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Best Burial Insurance Plans by the Burial Insurance Pro’s
By Matt Schmidt
How to Find the Best Burial Insurance Plan
Finding the best burial insurance plan is easy, you only have two questions to ask:
There are many ways to cut costs on funerals, by far the best is if you prefer to go out without the lavish production of flowers, drivers and catering services. A good burial insurance plan will preferably take care of all the costs of the occasion you have in mind without your family having to dip into savings in order to send you off properly.
Here are some sample statistics: How much does a funeral cost?
Funeral costs vary widely depending on where you live and what components you want to be included in the funeral ceremony. Based on our research and industry studies, average funeral costs are:
In the U.S. a funeral will average about $8000 to $12000 in most states according to the National Funeral Directors Association. Keep in mind though there are additional expenses like flowers, cemetery costs, and other burial expenses that might arise.
With Burial insurance policies, your beneficiary will receive the death benefit payment, in a lump sum payout. They will then be able to use the benefit, however they see fit. If there’s any money left over, your family can keep it, and spend it on non-funeral expenses. This is one of the main advantages of burial insurance compared to a pre-paid funeral.
Among the many burial insurance plans, a whole life insurance policy is commonly used as burial insurance. In fact, it’s guaranteed to last your entire life (with NO price increases) and is the simplest form of life insurance. Because of this, many people prefer to have a policy, such as whole life insurance, that provides so many guarantees.
Here are the policy features, of most whole life insurance policies, that are purchased to address final expenses:
Whole life policies are sold in small amounts (typically $40,000 or less) and many times sold as “simplified issue” or “guaranteed acceptance burial plans”. In other words, there’s no life insurance medical exam needed, and few or no health questions to qualify.
It’s important to realize that the guaranteed issue plans do not pay out the full amount of policy if you die within the first two years after buying the plan. If death does occur due to natural causes, all premiums you pay in, plus 10% interest is paid to the beneficiary. After 2 years, the policy will pay the full amount of the policy, to your named beneficiary. Gerber Life has a great guaranteed acceptance plan available, and many people find working with them to be easy, and rewarding. The following are sample rates for Gerber Life guaranteed issue policy:
Male Monthly Rates
| Age | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $19.66 | $38.41 | $57.15 | $75.90 | $94.65 |
| 55 | $23.55 | $46.11 | $68.70 | $91.31 | $113.90 |
| 60 | $28.78 | $56.65 | $84.52 | $112.38 | $140.25 |
| 65 | $34.60 | $68.29 | $101.98 | $135.67 | $169.36 |
| 70 | $44.41 | $87.91 | $131.41 | $174.90 | $218.40 |
| 75 | $62.79 | $124.67 | $186.54 | $248.42 | $310.29 |
| 80 | $110.92 | $220.92 | $330.92 | $440.92 | $550.92 |
Female Monthly Rates
| Age | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $14.53 | $28.14 | $41.75 | $55.37 | $68.98 |
| 55 | $18.38 | $35.84 | $53.30 | $70.77 | $88.23 |
| 60 | $23.70 | $46.48 | $69.25 | $92.03 | $114.81 |
| 65 | $28.19 | $55.46 | $82.73 | $110.00 | $137.27 |
| 70 | $34.83 | $68.75 | $102.67 | $136.58 | $170.50 |
| 75 | $45.60 | $90.29 | $134.98 | $179.67 | $224.36 |
| 80 | $76.54 | $152.17 | $227.79 | $303.42 | $379.04 |
A Simplified issue burial plan, on the other hand, will require health questions, but will offer day one coverage and will pay out immediately if a death occurs in the first few years. To qualify, companies will ask a series of health questions. In addition, they will do a prescription drug background check. If you answer NO to all health questions, and are not taking any medications that are on their “KNOCKOUT” list, you would qualify. Mutual of Omaha has one of the more well-known Burial Insurance Plans of this kind.
Even if you have types of pre-existing conditions, many insurance companies will still consider you for coverage. History of heart attacks, diabetes, fibromyalgia and several other health issues do not mean you will not qualify. Simply speak with our agents, provide us your health profile, and we can help determine what final expense insurance companies you may qualify for.
Term life insurance is another form of insurance, but not good for use as a burial insurance plan. In fact, it lasts only as long as the term of the policy, such as 10, 15 or 20 years. For example, it is likely that you will live longer than the term of the plan. As a result, your family or beneficiary’s would receive nothing to help pay for funeral and burial costs. Term life is not the best burial insurance plan, however, term life insurance is better suited for covering large time specific financial needs like:
Many people would benefit from having a term life insurance policy, and also owning a whole life insurance policy, that would be ‘earmarked’ for addressing burial and funeral expenses. If possible, you’d benefit from taking out a burial insurance policy at a young age, and locking in rates that are LOW, while you are young and healthy.
We would never recommend a policy, that could be outlived. Why would you want a life insurance policy, that may NOT be there, when you and your family need it most? In our eyes, that would be foolish!!!
The first thing to remember about a burial insurance plan, is that your family doesn’t have to spend the money on your funeral. When your beneficiaries claim the life insurance and receive the money, no restrictions are placed on how they use it. With this in mind you should make sure your wishes are known in regards to your burial plan. Many consumers prefer this type of flexibility, with the policy. The money is used how YOU see fit!!!
Pre-need life insurance, also known as Funeral Insurance, isn’t as well known to most consumers. However, funeral directors know it well: It’s a life insurance policy, linked directly to the costs of a prearranged funeral. Funeral insurance policies are usually intended to only cover the funeral expenses and most often pay benefits directly to funeral homes.
One advantage of purchasing funeral insurance is many of these plans lock in today’s prices for your funeral costs.
Today a funeral will average about $8000 in most of the U.S. Please keep in mind that there are many different types of funeral insurance policies available, and you will have the additional expenses of flowers, cemetery costs, and other burial expenses that might arise.
With a Pre-need arrangement, you usually select the funeral home, choose the particulars of the funeral, and then purchase the policy. In some cases the costs will remain the same no matter when you die. Therefore the policy will be sure to cover the burial you have chosen. The payout from a pre-need burial insurance plan will go directly to the funeral home and never pass through your family’s hands.
Pre-need burial insurance is great for people that want to make sure their final wishes are carried out, their family won’t be troubled with funeral decisions, and that all the money goes toward the event. However there are issues with these types of burial insurance plans, these could include:
+ Medical bills
If your death come from due an illness or accident that required medical care, those expenses can add up very quickly, placing a burden on your loved ones’ pocketbooks. Your family could find some substantial out-of-pocket costs that get passed along.
+ Credit card debt
Unfortunately, if your spouse or anyone was an authorized user of a credit card, or co-signed a loan with you they will end up owing your outstanding debts.
In conclusion, while Whole life insurance used as burial insurance can be a bit expensive, guaranteed acceptance or guaranteed issue policies are even more so. In our opinion, a whole life is the best burial insurance plan. It offers you and your loved ones the peace of mind, knowing that the family will have money to pay for a funeral. Ideally, you would want to lock in a policy at a younger age, that can be paid up in 10 to 20 years. Since policies premiums are determined by your age, at time of application, the younger you are the lower the premiums.
It’s certainly hard enough to lose someone you love, no one wants the stress of a financial burden to go along with it. Contact us at 844- 334-6143 and let us help you and your family. We have helped thousands of people find affordable burial insurance. Let us do the same for you!