll cover that later in this article.)
The only other downside to a final expense policy is that the payout can be used for anything, so be sure your beneficiary is trustworthy.
Why is Burial Insurance so important? Best Burial Insurance for Seniors
Burial Insurance is designed to cover bills that your loved ones will face after your death. These costs will include medical bills, funeral expenses, Legal/Probate, the list goes on. A funeral and associated costs could run well over $10,000.. The question is:
Where will the money come from?
Social Security: pays only a $255 lump-sum death benefit and only to qualified dependents.
See Social Security Special Lump Sum Death Payment page for more information. Also, Social Security income may be reduced by as much as 50% with the death of a spouse.
Veteran’s Administration: may pay a $300 burial allowance under certain circumstances. See the U.S. Department of Veteran Affairs Burial Benefits page for more details.
Savings: Do you have the funds necessary to cover such costly expenses?
Loved Ones: Do your children have the funds necessary to cover such costly expenses? Do you want to leave this burden to them?
Affordable way to pay for Final Expenses/Funeral – Burial Insurance for Seniors over 70,80
Burial insurance is the most affordable method to prepay your final/funeral expenses
As Baby Boomers age, many realize they haven’t taken care of life insurance in time to qualify for a larger term or whole life policy – for some, health issues have made that difficult or impossible.
With little to no underwriting and no need for a medical exam, final expense insurance is an affordable option for many people.
Types of Burial Insurance No Exam
Many life insurance companies offer Life insurance plans for people to skip the medical exam.
The majority of Burial Life Insurance does not require a medical exam regardless of age.
This is called a simplified issue.
Most simplified issue life insurance applications will consist of a series of medical questions that determine your eligibility to qualify the the Life Insurance coverage.
Death benefits range from $2,000 up to $100,000.
Most people qualify immediately so it’s an instant win for you.
Burial Insurance policies are whole life insurance policies which offers the guarantees you’ll prefer for a final expense product.
Whole life insurance is guaranteed for a lifetime as long as the premium is paid.
Since Burial Life insurance is typically purchased with a lower death benefit than normal life insurance, most people find the monthly premium very affordable and the policy will build cash value over time. Issue ages are from age 40 to 89.
Free Burial Insurance Quote Online
If you or a loved one needs Burial Insurance coverage we are here to help.
Feel free to use our no cost instant burial insurance quoting tool to compare the companies we represent as much as you like.
There is no need to meet with us in person.
Everything can be done over the phone and by email.
Call us at 813-964-7100 or 716-565-1300
Email us info@mintcofinancial.com