Have you been thinking about buying a burial insurance policy that will cover your final expenses when you die? Usually, talking about death and life insurance is not normally front and center on the mind. However, being smart and planning ahead to protect yourself and family from expensive funeral bills should be. So why is planning ahead for your final expenses important? Leaving your family all of YOUR debt is not a good idea. Plus, we really don’t know what a funeral will cost 30 years from now. I can take a guess but I do know for certain it won’t be any cheaper than it is right now. Right now, the average funeral in the US is around $8,000-$10,000 and this depends on what State you are living in. So the million dollar question is, do you have $8,000 to $10,000 dollars set aside to cover your funeral expenses? Plus, what about other final expenses like credit card debt, taxes and medical bills? If you are like most people, you just don’t have this extra sitting in a savings account. Don’t beat yourself up, because less than 50 percent of Americans have $5000.00 or more in a savings account anyway. So how do we plan ahead for these expensive funeral bills and how do you find the best burial insurance policy? We hope to answer these questions and more in this article. If you would like instant burial insurance quotes, Call us at 800-517-0810.
What is a Burial Insurance Policy?
Burial insurance is a whole life insurance policy designed to cover your funeral or burial expenses when you die. Most whole life insurance policies are small amounts ranging from $5,000 to $25,000. Assurance Life does have a few companies that offer plans to up $40,000 and one company up to $100,000. Most of our clients purchase amounts between $8,000 to $15,000, since most are looking to just cover their funeral expenses. However, a burial insurance policy can be used to cover ALL your end of time expenses including funeral expenses, medical bills and credit card debt. Plus, burial insurance plans are easy to apply for and NO medical exams are ever required. Most burial insurance companies require you to be between 50-80 years old to purchase a burial insurance policy. However, Assurance Life has companies that offer coverage from 14 days old to 85 years old.
Why Buy a Burial Insurance Policy?
The main reason people purchase a burial insurance policy is because they don’t want to be a burden on their family. After all it is your funeral. Plus, who wants to be remembered as a burden to your family after you pass away? This is why its important to have a burial insurance policy in place to protect you and your family from unexpected final expenses. These final expenses can add up quickly and remember it’s not just funeral expenses but also other debts you have as well. Call us at 800-517-0810 and one of our specialist can assist you.
How to Find the Best Burial Insurance Policy
Finding the best burial insurance policy can be time consuming and sometimes down right frustrating. Once again, burial insurance can also be called funeral insurance, final expense insurance and whole life insurance. Right now, there are 100’s of life insurance companies who offer burial insurance to cover one’s final expenses. How do you know which company to choose? Assurance Life recommends using an independent broker to help you in this process. An independent broker like Assurance Life can save you a ton of time, money and a lot of frustration. Independent brokers have the freedom to offer several plans using several different burial insurance companies. Assurance Life has access to over 25 burial insurance companies, so finding you the right burial insurance policy won’t be a problem. More importantly, finding the right policy based on your current health conditions is crucial. Just make sure you don’t use a company that only has one policy to offer.
What does a Burial Insurance Policy cost?
We will look at several factors to best answer this question. First, always use an independent broker like Assurance Life to help assist you in the buying process. Independent brokers have access to multiple companies so finding the BEST price won’t be a problem. Here are a couple of factors that will affect your burial insurance cost:
- Your current age
- Your gender
- Your current health
- Amount of coverage needed
Your current age plays a huge part in the cost of your policy. The older you are, the greater risk of death. So, someone who is younger in age, will always pay less in life insurance premiums than someone who is older. This assumes that the individuals have the same health conditions. This is why its important to purchase burial insurance when you are young and healthy. Buying a burial insurance policy early in life, allows you to lock in your rates. Plus, these rates NEVER increase for the life of the policy. Assurance Life has plans available up to age 85, so yes you can buy burial insurance in your 80’s.
Your gender also will determine how much your burial insurance policy will cost. Females get lower life insurance rates because females tend to live longer than men. Living longer means more premium payments for the life insurance companies.
Your current health is a primary factor in determining your burial insurance rates. Actually, your past health is important as well. Most burial insurance companies will look back only two years for various health conditions. Some companies will look back longer. Not to worry, applying for burial insurance is super easy and Assurance Life has plans that don’t even ask health questions.
Of course, the more insurance you take out, the more your premiums will be. It’s important to plan accordingly for your final expenses so you don’t end up needing more coverage later in life. Also just as important to not take out more insurance than you will need.
Here are some sample rates from a few of our burial insurance companies. You can reach us at 800-517-0810 if you have any questions.
Mutual of Omaha Sample Rates
Royal Neighbors of America Sample Rates
Liberty Bankers Life Sample Rates