Yes, it's possible to easily get affordable burial insurance quotes today! It's not as hard as you might think. The good news is that to get the best value you need some help which will make your job easier. That's why you want to talk to an independent life insurance agent.
Burial insurance, often called Final Expense insurance is much easier to obtain than traditional term, whole life or universal life insurance. These policies have "simplified underwriting" where you are required to answer a number of medical questions. If you have any of the conditions listed, you may not be eligible for coverage or you may only be eligible for a graded policy. There is no exam, blood test or urine sample needed. Click here for more information on non-medical life insurance policies.
What the insurance company needs to know about you
- Age and date of birth
- Height and weight
- Where you were born, and are you a US citizen
- They will ask about certain medical conditions
- They will ask about memory loss and Alzheimer's disease
- They will ask if you need help with the normal activities of daily living (eating, bathing, dressing, taking medications, etc.)
- Simplified underwriting means the insurance carrier will check the Medical Information Bureau and a prescription database
- Some companies require a phone interview to ask you the qualifying questions again
What is particularly important here is that each company will have slightly different qualification questions. (We'll discuss this more a little later!)
When you are looking for burial insurance or final expense insurance you want a policy that will stay in force as long as the person lives, this means a permanent policy. Final expense policies fall into this category.
- Final expense policies are whole life policies
- The policy may accumulate cash value (you will not want to touch this cash or the policy may lapse)
- The best policies have premiums that stay the same for the life of the policy
- Coverage is available from $2,000 up to $40,000 (If you want more coverage, you can get policies from more than one carrier)
- You are eligible up to and including age 89 (many carriers only go tupo to 80 or 85)
- You can pay monthly, quarterly, semi-annually or annually
- Approval time is very short
While you may be able to get quotes on-line, they don't tell you the whole story.
- Prices differ from one company to another. Are all the carriers shown? Is the cheapest policy the best?
- Do the premiums stay the same for the life of the policy? or do they change periodically?
- Is the company strong? What is their AM Best rating?
- Most Important- Can you qualify for insurance with the company you pick? And is it the best choice to fulfill your insurance goals?
It's easy to get quotes, but not so easy to figure out the rest. An independent life insurance is going to be the best resource and here's why.
Independent Life Insurance Agent
An independent life insurance agent, especially one who specializes in helping senior citizens is your secret weapon. They already know...
- The best companies (financially strong)
- They have quote engines that help find you the best price possible. Their quote engine will have more companies than you can find on your own.
- They know what each company asks and the differences between qualifying questions
The different questions asked can determine if you are accepted or declined for coverage. Here's an example...
- Company A asks if you have been diagnosed or treated for cancer in the past 2 years
- Company B asks if you have been diagnosed with cancer in the last 12 months
- Company C asks if you have been diagnosed or treated for cancer in the past 2 years or advised by a physician to receive treatment
As you can see, these slightly different questions may impact your eligibility. This is true for a number of conditions, including diabetes, stroke, heart disease, COPD, and more. An agent can be particularly helpful in steering you to the right company the first time.
The Bottom Line
While burial insurance and final expense insurance are relatively simple to understand, it's not necessarily as easy to find the right fit for your needs. An independent life insurance agent can easily help you get the coverage you want that will give you and your family peace of mind.