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Purchasing Burial Insurance – Where to Start?
By Matt Schmidt
Buying burial insurance doesn’t need to be a pain, for the most part, it should be pretty straight forward. Burial insurance or funeral insurance is a very important financial product, for you and your family. At the time of your death, you’ll want your family to receive this lump sum, and tax-free death benefit payment to address all of your final expenses.
You know you need this valuable coverage to protect your family, but where exactly do you start? There are so many TV commercials promoting their products, and you get ‘junk mail’ advertising these types of plans. Should you purchase from these types of companies? Probably not!!! Most of those companies that advertise this way, such as Colonial Penn, and Globe Life, tend to not be in your best interest.
There could be ‘better’ priced policies available to you. That’s why it’s important to work with an agency such as Burial Insurance Pro’s!!! We represent all the top burial insurance companies, and can help you find out the companies that will work best, in your situation! Call us at 844-334-6143 to begin receiving unbiased recommendations.
Here are some tips, on how to begin your burial insurance search.
First, you want to shop around as if you were buying a new car. Compare quotes and assess the information you find. Once you look over all of the information from your different options, choose the best plan for you.
Based upon your medical and health history, you will be able to find a plan that specifically suites all of the needs you are looking for. If you medically qualify, please apply for an immediate death benefit policy. Our agents can help you determine what companies you’d qualify for. Many funeral insurance companies accept people with pre-existing conditions, and Diabetes. We’ll also share with you what final expense insurance companies pay out the death claims in the timeliest manner.
Since all burial insurance companies will ask different health questions, there’s a really good chance you can qualify for policies that pay out the full death benefit, starting on the first day of the policy. This means that if you were to pass away, your beneficiary gets’ the full amount. No waiting period types of policies are always ideal. It’s not that we think you’re going to pass away any time soon, but if you did, we’d want your family to receive a death benefit that is the full amount of the policy.
At the time of death, the policy pays out the full death benefit to the named beneficiary. Depending on the insurance company you choose, payments are generally made in 2-3 business days. Also, Policies may be assigned to a Funeral home, where the benefit is paid straight to a funeral home.
If you don’t qualify for a policy that pays an immediate death benefit, you’ll always have the option to apply for a guaranteed issue policy. With these permanent whole life policies, you are guaranteed to be approved. Some popular options are Gerber Life, Great Western Insurance, and AIG.
Guaranteed issue policies will provide permanent coverage, but due to people who are not in the best overall health applying for coverage, the full death benefit is not paid, until after the first two years of the policy. If death occurs to natural causes in the first two years, all premiums plus 10% interest is paid to the beneficiary.
Finally, once you know what final expense insurance company is ideal for you, we will help you apply for the burial insurance that you picked. We provide you the necessary paperwork and help you complete it. Many companies even let you complete the forms through an email, or over the phone.
The underwriting application process takes about 2 to 3 days. Most companies will do a prescription drug background check, and a quick MIB review. During that time, sit back and relax, you’re one step closer to obtaining burial insurance! Certain companies may require a brief phone interview, which we help you schedule. Our job is to make the application process as EASY as possible for you!!!
Everyone. A lot of people don’t realize how expensive funerals cost and don’t realize that whatever cost is needed to pay for those expenses is left with their family to foot the bill. The average funeral costs anywhere from $8,000-$12,000. Could you imagine morning the death of your loved one and then realizing you have to find an extra $10,000 to pay for the expenses?
Burial insurance plans allow you to not have to worry about leaving that burden for your families. It will give them the ease of knowing that they will have money to pay for the funeral and any additional expenses.
Burial Insurance policies also are designed to pay out the death benefit, much quicker than a traditional life insurance policy. If you have a life insurance policy, great! However, the death benefit payout may take weeks or months. Would this impact your family? The answer is probably.
Anyone who was unable to get a traditional life insurance plan due to suffering from preexisting health conditions would also benefit from a type of burial insurance. Due to the high prices that come with having a health condition, burial insurance is a way to still obtain burial insurance without having to pay a lot. You would be surprised at the type of health conditions, that many burial insurance companies will accept.
Here are some sample health questions, that final expense insurance companies will ask:
As long as you are able to answer the yes/no questions accurately, there should be no reason you don’t qualify for a plan. If you do answer “yes” to any of the questions, there is no need to worry. We will be more than willing to help you find other plans that suit your needs better. All companies ask different health questions. Remember that Step 2! Discussing your health problems will allow us to find the best fit for your needs. We want to help you find the best burial insurance policy, given your health profile.
People of all age, for the most part, can qualify for these types of burial policies. Some companies offer policies for people are 0 thru age 89. However, your premiums are partly determined by your age. The older you become to start a policy, the ‘higher’ your premium. It’s generally a wise financial decision to start a policy at a young age.
Seniors who are age 70 who start a policy, will pay ‘lower’ premiums compared to seniors age 80. If possible, lock in the lower premiums when you are in your 50’s or 60’s.
Burial insurance plans, which are commonly referred to as final expense plans are geared towards Seniors. Some carriers offer whole life plans for individuals anywhere from 45-50+. Since these plans will last the insureds lifetime they tend to come in smaller face amounts of $50,000 or less.
If needing larger amounts of life insurance, it would probably be a good idea to look into traditional types of life insurance. However, if you are mainly concerned about having a funeral insurance policy, to address funeral expenses, these policies are perfect for you.
Although these plans do carry a small cash value, they can be borrowed against. However, it is strongly discouraged unless you need to make a payment on your plan. Many whole life policies allow you the ability to take out a loan, or to use cash value to make premium payments. However, these policies are not designed to be a liquid investment.
You want to take out these policies, to guarantee your family that your final expenses will be taken care of.
As with most plans, it depends on what exactly you need, how old you are, your health, etc. Since there are so many factors that go into calculating your premiums we can’t give you a fixed number. Some general guidelines that you can follow are the older you are or if you are a smoker you will pay twice as much as the average person. Most people don’t realize that eliminating tobacco usage will save you almost half your rate!
With Mutual of Omaha’s burial insurance plan on average if you are a healthy 50 year old who doesn’t smoke you can spend between $35-$75 a month. This monthly payment will give you roughly $10,000-$25,000 in burial insurance coverage. Here are some sample Mutual of Omaha quotes, as well as other companies:
Non Tobacco User Male $10,000 Immediate Whole Life Policy
| Company | ||||
|---|---|---|---|---|
| Sentinel Security | ||||
| Assurity | ||||
| Mutual of Omaha | ||||
| Americo | ||||
| Liberty Bankers Life | ||||
| Phoenix | ||||
| American-Amicable | ||||
| United Home Life | ||||
| Settlers | ||||
| Transamerica |
Non Tobacco User Female $10,000 Immediate Whole Life Policy
| Company | ||||
|---|---|---|---|---|
| Sentinel Security | ||||
| Assurity | ||||
| Mutual of Omaha | ||||
| Americo | ||||
| Liberty Bankers Life | ||||
| Phoenix | ||||
| American-Amicable | ||||
| United Home Life | ||||
| Settlers | ||||
| Transamerica |
If you have ever tried to obtain the best burial insurance plan on your own, then you know that it is tough. There are more companies and more questions than one could possibly count! The process can be overwhelming and discouraging – especially if you are talking to the wrong insurance companies.
At Burial Insurance Pro’s, we have the knowledge and how it relates to the best options for seniors for burial insurance. We know the ins and outs of these companies, including those who may or may not approve you for a reasonably priced policy. Why waste time and energy seeking policies from companies who will just decline you or ask you to pay a ridiculously high policy rate?
We have helped many people find the coverage they need at a price that is affordable. We know your options and we help you sort through them – answering any questions you may have along the way. You are not in this alone.
Contact us today to get started! Our agents are here to help you and your family. Give us a call at 844-334-6143, and put our expertise to work for you and your family!