What is Burial Insurance? How will you know that your burial needs and final expenses will be paid? Will your family be protected in their time of need from the high cost of funeral expenses? What is Burial Insurance for Seniors? Burial Insurance for seniors are designed to cover the expenses your family will have to pay upon your death.
What is Burial Insurance?
These policies are sometimes called senior life insurance, final expense insurance, funeral insurance or cremation insurance. They usually have death benefits under $25,000. The coverage lasts for your entire life. When you pass away, your beneficiaries receive a payout large enough to cover funeral costs and other final expenses.
Burial insurance policies are approved quickly with a fast turnaround. There is no medical exam required and policies can never be cancelled by the funeral insurance company. Your monthly premium stays the same regardless of any changes in your health. Families are paid the death benefit tax free at the time it is most needed.
The cash value component of final expense policies is an added benefit. This benefit allows you to borrow against the amount gained in your cash value account. The money can be used for emergencies or any other need you might have. The funeral insurance not only gives your family peace of mind, but the cash benefit gives you peace of mind as well.
What kind of burial insurance is available?
The two most common types of burial insurance policies are preferred DAY ONE coverage and GUARANTEED ISSUE. Here are the differences:
DAY ONE COVERAGE POLICY: Thankfully, most clients qualify for DAY ONE coverage. This is because there are so many companies to help find the best fit for each client. DAY ONE coverage means that from the moment the policy is activated, all can rest assured that final expenses will be paid for through the burial insurance policy.
GUARANTEED ISSUE POLICY: What if someone has a serious health condition? Thankfully, no one is turned down for coverage through our companies who offer a GUARANTEED ISSUE POLICY. This is for clients who may have been turned down by other companies or have developed health problems that prevent DAY ONE approval. Guaranteed issue policies do have a waiting period. However if the insured dies due to poor health before the waiting period is over, most companies give back 100% of the premiums paid, PLUS 10% interest. That way, no money paid is lost. If the client dies due to an accident, the policy benefit is paid out IN FULL.
Who needs Burial Insurance?
Let’s face it… burial and funeral costs are expensive. In fact, a typically funeral right now in the US, is around $8000 and rising. That is why $8000 burial insurance policies are one of the more common death benefit amounts. Just think what a funeral might cost in 25 to 30 years from now. Even if you are considering cremation, this service isn’t cheap anymore either. More and more funeral homes are now offering additional services with cremation like viewings, flowers, videos and more. Regardless of the arrangements you and your family choose, ANYONE who doesn’t want their family members to take on the burden of paying for their funeral expenses would benefit from having burial insurance. Assurance Life helps protect families of all ages with affordable funeral insurance plans. Since we have access to over 25 of the best burial insurance companies, we can offer plans from 14 days old to 85 years old. We have children’s whole life insurance plans, adult burial insurance plans and even plans for those who have severe health issues. Of course, you know your budget better than we do. If you currently don’t have any life insurance in place or don’t have the additional funds in savings, burial insurance could be your best bet so your family is covered.
Benefits of Burial Insurance
- Easy approval and simple application process
- Policy can’t be cancelled because of your age or health
- Monthly premiums will NEVER change
- Builds cash value over the years
- Guaranteed death benefit
- Coverage lasts for your Whole Life
Sample Burial Insurance Rates
How does someone get burial insurance?
First, a client fills out the free online quote. Then the insurance broker compares numerous funeral insurance companies available. They place the client with the one that best fits their health and budget. Once the process is started, the representative helps the customer complete a short application. Its important to ALWAYS use a broker who has access to many companies. Buying direct from one company that only has one plan IS NOT in your best interest. After that, approval for final expense burial insurance is quick and easy. There are many payment options to fit the needs of each family. These options include payment due date, method of payment, and monthly payment amount. Assurance Life is here to help you with your burial insurance needs. Don’t wait another moment to protect your family and make sure your final expenses are taken care of. Once again, what is burial insurance? Burial insurance = Piece of Mind.