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Burial Insurance – Is It Worth It?
By Matt Schmidt
You travel through your life at such a fast pace. After all, life is full of so many experiences and joys that it is hard to take the time to slow down — especially if it means slowing down and thinking about when it all may end. It is hard to think about dying, but it is guaranteed to happen one day. Are you ready?
Sure, you need to be ready mentally, physically, spiritually, etc. But, are you ready financially? When you pass away, are your loved ones going to be taken care of? Are they going to have the financial freedom to take care of your final expenses and receive the comfort and closure they need? Or, will you leave them with a mountain of debt and scraping by to give you the basics of a funeral service?
As uncomfortable as it may make you feel, now is the time to think about this. Perhaps you are a child, who is worried about these types of expenses for your parents. Maybe burial insurance for your parents is something to consider.
Many families can truly benefit from having a burial insurance policy to address all their final expenses. No family wants to worry how to cover funeral costs while grieving after losing a loved one. Ensuring that your family will not have to worry about burial costs is one of the most selfless things a person can do. Because of this, we truly feel burial insurance is ‘worth it’. Call us at 844-334-6143 and speak with a license agent to review your personal situation.
Burial insurance is a type of insurance that will be there for your family upon your death. All death expenses, such as a funeral, cremations, memorial services, caskets, urns, cemetery plots, etc. cost money. Believe it or not, the average funeral these days can cost anywhere between $7,000.00 and $10,000.00 on average. If you die unexpectedly, will your family be prepared to fork out that amount of money? For most people, the answer is no.
Burial insurance is available for you to make things easier financially for your family when you die. Unlike large life insurance policies, burial insurance was created to cover just that – your burial (or however you choose to handle this situation). These are small policies that don’t pay out enormous amounts. Instead, they provide just enough for your beneficiary to cover the cost of your funeral expenses and, potentially, some small medical bills or other expenses.
It is important that you understand that burial insurance is not designed to act as a life insurance policy.
Burial insurance is a whole life insurance policy, meaning that it is available to you throughout your whole life, assuming you maintain your premium payments. Once you take out a policy, you will be covered upon your death. Those you leave behind will not be scrambling to lay you to rest or to receive closure with their grief. In other words, it is the peace of mind that is provided by burial insurance.
Another perk of this type of insurance is that it is affordable. The coverage amounts generally run between $5,000.00 and $25,000.00, but have been known to go up to $50,000.00. And, because they are whole life policies, the premiums are likely to fit your means more easily. Always remember to take out a burial insurance plan policy that will not only fit your budget today but in years to come!
Here are some sample rates, to give you an idea of possible premiums
Sample Non-Tobacco User Rates
| Age | Female | Male | Female | Male |
|---|---|---|---|---|
| Amount | $10,000 | $10,000 | $15,000 | $15,000 |
| 50 | $23 monthly | $28 monthly | $33 monthly | $40 monthly |
| 55 | $27 monthly | $34 monthly | $39 monthly | $48 monthly |
| 60 | $33 monthly | $40 monthly | $48 monthly | $60 monthly |
| 65 | $40 monthly | $53 monthly | $59 monthly | $79 monthly |
Just like with anything else, there is a downside to burial insurance. For example, you will leave your beneficiary with enough money to handle your funeral expenses and possibly a small bit extra to cover some miscellaneous expenses, such as small medical bills or other minor financial obligations. Unlike regular life insurance policies that cover college tuition, daily living expenses, mortgage payments, and other things that keep going in life, burial insurance is designed to mainly cover funeral expenses and burial expenses.
Another downfall with burial insurance is that you must be sure that you maintain the beneficiary as a trusted person. Upon your death, the money from your final expense insurance policy will be paid out to your listed beneficiary – not the funeral home. So, while the money from these policies is intended to cover your funeral and other end-of-life expenses, the burden to use it for such falls on the beneficiary. 
Burial insurance does not differ at all from final expense insurance or funeral insurance. In fact, they are the same thing. These words are interchangeable throughout the industry. Purchasing a policy that is titled Final Expense Insurance is going to give you the same benefits as one titled Burial Insurance or Funeral Insurance.
These are all small policies that are meant to offer the comfort that your end of life expenses will be covered by the policy. You can rest assured that your family will not be juggling any undue stress due to your failed choices. So, call it what you want – burial insurance, final expense insurance, or funeral insurance – and know that your wishes upon your death will be met with ease and without undue burden on those left behind.
Premiums for final expense insurance policies are highly based on age and health. It is very uncommon to have a medical exam for the policy, but it is not uncommon to be asked a few medical questions to gather a picture of your overall health status. It is important to note, however, that you can also choose to go with a policy that does not ask any questions in relation to your health. It may seem like the best option if you are dealing with some serious health situations, but keep in mind it could result in an increased premium.
Here is a very general sample of monthly premiums for burial insurance, based on age, sex, and health.
Here’s another chart
| $15,000 Death Benefit | Overall Good Health | No Health Questions Asked |
|---|---|---|
| 65-year-old female | $51.00 | $81.00 |
| 65-year-old male | $81.00 | $100.00 |
| 70-year-old female | $76.00 | $102.00 |
| 70-year-old male | $106.00 | $129.00 |
| 75-year-old female | $105.00 | $132.00 |
| 75-year-old male | $145.00 | $184.00 |
| 80-year-old female | $144.00 | $225.00 |
| 80-year-old male | $194.00 | $328.00 |
You will want to take into consideration that the older you are, the higher the premium will be. This is, of course, the way most policies work. It is based on the level of risk you are determined to be by the insurance company. Someone who is 30 years old will be seen as less of a risk for final expense insurance than someone who is, say, 77 years of age.
Here is another way to think about it: If you are wanting to save $15,000.00 on your own to cover your funeral expenses, you would take the years you have remaining (based on the average age for males and/or females in the U.S.) and multiply it by twelve (to obtain the correct number of months). Then you will divide $15,000.00 by the number of months and that will give you your monthly payment. At the very least, this can give you an idea of your potential premium.
Insurance companies are all going to have their own set of underwriting criteria. This includes answering basic health questions and allowing companies to do a prescription drug background check. Some popular companies are Mutual of Omaha, Lincoln Heritage, Senior Life Insurance and several others.
While you may think that burial insurance wouldn’t come with complications due to the fact that you are purchasing a small amount of coverage, think again. This type of insurance still comes with complications that may leave you frustrated – and uncovered.
First, you may discover that your policy for burial insurance comes with a waiting period. Policies like this are referred to as guaranteed acceptance life insurance policies. This is something you will want to look for carefully in your policy. And, believe it or not, this waiting period can last for quite an extended period of time. For example, some policies have waiting periods that last two to three years from the date the policy was obtained. You are paying, but if you die during this time, your insurance company may not be obligated to pay out anything. This scenario is quite common and can lead to many complications.
Purchasing final expense insurance is pretty much confirmation that you know you will die one day and you want to have your funeral expenses covered. And, by selling you this type of policy, your insurance company is confirming this, too. But, did you know that it is common for insurance companies to turn down claims filed by those who had pre-existing conditions? This means that should you die from certain conditions you may have at the time you take the policy, your claim may be excluded – and your beneficiary may not receive payment upon your death.
These are both common complications in the life insurance world – waiting periods and pre-existing condition clauses – and are also common with burial insurance, as well. This is where we come in, as we can help you find the best senior life insurance policy for your situation.
You should know that there are definitely alternatives to final expense insurance. As discussed above, you could create your own savings to cover these burial costs. This is a straightforward way to handle it, but some individuals may find it hard to keep this put aside and not dip into it in case of an emergency.
As for insurance, you may want to consider whole life insurance policies, rather than a simple burial insurance policy. Depending on when you purchase the policy, you may find that you can obtain a policy for a premium price that is affordable and the policy amount that would be paid out upon your death would be greater than anything you could receive in a final expense insurance policy. Just the same, as long as the premium payments are made on time, the policy will be paid out in its entirety.
Another option is term life insurance. This type of policy is for a set amount of time – a term. It could be 10 years, 20 years, 30 years, or some other chosen length of time. These policies usually come with reasonably affordable premiums that can get you a larger policy than your burial insurance. The downfall is, unlike the other policies, these will end after a set number of years and – if you are still alive – you will need to seek an alternative for final expense insurance.
Each policy is going to have its pros and cons. If you find yourself wanting to make sure you are covered for your burial expenses, then you will want to have a policy in place. It is up to you to determine just how much you will need and how much you can afford to pay your monthly premium.
Now for the answer to the million-dollar question – is burial insurance worth it? Absolutely. We 1000% believe that families will benefit from having a policy in place.
Now for the answer to the million-dollar question – is burial insurance worth it? One day, you will die, and your family will be left with picking up the pieces and moving forward in life. And, they will most definitely experience a lot of grief. One of the best things you can do for them is to ensure that they do not need to struggle with difficult financial situations during this grieving process. Leaving behind the funds to cover your funeral expenses and any other final expenses can be very comforting.
There is nothing set in stone on how you need to leave this money. You can do so by investing, opening a savings account, purchasing a term life insurance policy, a permanent life insurance policy, or by choosing a burial insurance policy. In fact, if you want to be extra cautious, it is best to have a backup plan – just in case. You never know what curveballs life can throw at you, so it is best if you are prepared.
Don’t wait until it is too late to invest in coverage for your burial expenses. Your family is counting on you to be there – and to take care of them even after you are gone. No one needs the burden of paying for funeral expenses that can easily exceed $8,000.00. By planning now your loved ones will not have to worry about giving you the proper funeral you deserve.
Seek out the assistance of an independent agent. This is the best way to discover all the options you have so that you may make the best choice for your situation. Agents have incredible knowledge and can help guide you through the process. We work with a network of companies across the country. And, for you, that means easily obtaining multiple quotes and having the opportunity to choose the best coverage for the best price.
Planning for your funeral expenses is difficult – so don’t do it alone. Let us help you find the right coverage for you. You will be comforted knowing that your loved ones will not be faced with any surprise financial obligations. Simply fill out a quote request today, or contact us to get a free and no obligation quote. We’re here to help! Use us as a resource!