Burial Insurance for Family Members
How to Buy Burial Insurance for Family Members
Are You Looking for Burial Insurance on Your Family Members?
If so, you’ve come to the right place. Today it’s quicker and easier than ever before to get the coverage you need at an affordable price without the hassles of having to meet with an agent or go through the lengthy process of a medical examination.
Yes, you can purchase burial insurance on members of your family.
As long as you are an adult you have an insurable interest on another family member; such as; a spouse, parent, brother, sister or other relative.
Many people choose to purchase a burial policy on their elderly parent to provide money to cover the cost of their parent’s burial and funeral expenses.
In addition, you may have a sibling who has a disability, is unemployed, has no savings, or relies on you for financial support, for whom you wish to provide a respectable funeral and burial when the time comes. That’s’ where a burial plan can help.
Burial Insurance
Burial insurance is a type of life insurance policy that pays for burial expenses. It helps you provide the funds needed to cover expenses related to a burial and funeral.
Who Can I Insure for Burial Insurance?
Usually, an adult may insure any family member who he or she has an Insurance Interest in.
Family Members to Insure for Burial Coverage
- Spouse or Partner
- Siblings
- Relatives – Aunts, Uncles, Cousins, etc.
- Parents
- Grandparents
- Legal Guardians
Amount of Insurance for Burial
The amount of burial coverage available will vary by insurance carrier.
Some insurers may offer up $25,000 or more. Usually, the lowest amount of coverage provided by a burial plan would be around $2,000.
According to a study on performed on behalf of the national Funeral Directors Association, the average cost of a funeral in the US is around $7,848.
Burial Related Expenses
Some common expenses related to a burial include:
- Funeral
- Embalming
- Casket
- Flowers
- Headstone
- Memorial service
- Hearse
What is Insurable Interest?
Insurers require that in order to buy insurance on someone else, you must have an insurable interest in the person you wish to insure.
Insurable interest basically means you either rely on the person for some means of financial support, or that you would lose out financially if the person were to die.
Permission of Insured
Usually, an insurance company will require that you have the permission of the person you wish to insure. However, not all insurers require the permission of the insured person to buy a life insurance policy on them.
Which Insurers Offer Burial Insurance?
Burial coverage is available from several insurance carriers. Among the leading providers of burial insurance are:
- Mutual of Omaha – Up to $25,000 of coverage for people ages 45-85
- Gerber Life – Up to $25,000 of coverage for people ages 50-80
- AIG – Up to $25,000 coverage for people ages 50-85
- Foresters – Up to $35,000 coverage for people ages 45-80
Guaranteed Approval
Most burial life insurance plans offer guaranteed approval meaning the person you want to insure cannot be turned down due to a pre-existing health condition.
No Health Check-Up
With burial insurance, there are no physical examinations required to qualify for a policy.
No Health Questions Asked
A guaranteed issue burial policy does not ask any questions about the health of the person to be insured.
No Risk
Usually, a life insurance policy comes with a money-back guarantee, which means if you are not satisfied with your policy you may return it to the insurance company within the Free Look Period (usually 10-30 days) for a full refund of all premiums paid.
For Example: Mutual of Omaha provides a 30 day money-back guarantee on their guaranteed-issue life insurance policies.
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
Burial Insurance is a permanent life insurance policy designed to cover the expenses of one’s burial or funeral. It is also referred to as Funeral Insurance or Final Expense Insurance.
These policies are typically between $3,000-$25,000 and often require no medical examination making them an easier option to qualify for.
They are made for the purpose of protecting one’s family from the financial burden that a funeral can be and almost anyone can qualify for these policies, as long as they meet the age requirements for acceptance.
Many Choose Burial Insurance for the Following Reasons:
- No doctor exam is required
- Most policies can be purchased over the phone without having to meet with an agent
- Coverage begins as soon as the policy is approved and first payment is made
- Coverage available for an individual or the entire family
Family members can use the death benefits for anything, not just the cost of a burial and funeral expenses.
Losing a loved one is a difficult and trying experience.
While many who have dealt with the loss of a family member or friend expected to experience grieving and sadness, many do not expect to also have to deal with the high costs associated with honoring the memories of a loved one by paying for their final expenses.
The costs of a funeral and related expenses can cost thousands of dollars and can place unnecessary stress and financial strain on those who are coping with the loss of a loved one.
Burial and final expense insurances are forms of basic life insurance that are much easier to purchase than traditional life insurance policies.
Additionally, final expense insurance will cover those who are beyond the age limits of a traditional policy, and at a much lower cost than life insurance.
Seniors up to the age of 85 are eligible to apply for a burial policy and can qualify quite easily if they have no serious medical issues.
Guaranteed issue burial insurance is available without any medical exam or health questions asked.
Even if your family member has a pre-existing health condition, guaranteed approval coverage is available for those ages 45 to 85.
Get a Free Burial Insurance Quote
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Disclosure: Compensated Affiliate