Funeral Cost Insurance
What Is Funeral Insurance?
It’s a type of permanent life insurance policy that provides a small amount of insurance coverage, usually anywhere from $3,000 up to $25,000. People use the proceeds from these insurance policies to pay for the costs associated with a funeral, burial and other related final expenses.
Funeral expense insurance is also referred to as burial insurance, final expense insurance, or end of life insurance.
Why Should I Buy Funeral Expenses Insurance?
There are several key reasons for purchasing a funeral plan,
- You want to plan ahead for the inevitable.
- You don’t have enough money to cover the entire cost of your final expenses.
- You don’t want to leave your loved ones in financial difficulties trying to come up with the funds to pay for your funeral costs.
If there won’t be enough money in your estate to pay for your funeral, then it’s generally a good idea to get funeral coverage. Start your FREE Quote.
What Does It Cost for a Funeral?
The cost of a funeral and related expenses will depend on the type of funeral you wish to have.
According to the National Funeral Directors Association (NFDA), the average cost of a funeral in 2021 was $7,848. The amount can represent an impact in the family savings if they are not prepared.
Source: NFDA (National Funeral Directors Association)
How Much Does Funeral Insurance Cost?
The premium you are charged for a funeral expense policy will depend on your age, gender and the amount of insurance you need.
Some plans can vary in price from $10 per month up to $50 or more per month.
However, one highly-rated insurance company offers plans starting for as little as $8.84 per month.
Here's how to request a funeral insurance quote.
Common Funeral Related Expenses
When to comes to planning a funeral, there are several common expenses, including:
- Burial
- Casket
- Burial Plot
- Headstone
- Flowers
- Memorial Service
- Remembrance Cards
- Funeral
- Hearse
- Transportation
- Embalming
- Memorial Cards
How Much Insurance Can I Buy to Cover Funeral Costs?
The amount of insurance available through any one specific insurer for funeral costs may vary from $2,500 up to $20,000 or more.
However, if you need more coverage, you may buy a policy from more than one insurance company.
Mutual of Omaha offers up to $25,000 of insurance for funerals.
Is a Health Exam Required to Get Funeral Coverage?
That depends on the type of funeral plan you purchase.
However, some insurers offer no exam funeral insurance policies.
What If I Have Health Problems?
That’s okay. There are funeral life insurance plans available with no health exams required and no health questions asked.
What If I Change My Mind?
Each funeral life insurance policy comes with a Free Look Period which is state regulated and mandatory. The duration of your Free Look period will vary by state. However, some insurers offer a 15, 20 or 30-day free look period.
Mutual of Omaha has a 30 day 100% No Risk, Free Look period. If you change your mind for any reason, you have up to 30 days after receiving your policy to return it to the insurance company for a full refund of all premiums paid.
What If I Have Been Turned Down by Other Insurers?
No problem. There are Guaranteed Issue funeral expense life insurance policies available that guarantee your approval for coverage, regardless of your health.
Which are The Best Funeral Expenses Insurance Carriers?
Today there are several highly-rated insurance carriers that offer affordable coverage for funerals. Some of the leading providers of funeral expense plans include:
Mutual of Omaha
- Up to $25,000 of coverage age 45-85 in most states
- No physical exam and no health questions asked
- Guaranteed Acceptance
- 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.
AARP/NewYork Life
- Up to $15,000 permanent group life insurance
- Exclusively for AARP members
- No medical exam and no health questions
- Two year limited benefit period
Colonial Penn
- Exclusively for ages 50 - 85 (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
Funeral 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
Highly Recommended – Met Life
MetLife offers guaranteed issue life insurance for people age 45 to 75. Choose $2,500 up to $20,000 of coverage. Rates start as low as $10 per month. There’s no medical exam and no health questions. You cannot be turned down.
Can I Buy Funeral Insurance for My Parents?
Life Insurance for Seniors Age 50 to 85
Disclosure: Compensated Affiliate