Top Burial Insurance Companies FAQ’s

If you have been tasked with the sad duty of taking care of business after a loved one has passed away, you might already know how fast expenses can add up. Funerals and burial plots can easily cost thousands of dollars. Besides that, there are usually other costs to consider, and these might include moving your loved one’s possessions out of her last residence, settling debts, and handling an estate. These final expenses can be burdensome for many middle class families. Lots of older people have to live on fixed incomes, so they cannot always be expected to have money saved to cover these costs either.

Final Expense Insurance Companies Might Provide a Solution

Is there an affordable way to prepare for end-of-life expenses and maybe even leave some cash behind for adult children or grandchildren? Whole life insurance companies sell products that are sometimes called burial, final expense, or funeral insurance. Some elderly people purchase these plans to cover themselves and help protect their families. In other cases, adult children buy coverage for their parents.

We have a lot of experience helping families plan for the future, and we will be happy to discuss your situation and provide you with free funeral insurance quotes to compare. All families have different needs, insurers offer a variety of different products, and we hope to find each family the best solution for their own needs.

How Does Final Expense Insurance Work?

These products have been specifically designed to address the problem of preparing for the cost of funerals and other end-of-life expenses. The best burial insurance companies provide a cash death benefit upon the insured person’s death, and the beneficiary can use that money in any way she chooses. Typically, adult children who will be responsible for making final arrangements are named as beneficiaries, and there can be more than one beneficiary who each take a percentage of the death benefit.

This gives the people who need to make final arrangements some discretion in the way the money will get spent, and these people are also free to keep any money that they do not need to use at the time. For example, if an adult child inherits $15,000 from her mother’s burial insurance, and she only needs $10,000 for the funeral and other final expenses, she is free to keep the other $5,000.

Will Burial Life Insurance Companies Accept Elderly and Unhealthy Applicants?

You might wonder if it is still possible to purchase affordable life insurance for your elderly parents or grandparents. This might be particularly true if your loved ones have some medical issues. Since insurers offer these products to applicants between the ages of 50 to 80, they already know that most elderly people have developed some health issues. Of course, the health of the applicant might impact the price and type of benefit that they can qualify for.

This means that many active seniors can qualify for affordable coverage with a death benefit that is payable immediately after coverage gets purchased. Less healthy elderly people can usually qualify for coverage too, but they will not get the cheapest rates or an immediate death benefit. Less healthy people who cannot answer no to all of the health questions on an application might have to accept coverage with a waiting period that they must survive before the full amount of benefits can be paid. In this case, the insurer will either refund the premiums or pay a partial amount of the death benefit. Typical waiting periods are from two to three years.

There are three types of benefits offered by burial life insurance companies:

  • Level death benefit: These are typical life insurance policies, and beneficiaries are entitled to an immediate death benefit as soon as the policy is put in force.
  • Graded death benefit: This means that the death benefit increases during the first few years until a specified waiting period ends.
  • Modified death benefit: This means that the insurer will only refund premiums, sometimes with interest, during the first few years before the waiting period ends.

If the insured individual survives until after the end of the waiting period, beneficiaries are entitled to the full death benefit. This offers elderly people with serious health issues a chance to get affordable insurance, and it protects the insurance company from covering many applicants who might pass away soon after they buy coverage. Since the worst case means that the beneficiaries are still entitled to getting their money back with interest, any of these products might provide a good solution.

However, remember that many reasonably healthy seniors can qualify for an immediate death benefit, and the rates are usually cheaper. That is why it is a good idea to shop around for the right policy with the right terms before making a decision. The right decision can get you better coverage at a better price.

How to Find the Best Burial Insurance Companies

There are a few very good companies that offer these products, and your choice might depend upon the age and health of the applicant, where she lives, and the amount of coverage she seeks.

We do provide a selection of plans in many parts of the country, and these are some of the insurers that we work with:

American Continental Life Insurance Company (Aetna)

  • AM Best rating: A
  • Issue ages: 45-89
  • Prescription history check: No
  • Waiting periods: None for qualified applicants
  • Builds cash value: Yes
  • Rates: Fixed for life

American Memorial Life Insurance Company

  • AM Best rating: A
  • Issue ages: 18-85
  • Apply by phone: Yes
  • Waiting periods: None for qualified applicants
  • Competitive rates for ages 75 to 85: Yes
  • Rates: Fixed for life

Assurity Life Insurance Company

  • AM Best rating: A-
  • Issue ages: 18-80
  • Apply by phone: Yes
  • Waiting periods: None for qualified applicants
  • Level death benefit: $5,000 to $50,000
  • Graded death benefit: $5,000 to $50,000 between ages the of 40 to 80
  • Competitive rates for ages 75 to 85: Yes
  • Rates: Fixed for life

Note that certain health conditions may trigger a waiting period. You will learn if you qualify for an immediate, graded, or modified benefit during the application process, and this will be well before you need to decide which plan to purchase.

Find Free Online Burial Insurance Quotes

If you take the time to compare burial insurance quotes, you will be able to find the right coverage at the best possible price. We are a leading provider of funeral insurance plans in many parts of the country. You can contact us at any time to ask questions, describe your unique situation, and find out more about our solutions. We provide professional advice and free online burial insurance quotes.