Low Cost Burial Insurance

Finding low-cost burial insurance is crucial for individuals who aim to secure their end-of-life expenses without stressing their loved ones financially.

If you're like many people considering this option, you're looking for an affordable yet reliable way to ensure your final arrangements are covered.

In this guide, we'll explore cost comparisons, coverage details, provider reviews, application processes, and financial planning tips to help you make an informed decision.

Guide to Buying Low Cost Burial Insurance

Quick Review

Low-cost burial insurance, also known as final expense insurance, is a type of life insurance designed to cover funeral and burial expenses.

It typically offers smaller coverage amounts compared to traditional life insurance policies, making it more affordable for individuals, especially seniors.

The premiums are generally fixed, and the application process is often simplified, requiring minimal medical underwriting. This insurance ensures that loved ones are not burdened with the financial costs associated with end-of-life arrangements.

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Burial Insurance Explained

Burial insurance, also known as final expense insurance, typically offers a smaller death benefit designed to cover funeral and burial costs.

According to the National Funeral Directors Association (NFDA), the median cost of a funeral with a viewing and burial in 2021 was around $7,848. This highlights the importance of planning ahead to mitigate these expenses.

Cost Comparison

When comparing burial insurance plans, look for policies that match your budget without compromising on necessary coverage.

For instance, premiums can range from $20 to $50 per month depending on age, health status, and the amount of coverage.

Insurers like Mutual of Omaha, MetLife, and Gerber Life are known for offering competitive rates. Websites like JRC Insurance Group can help you compare rates from multiple companies to find the most cost-effective option.

Mutual of Omaha

• Up to $25,000 of coverage
• No physical exam and no health questions asked
• Guaranteed Acceptance ages 45-85 (50-75 in NY)
• 30 day money-back guarantee.
• Two year limited benefit period

Met Life

• Rates as low as $10 per month.
• Guaranteed Issue for ages 45-75.
• Up to $20,000 of coverage available.
• No medical examination required.
• Two year limited benefit period.

Gerber Life

• Exclusively for ages 50 - 80 (most states)
• You cannot be turned down because of your health
• There are no health questions asked and no physicals to take
• Two year limited benefit period

Coverage Details

Not all burial insurance policies are created equal. It's essential to scrutinize what each policy covers, including any limitations or exclusions.

Common coverage elements include funeral costs, burial plot, casket, and service fees. However, some policies might exclude certain types of deaths, such as those resulting from risky behaviors. Ensure you understand the terms before signing up.

Provider Reviews

Selecting a reputable insurance provider ensures you won't face unexpected issues when it's time to claim the benefits.

Checking reviews and ratings can be insightful. Websites like the Better Business Bureau (BBB) and Trustpilot offer customer reviews, while industry reports from the National Association of Insurance Commissioners (NAIC) provide data on customer complaints and financial stability.

Application Process

Applying for burial insurance is generally straightforward.

Most providers offer online applications that can be completed in about 10-15 minutes.

Many policies are "guaranteed issue," meaning no medical exam is required, which is particularly beneficial for individuals in poor health.

However, some policies might involve underwriting and health questions.

Financial Planning

Incorporating burial insurance into your end-of-life financial planning can provide peace of mind. It's vital to consider the policy premiums in your overall budget.

Using tools like a budget calculator can help you plan for these monthly expenses without straining your finances.

Make Informed Decision

To make an informed decision, first assess your needs.

Are you looking for minimal coverage just to cover basic funeral expenses, or do you want a more comprehensive policy that includes a larger death benefit to cover any debts or other final expenses?

Your needs will dictate the type of policy that suits you best.

Compare Price Quotes

Once you’ve defined your needs, getting a few free quotes is a good next step.

Most insurance companies offer free online quotes that help you compare rates and coverage options. This not only saves you time but also ensures you get the best deal available.

Fixed Rate

Opt for policies with a fixed rate if you're on a tight budget. A fixed-rate policy ensures that your premiums remain the same throughout the life of the policy, providing more financial stability. This is particularly beneficial for seniors on a fixed income, who need predictable monthly expenses.

Health Issues

Look into "Graded Death Benefit" plans if you have pre-existing health conditions. These plans offer coverage that increases over time, sometimes starting with partial benefits in the first two years, and then offering full benefits later. While these plans might cost slightly more, they are a viable option for those who might not qualify for traditional policies.

Free Look Period

Consider the "Free Look Period" which most insurance companies offer, typically ranging from 10 to 30 days. During this period, you can review your policy in-depth and cancel it for a full refund if you’re not satisfied.

This provides an extra layer of security, ensuring you have time to make the best decision.

Example of Burial Life Insurance

Anecdotally, many families have been relieved to find that even a modest burial insurance policy substantially eases financial burdens during an emotionally challenging time.

Sarah from Texas shared that her mother’s low-cost burial insurance policy, which she found through a provider comparison tool, significantly helped their family manage funeral expenses without stress.

Adult Plans

When it comes to low-cost burial insurance for seniors, look for policies that cater specifically to older adults. Providers like Mutual of Omaha offer plans targeted at seniors which can be more affordable and tailored to their specific needs.

Inform Your Family

Now that you're equipped with the knowledge needed to secure a suitable burial insurance policy, take action by contacting insurance providers, requesting quotes, and comparing the available options.

Informing your family about your policy and ensuring they know how to claim it will further ease the burden when the time comes.

Peace of Mind

Planning ahead not only secures your peace of mind but also guarantees that your loved ones won’t be left with the financial strain of end-of-life expenses. It’s a practical step that underscores your care and consideration for their well-being during a difficult time.

Summary

In conclusion, finding low-cost burial insurance requires thoughtful comparison and understanding of each policy's nuances. By prioritizing affordability, coverage details, and ease of application, you can make informed decisions that provide financial and emotional relief.

Start today by exploring the options, requesting quotes, and securing a policy that fits your budget and needs, ensuring a legacy of care and responsibility for your family.

Low Cost Burial Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee