How to Buy Burial Insurance for Your Spouse

When you're considering planning for the future, especially the inevitable, providing peace of mind to your loved ones is a noble pursuit.

Seeking to buy burial insurance on your spouse is a thoughtful step toward ensuring that final expenses don't become a heavy financial burden.

Whether you're preparing for your spouse over 70 or looking for affordable burial insurance for your spouse, the decision involves carefully weighing options, providers, and costs.

Guide to Buying Burial Insurance on Your Spouse

Quick Review

Buying burial insurance for your spouse involves purchasing a policy designed to cover funeral and burial expenses, ensuring financial peace of mind during a difficult time.

This type of insurance typically offers a smaller death benefit compared to traditional life insurance, focusing specifically on end-of-life costs such as funeral services, burial or cremation, and related expenses.

When considering burial insurance, it's important to compare different policies, understand the coverage details, and assess the premium costs to find a plan that fits your financial situation and meets your spouse's needs.

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Understanding Burial Life Insurance

Burial insurance, often referred to as final expense insurance, is a type of whole life insurance designed to cover expenses related to a funeral, burial, and other end-of-life costs.

According to a survey by the National Funeral Directors Association, the average cost for a funeral in the U.S. ranges between $8,500 and $10,000. Understanding this baseline helps guide the decisions regarding coverage amounts.

Top Burial Life Insurance Companies

When it comes to understanding options, a few leading companies stand out in the realm of burial insurance.

Mutual of Omaha, Gerber Life, and Metlife are often recommended due to their reliable services and comprehensive policies. Here’s a quick comparison of these insurers:


Mutual of Omaha

Renowned for strong customer service and comprehensive policies. Known for affordability and competitive premiums.

• Offers fixed premiums and guaranteed acceptance for those aged 45-85.
• Up to $25,000 of coverage.
• Available in every state and DC.
• 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.
• Immediate full death benefit coverage for accidental death.
• Cash value accumulation with options for policy loans.

Gerber Life Insurance Company

Provides guaranteed life policies up to age 80. A solid choice for those seeking strong brand reputation and reliable policies.

• Exclusively for ages 50 - 80.
• Available in all states and DC (excluding Montana).
• You cannot be turned down because of your health.
• Guaranteed acceptance with no health questions or medical exams.
  
• Coverage amounts from $5,000 to $25,000.
• Graded death benefit during the first two years.

Metlife

Highly rated for its financial strength and diverse offerings. Provides options tailored specifically for seniors with flexible benefits.

• 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.
• Lifetime protection as long as premiums are paid.

Cost of Burial Life Insurance Plans

Understanding costs is a key factor in the decision-making process.

Sample Rates

Sample rates for guaranteed acceptance life insurance policies offering $7,500 coverage are pivotal. For non-smoking individuals in excellent health, here's a snapshot:

Age 50:

• Male: Approximately $25/month
• Female: Approximately $20/month

Age 55:

• Male: Approximately $30/month
• Female: Approximately $25/month

Age 60:

• Male: Approximately $35/month
• Female: Approximately $30/month

These rates can vary slightly between insurers.

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Benefits of Guaranteed Acceptance Burial Insurance

Evaluating the benefits of guaranteed acceptance burial life insurance becomes crucial. Below are some common benefits:

• No medical exams or health questions required.
• Guaranteed coverage even with existing health conditions.
• Premiums that never increase.
• Coverage amounts that never decrease.
• Cash value that builds over time, allowing for policy loans.
• Graded benefits, typically in the first two years.

Key Factors to Consider

The path to making an informed decision involves several considerations. Here are key factors to keep in mind when buying burial insurance:

• Desired coverage amount relative to potential funeral expenses.
• Policy pricing and premium stability.
• Policy ownership and who will pay the premiums.
• The named beneficiary and their needs.
• Waiting periods or graded benefits.
• Insurance company's financial strength and reputation.
• Customer service quality.
• Age requirements and eligibility criteria.

Applying for Burial Insurance

Initiating a purchase involves well-defined steps that ensure you’re getting the most suitable policy. Here’s how to apply for and purchase a guaranteed acceptance burial life insurance policy:

• Research and Compare: Start by researching different providers and comparing their offerings.
• Request Quotes: It’s advisable to request a free quote for coverage to understand costs.
• Review Policy Details: Carefully read policy details, cancellation terms, and the free look period.
• Choose a Beneficiary: Decide who will be the policy beneficiary.
• Complete the Application: Fill out the application with accurate information.
• Submit Payment: Arrange for initial payment or premium scheduling.
• Policy Issuance: Once approved, you'll receive the policy documents.

Eligibility Requirements

Considering the requirement to apply and purchase burial insurance, it helps to understand eligibility and permissions. Knowing that burial insurance for spouses aged 45 and over can offer peace of mind ensures you're meeting requisite permissions and eligibility requirements.

It’s important to know that an insurable interest and possibly a signature on the application from your spouse is needed. You have an insurable interest in your spouse, since you are married.

Consider Your Budget

Understandably, affordability remains a priority for many. Affordable burial insurance for your spouse must balance between providing adequate coverage and being cost-effective. Financial advisors often recommend evaluating options within your budget while considering long-term benefits.

Average Burial Costs

When thinking about the average cost of burying a loved one in the U.S., which rests at about $8,500 to $10,000, it becomes more compelling to ensure these expenses are planned for. This not only prevents financial strain but also allows you to honor your spouse's wish for a respectful farewell.

Peace of Mind

Often, clients express a profound sense of relief once they've purchased burial insurance. Similar to how estate planning smooths the execution of one's will, final expense insurance removes the immediate financial burden, allowing your family to focus on healing and remembrance.

Life Events – Need for Coverage

Reports from organizations like the Society of Actuaries (SOA) highlight the importance of understanding the nuances of insurance to make well-informed decisions. Life events such as retirement or health diagnoses further emphasize the urgency for something as vital as burial insurance.

Not Burden Loved Ones

It’s natural to feel a sense of responsibility over such a decision. Ensuring your spouse and family are not burdened financially after your death showcases a practical and thoughtful approach, emphasizing love and care in this critical area of financial planning.

Easy to Get Insured

To echo sentiments from the National Association of Insurance Commissioners (NAIC), the fundamental goal is simplicity and affordability intertwined with adequate protection.

The ability to get insured quickly with minimal hassles adds a layer of convenience and peace of mind to policyholders.

Consider a couple who, after experiencing the sudden loss of a loved one, swiftly moved to purchase burial insurance.

The ease of navigating through coverage options and policy terms provided solace during a difficult period, reinforcing the information shared by industry experts.

Summary

In conclusion, purchasing burial insurance for your spouse intertwines practicality with emotion, offering a blanket of security and peace of mind. As you explore options, ask for free quotes, compare providers, and review policy details. Remember, no matter the time or circumstances, it's never too late or early to start the conversation about future planning.

Burial Life 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