What Goes Into Burial Insurance Quotes?

Many elderly people did a very good job of planning for their retirement. However, most seniors must live on a fixed income, and this makes it tough to put anything extra aside for the future. That means that the burden of paying for a funeral and other end-of-life expenses might fall upon the next generation. Since funerals can cost several thousand dollars, this is not a trivial expense. Funeral insurance, sometimes also called burial insurance or senior life insurance, can provide an affordable way to prepare for this expense.

We are a leading resource for burial insurance in most parts of the country. We can help you compare funeral insurance quotes for yourself or a loved one. Take advantage of our free online quotes or contact us for more information at any time. We want to help you find the right plan at a price that fits your budget by giving you professional advice and free burial insurance quotes to compare.

Do You Need to Talk to Your Parents About Final Expenses?

These are examples of typical final expenses:

  • Funerals and burial plots
  • Settle debts
  • Travel or guest hosting
  • Estate legal matters
  • Medical expenses

Are you concerned about planning for your parent’s funeral and other final expenses? In addition to having a lot of bills to pay in a short time, you may also lose time from your job because you need to spend time dealing with a number of different tasks. This can present a significant financial burden at a time when you also have to deal with the pain of losing a loved one.

The topic of final expenses might seem like a grim subject. Nobody likes to talk about a time when beloved family members will not be around any longer. But lots of older folks and their adult children do concern themselves with ways to prepare for this additional burden, and elderly folks are actually relieved to find an affordable way to ensure that there will be plenty of money to take care of everything after they are gone. They usually want to cooperate as much as possible in order to take care of their families as well as they can.

Applications for burial insurance are really quite easy to complete, and adult children can usually handle most of the process. The person that will get covered by the plan only needs to participate in the very last stage of the process, and this can get handled over the phone. If you take the time to compare burial insurance rates, you might be pleasantly surprised by how affordable these plans can be for an average family. In exchange for a modest premium that can get paid by the adult children or the senior citizen, you can enjoy peace of mind because you will have plenty of money to pay for a funeral and other final expenses.

Burial Insurance Costs

Of course, you will want to know how much one of these plans will cost. These policies have been designed to be as simple and affordable as possible because insurers understand that the people who need them have concerns about their financial situation after a loved one passes away. If possible, it is always best to compare burial insurance rates from multiple companies that do business in your local area to make sure you find the right deal.

Of course, the actual costs depends upon a few different things. The covered person’s gender, location, age, health, and the amount of coverage that you want are prime considerations. Almost all older people can find coverage, but younger and healthier seniors will find cheaper rates. Since state regulations govern most insurance business, you may find different options if you look for burial insurance in New York than if you want burial insurance in California or Florida.

Understanding Death Benefits

The age and health of the insured person may also impact the type of benefits that they qualify for. Typical benefits are level or immediate, graded, and modified. Level benefits are activated for the full face value of the coverage as soon as coverage is purchased. These are available for reasonably healthy older people.

Graded and modified benefits only pay out the full benefit after a waiting period of two or three years has elapsed, but they do return part of the death benefit or at least refund premiums if the insured person passes away before the waiting period elapses.

Examples of Burial Insurance Costs

Understand that these are examples, and the actual rate can only be offered after an application has been completed. However, these are lifetime rates. The death benefit never decreases, and the rates never increase. Additionally, the coverage lasts a lifetime as long as the premiums get paid. The insured person never gets cancelled if they do become ill or enjoy many more birthdays.

Consider some typical examples of burial rates from highly-rated insurers that we can help you with:

  • Gender: Male
  • Age: 65
  • Location: Florida
  • Health: Fairly healthy
  • Plan: $10,000 immediate death benefit
  • Cost: $53.89
  • Company: Assurity Life
  • Gender: Male
  • Age: 70
  • Location: California
  • Health: Fairly healthy
  • Plan: $10,000 immediate death benefit
  • Cost: $71.31 a month
  • Company: Royal Neighbors of America
  • Gender: Male
  • Age: 75
  • Location: Texas
  • Health: Fairly healthy
  • Plan: $10,000 immediate death benefit
  • Cost: $53.89 a month
  • Company: Assurity Life

(Please note: these are example rates, final rates are based on a full application and underwriting process)

These three examples all demonstrate typical rates for a man who is fairly healthy for his age. Some minor age-related issues like high cholesterol are typically fine. However, people who have serious medical issues might not qualify for level benefits and the cheapest rates. To get covered, these folks might need to accept modified or graded benefits. However, this can still be a very advantageous situation because the worst that will happen is premiums get refunded, typically with interest, and no money ever gets lost.

These are the three levels of benefits:

  • Level: The burial plan pays out an immediate death benefit for the full face value as soon as coverage is activated, and there is no waiting period.
  • Graded: The plan might pay out some percentage of the face value during the first few years before the waiting period expires.
  • Modified: The plan refunds premiums if the insured person passes away before the waiting period expires.

Typical waiting periods last for two or three years. Some plans increase the portion of the death benefit during each year of the policy until the waiting period expires, and then the full benefit amount gets paid out. This gives insurers a way to cover higher-risk individuals who might not qualify for traditional whole life insurance. In any case, plan owners never lose any money because the worst thing that could happen is that the covered person passes away before the waiting period expires and premiums get refunded with interest.

Why Compare Burial Insurance Costs?

Different insurers have different plans, prices, and underwriting guidelines. Depending upon your unique situation, one company might be a better option than another. This is one reason why it is usually not prudent to take advantage of the first offer you see advertised on TV or online. Additionally, you might be encouraged to apply for a guaranteed-acceptance policy with higher rates and a modified or graded benefit when you actually are healthy enough to qualify for lower rates and an immediate death benefit plan.

In many states, you have a variety of options to compare. However, some states have different insurance regulations that will give you less options. For example, if you want to find burial insurance in New York, we can only offer you one or two options because fewer companies choose to operate there. Alternatively, you might find plenty of companies that operate in some regions of Texas.

How Much Coverage do You Need?

No two families have exactly the same needs. You might start by finding out how much funerals and burial plots cost in your local area. Prices can vary a lot between different states or even between towns and large cities in the same state. Since these insurance plans pay out in cash, you do not have to make a final decision about a funeral home, but you can shop around to ensure you purchase enough coverage.

Also remember that other expenses usually need to get handled after a loved one passes away. If your family member wants to be buried in her home town, for example, you might need to pay to transport her body. If you do not live in the same town as she does, you might need to buy plane tickets and pay for a hotel room. Out-of-town guests may require housing and meals.

Remember that these plans pay out in cash, and if there is any money left over, the beneficiaries are free to save or spend it as they please. You might need to balance the death benefit against the cost of coverage, but you will probably never regret buying too much coverage as much as you will regret buying too little. You can simply compare final expense insurance quotes to find out how much coverage you can afford.

How to Compare Burial Insurance Quotes for Yourself or Your Parents

While comparing a variety of different insurers, benefits, and plans can ensure you find the right type of coverage at the best possible price, it can be a tough job for the average person to do alone. You also might have trouble determining the right amount of coverage for your family. That is one reason why we provide burial policy quotes and advice for free. Our company thrives because we help our clients find the best burial policy quotes and the best possible type and amount of coverage.

We Offer Burial Quotes Online or by Phone

We are a top resource for providing competitive burial insurance rates and information about burial plans. We will be happy to answer all of your questions, give you free burial insurance quotes to compare, and help you with every step of the quick and simple process. Remember that the person seeking coverage only needs to be involved in the process during the final step, and you can handle everything over the phone at your convenience.

Taking advantage of our free quotes and advice never obligates you to purchase anything. However, many of our clients find that our personal service and commitment to finding the best plans and competitive final expense insurance quotes makes us the brokers that they choose to deal with. We even offer free funeral insurance quotes online, so you can shop at your convenience and in the privacy of your own home.