What is burial insurance?
Burial insurance for seniors, commonly referred to as funeral insurance, is a life insurance policy that pays for your funeral or memorial service when you pass away. The benefits are then distributed to your beneficiaries, who can use the funds to cover the costs of your cremation, memorial service, or any outstanding medical bills.
Burial insurance for seniors is offered by various insurance firms, each with its own set of eligibility criteria and coverage amounts. A person may be eligible as early as 15 days old under the circumstances. In some cases, a policy is only available to those over 50. Without a medical checkup, many burial insurance policies can be purchased over the phone or online.
A burial life insurance policy is a whole life coverage that lasts forever. This sort of whole life insurance policy is for seniors who do not have any other life insurance policies or who are unable to obtain one owing to significant health conditions.
Burial insurance is permanent and never expires if the premiums are paid. Burial policies are backed by the issuing insurance company’s ability to pay claims, and the provider’s financial strength should be examined. Whole life insurance plans can cover final expenses, they are designed to provide for your family after you pass away, as your death may result in a loss of income and earning power.
How We Picked and Choose the Best Burial Insurance Companies Of 2023?
Individuals who want to avoid financing funeral costs for their relatives during their grief might acquire burial insurance coverage in advance. This is a sort of whole life insurance that helps people make sure they have enough money to pay for a funeral, burial, or cremation, as well as a headstone for loved ones to visit after they pass away.
Affordable burial insurance plans with broad coverage are available from the leading burial insurance firms. They offer a simple application process, set premiums, and the option of obtaining an estimate online or over the phone. You should also look for a funeral insurance provider with a good track record of financial stability and good customer service.
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Best Burial Insurance Companies in 2023:
#1 Best Overall: AARP
Why we chose it:
We decided on AARP because of its reputation and New York Life’s financial strength, as well as the ease with which consumers may apply for a policy online and without having to undergo a medical exam.
Eligible Age: 50-80
Approval Process: While most insurance companies give a 10-day free look time, AARP’s insurance policies include a 30-day free look period, giving you 30 days to examine and cancel your policy without penalty. In addition, all premiums paid will be refunded in full.
Death Benefit Size: $10,000-$100,000 protection
Policy Maturity (In years):Protection that can last to age 80.
Availability: Yes
Overview:
New York Life, the firm behind AARP Easy Acceptance Life Insurance, is well-known for its financial robustness, with an A++ rating from AM Best. This policy allows customers to purchase up to $25,000 in funeral insurance without taking a medical exam, and the premiums are guaranteed never to increase.
Members of AARP between the ages of 50 and 80, as well as their spouses between the ages of 45 and 80, are eligible to apply, albeit this life insurance product is not available in Montana, Minnesota, or Missouri.
Your policy will also be paid in full at the age of 95, which means you won’t have to make any more payments, but you’ll be covered until the end of your life, beyond 100. Fortunately, AARP makes it simple for its members to obtain a free quote online by giving some basic information and responding to a single health question.
What We Like
- Request free burial insurance for seniors and free quotes via the internet.
- There is no need for a medical exam.
- When you file a claim, it is paid out immediately, usually between 3 to 7 days.
What We don't Like
- Not available in every state
- Benefits are limited during the first two years.
#2 Best Overall: State Farm
Why we choose it:
If you’re looking for the best burial insurance for seniors
State Farm is worth considering. State Farm has a wide choice of life insurance options, including term, whole, and universal policies, and a no-exam alternative for people who want a policy quickly.
Eligible Age: between 0 and 85 years old
Approval Process:
Death Benefit Size: The death benefit is capped at $10,000.
Policy Maturity (In years): 85 years
Availability: Yes
Overview:
State Farm is a mutual insurance firm based in the United States and Canada that offers a variety of insurance and financial services. It is the country’s largest home and vehicle insurance company, as well as the seventh-largest life insurance company.
In terms of revenue, it is rated 33rd in the 2017 Fortune 500.
State Farm’s life insurance section offers last expense insurance plans. They have 18,000 agents throughout the country who are solely responsible for selling the company’s insurance products.
What We Like
- Agents can be found all around the country.
- A wide range of coverage options that can be customized
- The cost of auto insurance is lower.
- Customers can use a user-friendly mobile app and website to access services, including estimates, bill payments, and claims to file.
What We don't Like
- Premiums for homeowners’ insurance can be higher.
- It does not usually provide customized protection for auto insurance customers.
- Customers can only get items and services from the corporation or its agent network.
#3 Best Overall: Global Life
Why we choose it:
Above all, Globe Life Insurance has been in business since 1951 and today provides term, whole, and accidental death insurance to seniors and younger customers. This form of protection is simple to obtain–no medical tests are required!
All candidates must answer a series of health-related questions to be considered for the coverage. In truth, no diagnosis or condition is required here; instead, you must provide answers about yourself on paper, which is ideal if you’re busy with work but still want to be protected in an emergency.
Globe Life is a direct-to-consumer life insurance firm that sells life insurance over the phone and online.
Eligible Age: 18-79
Approval Process:
A 10-day “free look period” is usually offered by life insurance firms. With a free look period, you have ten days to cancel your policy and get your money back in full, no questions asked.
Globe Life offers a 30-day money-back guarantee, which is more liberal. If you’re unhappy with your insurance plan for any reason, you can cancel it and receive a full refund from Globe Life.
Death Benefit Size: $5,000 – $100,000
Policy Maturity (In years): 79
Availability: Yes
Overview:
Globe Life provides the Best burial insurance for seniors
with various options and flexibility. For example, you can obtain burial insurance in sums ranging from $5,000 to $100,000, and you can do so without a medical exam or a waiting period for both adults and children. If you’re concerned about quality, consider that Globe Life has an A rating from AM Best for financial strength.
Monthly burial insurance costs start at $3.49 for individuals and $2.17 for children or grandchildren, according to Globe Life. You can apply to obtain free life insurance information in the mail, and their burial insurance policies require only a basic application.
What We Like
- Life insurance policies are available without a medical exam.
- For the first month, the rates are low.
- Insurance can be purchased online, over the phone, or by mail.
- You can sign up for coverage right away and choose who will get the payout.
What We don't Like
- Buy insurance online, over the phone, or through a representative.
- A vast number of riders and plan perks are available.
- Seniors have a variety of insurance options.
Also Read - 10 Helpful Resources for Seniors
#4 Best for Small Benefit Amount: Mutual of Omaha
Why we choose it: Mutual of Omaha provides dependable coverage to applicants around the country, even those with serious health concerns or a history of tobacco use, thanks to a diverse selection of plans and policy features. Though the purchasing process is a little slower than that of internet insurers, it may be a viable option for those whose age or personal circumstances prevent them from finding inexpensive coverage elsewhere.
Eligible Age: 18-80
Approval Process: More than 85% of whole life insurance claims are paid out within 24 hours or less, according to Mutual of Omaha.
Death Benefit Size: $100,000
Policy Maturity (In years): 80
Availability: Yes
Overview:-
Mutual of Omaha is a leading provider of less expensive insurance in the life insurance business.
They’ve been around for almost a century, and millions of Americans rely on their products, which include universal life insurance, whole life insurance, last expense whole life, term life insurance, and Medicare supplements, to provide peace of mind.
What We Like
- The cane has a feature for height adjustment
- The cane comes with a wrist strap for better grip
- The handle is very comfortable
- The base is designed for non-skid traction
What We don't Like
- Your coverage options may be limited if you buy a policy online.
- Dividends are not paid out.
- The purchasing procedure can be lengthy.
- Account management through the internet is restricted.
#5 Best for Seniors on a Budget: AIG Direct
Why we choose it:
AIG final expense coverage is a whole life insurance policy guaranteed to cover burial and other funeral costs.
There are no health-related questions or any form of medical underwriting. You will certainly accept.
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The way it works is quite simple because it is a whole-life policy.
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Coverage will never be reduced.
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The policy can’t expire at any age, and the premiums can’t go up.
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Except in the case of non-payment, this is a non-cancellable contract.
Eligible Age: 50-85
Approval Process: AIG offers loan maturities of up to 30 years.
Death Benefit Size: $5,000- $25,000
Policy Maturity (In years):
Availability: Yes
Overview:
A two-year waiting period will apply to all assured issue last expense insurance (from any firm). There is no such thing as a no-questions-asked policy with a six-month or one-year waiting period. It’s always a minimum of two years.
What We Like
- AIG's offers a simple underwriting process with no medical exams or health questionnaires.
- Instead of weeks, approval takes only a few minutes.
- The death benefit is not bound to a funeral home, allowing greater flexibility.
- It covers you for the rest of your life. Your coverage will not expire as long as you pay the premiums.
What We don't Like
- For a corporation of its size, it has a high amount of customer complaints to regulators.
- According To J .D. Power's 2021 U.S. their customer satisfaction was below the industry average.
- If you miss a few premiums due to illness and die, your insurance policy will not pay out a dime.
How does burial insurance work?
For certain instances, having this type of coverage can be beneficial. Conventional life insurance coverage is not available to everyone. Those with chronic ailments like emphysema or diabetes, as well as those in high-risk industries like law enforcement, firefighters, high-rise construction workers, and the elderly, have a hard time receiving life insurance. In such instances, funeral/burial coverage may be able to help defray the price of your final expenses for your loved ones.
Another instance in which burial insurance makes sense is if you’ve never saved money for your ultimate expenses and are approaching retirement age or older. Rather than burdening your loved ones with these costs, consider purchasing a minor burial coverage.
Even if you have another life insurance policy, having a separate burial policy ensures that all of the money from your life insurance policy gets straight to your beneficiaries. Rather than having your final expenses deducted.
Is burial insurance worth it? (H2)
Burial insurance, often known as a final expense or burial, is insurance that helps pay for a person’s final expenses. Whether you die a week after purchasing the policy or 30 years later, level burial insurance policies pay the full death payment. Level burial insurance products have higher premiums than modified burial insurance policies. Still, they provide peace of mind by guaranteeing that the policy’s total value will be paid regardless of when you die after the policy is in effect.
The permanent policy is only for small transactions. It is designed for senior citizens who don’t have enough money to pay premiums on standard procedures but still want to plan for their burial and other expenses. Furthermore, the insurance is appropriate for adult children of older parents who cannot afford to cover these costs on their own.
Because the whole life policy has higher monthly premiums for regional coverage, you should think about other sources of money (savings account, investments, social security) if you or your family might otherwise afford the monthly payments.
People Also Ask
Conclusion
Unfortunately, many people today lack the financial means to pay for their funerals ultimately. As a result, many people are eager to devise a strategy to ensure that they never leave their loved ones with the financial burden of unpaid funeral expenses.
You have the option of purchasing burial insurance. They’re all whole life insurance policies with a simplified issue. They don’t expire, the monthly cost is set in stone for the rest of your life, and the face value can’t go down.