There are a lot of options when it comes to life insurance companies that sell burial policies. 15 Best Burial Life Insurance Companies for Seniors Mostly, seniors over 90 years opt for burial insurance as they have very limited options. However, burial expenses may also include medical bills at the end of the insured’s life. This may include the coverage of the service, flowers, and viewing.įinal expense is a more general term that still refers to mostly end-of-life expenses. When insurers say “funeral insurance,” they may be referring to something less specific. This includes the casket, cemetery plot, headstone, etc. However, when insurance sellers talk about these three, they may be referring to slightly different things.įinal expense life insurance is designed to cover burial costs. In essence, the three names are very much interchangeable. Burial vs Funeral vs Final Expense Insuranceīurial insurance comes in many names including funeral and final expense policy. If a permanent life insurance policy has a waiting period, it can be from 90 days to 2 years, depending on how you bought the policy. If you die during the waiting period, your beneficiary will only receive the premiums you’ve paid on that point. This allows the policy to accumulate value before the payout. In terms of the qualifying process, it’s a lot easier to qualify for burial insurance than a regular whole life insurance policy.įor one, most life insurance companies that sell funeral insurance don’t require a medical exam to apply (more on this later).Īnother point of difference is the waiting period between the two types of policies.įor burial insurance, the waiting period can last years. The policy usually pays out a lump sum between $5,000 to $50,000 while permanent life insurance policies rarely pay out anything less than $100,000 (usually averaging to around $160,000).
#Burial insurance full#
This is due to the full death benefit your beneficiary will receive when you pass away. However, the differences are in the pricing, benefits, and qualifying process.Īs was already discussed, funeral insurance coverage is a lot cheaper than a permanent life policy. In terms of function, burial insurance is exactly similar to permanent life insurance coverage. To understand whether a burial insurance policy is the best option for you, keep on reading! Life Insurance vs Burial Insurance This means that what you pay in premiums when taken proportionately to the payout upon your death, is larger compared to other insurance policies with bigger coverage.
One example is that it doesn’t offer as much value per premium dollar as larger life insurance policies. It’s also very easy to qualify.Īs wonderful as it sounds, the plan has its drawbacks. The policy is a form of permanent life insurance marketed as something crucial to help protect loved ones from huge expenses upon your death.īecause of the small death benefit, the premiums are a lot more affordable compared to a regular permanent policy. However, the beneficiaries can use the death benefit for any purpose they see fit. Whatever it is called, its purpose remains the same: to provide coverage for a person’s funeral costs (which may include medical debt, burial, or cremation costs). It is known by other names – final expense insurance, senior life insurance, or funeral insurance. In its most basic form, a burial insurance policy is nothing more than a small permanent life insurance policy.
#Burial insurance free#
Just Give a Minute, Compares FREE Quotes & Save! What is Burial Insurance for Seniors? You will also learn about which are the best burial insurance companies and the average pricing of the policy.īut before anything else, let’s first familiarize ourselves with what burial or final expense insurance is.
#Burial insurance how to#
You will learn the differences, if any, between burial & life insurance, the types of policies, which is the best for you as well as how to get a quote for the best policy available to you. In this article, we will tackle the most pressing questions regarding burial insurance. There are many types of life insurance, but one of the most affordable is burial insurance for seniors.
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