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Do You Need a Burial Insurance Quote?

Lenny Robbins
May 8, 2015 10:23:00 AM

arms holding up a sign saying free estimates on our do you need a burial insurance quote? articleAre you looking for some insurance that will cover your funeral and debts and whatever else might need to be paid when you pass away? If so a burial insurance quote is just what you need.

What is Burial Insurance?

There are different types of insurance available. They may be referred to as senior insurance, burial policy, and funeral insurance.They are generally all lumped together and called final expense life insurance. You will want a policy that stays in force for your lifetime so it must be a permanent policy. Your choices are:

  • Final Expense Life Insurance- these policies are whole life policies. The face amounts are between $2,000 and $40,000, although most companies have a maximum of $25,000. These policies have simplified underwriting meaning there is no physical and they will not order doctor records.
  • Permanent Life Insurance- in this case I mean a Universal Life Insurance policy. These policies start at a face amount of $25,000 and go up from there. You must qualify with full underwriting including a medical exam, blood and urine collection and records from your doctor(s). These are flexible policies and can be set up so that the policy does not accumulate cash to keep the premium as low as possible.
  • Guaranteed Issue Life Insurance- these are whole life policies. There are no medical requirements for these policies, anyone can get coverage. There is a two year waiting period. During this time the policy will not pay for death from illness, but they will return the premium paid with interest. If death during this time is accidental, the full face amount will be paid. After two years the full face amount will payout for death from any cause.
Don't consider a policy that pays a funeral home directly because that is not as flexible as one of these policies. Also, what if the funeral home goes out of business? What if you move? There are many other what ifs, so the best choice is a policy that will pay your beneficiary and they can distribute the money as they see fit.

Who will pay for your funeral?

Have you put away money for your funeral? Here are some things to consider.

  • The average funeral in the United States costs over $7,000. For more information on US funerals click here.
  • Will it be a hardship your spouse or children or other immediate family to cover the costs of your funeral?
  • Will you be leaving other debts behind?
  • Will your mortgage be paid off?
  • Are you the spouse or child or family member who will have to make the arrangements? Can you cover the costs?

Final expense insurance plans can cover your funeral and any debts you leave behind. It can leave a little extra money for your family too. Your beneficiary decides how the money is to be used. That gives them a lot of leeway to take care of whatever may need to be paid off.

How to Get the Best Quote

While you can find some burial insurance quotes on-line what you don't know may cause you to pay more money for a policy than you need to. There are many reasons to talk to an independent life insurance agent who specializes in seniors. Here are some of those reasons.

  • They will know based on your needs which type of policy will be the best one to purchase.
  • They work with many different companies and can tell you which will give you the best price.
  • Based on your health they will point you to the company that will look more favorably on your application. (Every company underwrites slightly differently. You may qualify with one company and be declined by another!)
  • They will be your advocate and can explain anything you don't understand.
  • They may have an in-house underwriter who can help with complex cases and they may be able to talk to the insurance company underwriter about your case.

Find yourself an agent you are comfortable with and use their skills to help you get the best quote possible.

The Bottom Line

Burial insurance doesn't have to be confusing. If you can't pay for your funeral, or you want to leave what you have to family, consider getting a burial insurance plan to cover your final expenses.

Download The Final Expense Life Insurance Handbook