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What Is Burial Life Insurance?

Burial life insurance is a whole life insurance policy that provides a death benefit to a beneficiary in the event of the insureds death. Burial insurance policies are designed to pay for funeral costs and offer a small death benefit (typically up to $25,000 in coverage).

You may also hear burial insurance called these names: However, these are all the same type of insurance.

  • Final Expense Insurance
  • Funeral Insurance

How Does Burial Insurance Works

Burial insurance works by paying a death benefit to a beneficiary upon the policyholder’s death.  The death benefit is paid directly to the beneficiary, income tax-free, and can be used to in any way the beneficiary chooses.

One of the main differences in owning a burial insurance policy vs a pre-paid funeral policy is the death benefit is paid directly to a beneficiary and not a funeral home. So any proceeds left over after the funeral cost can be kept by the beneficiary.

Burial insurance is easier to qualify for than a fully underwritten life insurance policy. The application typically only consists of several medical questions and the policy does not require an exam. Burial life insurance plans provide a fixed rate for the entire duration of the policy.  So the premium never increases even in the event your health takes a turn for the worst.

Types of Burial Death Benefits

Burial insurance or final expense plans have unique death benefit features, unlike any other type of life insurance policy. These plans, depending on the company, can offer 3 types of death benefits. Each payout in a very different manner based on the carrier and your health.

Level Death Benefit

A level death benefit means the policy would pay a full death benefit from day one that the policy issues

Modified Death Benefit

A modified death benefit will pay 30% of the death benefit if the insured dies in year 1. And 70% of the death benefit if the insured dies in the 2nd year of the policy. In the 3rd year, a full death benefit is paid

Graded Death Benefit

The full death benefit will not be paid until year 3 of the policy.  If the insured dies in the first two years, all premiums are returned to the beneficiary plus a 10% (varies by carrier) interest rate

Cost of Burial Insurance

The cost of burial life insurance is determined by several factors. These include your:

Age
State
Gender
Tobacco Use
Coverage Amount
Death Benefit Type

Below you can see some sample costs for a 50, 60 and 70-year-old male.

Age $5,000 $10,000 $15,000 $20,000 $25,000
50 $16 $25 $45 $45 $45
60 $22 $38 $69 $45 $45
70 $34 $62 $117 $45 $45

Pros & Cons of Burial Insurance

There are pros and cons to buying any type of life insurance policy. Same goes with burial insurance. Below you can see a list of the pros and cons of this type of policy.

Pros Cons
Simplified underwriting Limited coverage amount
Low cost Slow cash value growth
Can have left over cash after a funeral is paid Could be waiting period
Death benefit is paid to a beneficiary Possible surrender charges
No exam needed

Reasons to buy burial life insurance

  • Protect your family from having to pay for your funeral costs
  • Won’t embarrass your loved by making them start a GoFundMe account
  • Can cover small debts in addition to your burial costs
  • Pays directly to a beneficiary
  • Fixed level cost for the life of the policy
  • Easy to qualify for

What burial insurance won’t provide*

  • High death benefit amounts
  • Long term care coverage
  • Coverage for critical illness such as cancer, heart attack, ALS and stroke

Best Burial Life Insurance Companies

We represent the best burial life insurance companies in the country. We can quickly and easily compare the cost of every burial insurance company for you.  Below you can see some of the companies we offer and the issues ages along with coverage amounts provided.

Company Issue ages Coverage Limit
Assurity Life Insurance Company Ages 50 – 85 $2,000 – $25,000
Foresters Life Insurance Company Ages 50 – 85 $2,000 – $35,000
American General Life Insurance Company Ages 50 – 85 $5,000 – $25,000
Gerber Life Insurance Company Ages 50 – 80 $2,000 – $25,000
Kemper Life Insurance Company Ages 40 – 80 $2,000 – $25,000
Mutual Of Omaha Life Insurance Company Ages 40 – 80 $2,000 – $25,000
Americo Life Insurance Company Ages 50 – 80 $2,000 – $30,000
American National Life Insurance Company Ages 50 – 80 $2,000 – $50,000
Nationwide Life Insurance Company Ages 0 – 80 $5,000 – $50,000

FAQ

There is not an exam needed with final expense life insurance policies. These plans offer a simplified underwriting process.

No, we have some companies that can offer this type of coverage starting at just 15 days old.

You can see the death benefit types above. If you have a level death benefit, the policy does not have a waiting period. If you have a modified or graded death benefit, then there is a waiting period.

Yes, seniors over 80 can get coverage. We have a few burial insurance plans that offer coverage to seniors up to age 85.

No, but we have plenty of carriers that offer lower rates and easier application process. As well you do not have to pay any membership dues with our carriers as you do with AAPR. Plus, you will get to work with an expert agent.

You can get a guaranteed issue plan, but these plans offer the graded death benefit and have a two-year waiting period before the death benefit is fully paid.

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