Best Final Expense Insurance Companies
This guide contains everything you need to know about final burial insurance plans. Funerals are not cheap. Typically, you will spend more than $7,000, not to mention what you or your family will pay for a plot, monument, and flowers in the cemetery.
Few people want to think about death, let alone prepare for it, but a little planning can help family members avoid impulsive decisions while grieving.
Final Expense Insurance Companies
Many people buy life insurance to ease the burden of late expenses. And by making your final wishes known, writing a will and planning ahead for parts of your funeral can help you manage those expenses. Fortunately, many types of final expense insurance can be used to provide funds to your family to pay for a funeral.
- What is the final Expense life insurance policy?
- Which are the best Insurance companies?
- How do you find the right policy for you?
- How much will the burial policy cost?
What is The Final Expense Life Insurance Policy?
Final Expense life insurance is a type of permanent life insurance in which death compensation is used to cover medical and other end-of-life costs, and often funeral costs, including services such as burial or cremation and things like coffins, jars, and more.
Final expense insurance does not expire and is still valid as long as the insurance premiums are paid. If you purchase insurance for final expenses, as long as you still pay the premiums, the policy will remain in effect until you die and the beneficiaries will receive death compensation.
Which Are The Best Companies?
Unlike traditional life insurance policies, which require a medical examination to help determine the cost of your insurance policy, final expense policies such as the burial insurance policy do not require extensive research and applicants are often insured after answering only a few questions.
Here below top 10 final expense insurance providers
| Sl no | Burial Companies | AM Best Rating | Eligible Ages | Death Benefit Types | Coverage Amounts |
|---|---|---|---|---|---|
| 1. | AIG | A | 50 to 80 | Guaranteed Issue | $5,000 – $25,000 |
| 2. | American Continental (Aetna) | A | 45 to 89 | Level, Graded & Modified | $3,000 – $35,000 |
| 3. | American Amicable | A | 50 to 85 | Level, Graded & ROP | $2,500 – $35,000 |
| 4. | Americo | A | 50 to 85 | Level & Graded | $2,000 – $30,000 |
| 5. | Foresters | A+ | 50 to 85 | Level, Graded & Modified | $2,000 – $35,000 |
| 6. | Gerber | A | 50 to 80 | Guaranteed Issue | $5,000 – $25,000 |
| 7. | Mutual of Omaha | A+ | 45 to 85 | Level & Graded | $2,000 – $40,000 |
| 8. | Royal Neighbors | A- | 50 to 85 | Level & Graded | $5,000 – $25,000 |
| 9. | Transamerica | A+ | 0 to 85 | Level & Graded | $1,000 – $50,000 |
| 10. | United Home Life | A- | 20 to 80 | Level, Graded & GI | $2,000 – $100,000 |
Funeral Costs
The average cost of an adult funeral with display and burial was $8,581 in 2017, and the average cost of an adult funeral with display and cremation was $8,178, according to the National Association of Funeral Directors.
Consumers are not required to buy funeral “packages,” according to the Federal Trade Commission. That means you can choose from most of the services and products that funeral homes offer.
Knowing what happens at a typical funeral will help you decide what to do (and what not). And eliminating some services, or choosing less expensive options, will lower your costs. Get free compare rates final expense insurance quotes for seniors here below.
How Do You Find the Right Policy for You?
How much money will it take for your funeral? The average cost of a funeral with a burial is around $7,200, according to the National Association of Funeral Directors. The average cost of cremation is approximately $6,100.
There are many ways to save money on funeral expenses unless you prefer to go out with lavish flowers, limousines, and food. The best burial insurance policy will ideally cover the costs of the event in your mind so that your family does not have to spend on savings to send it properly.
Life Insurance For Seniors Policy
What type of life insurance policy do you want? Among the various types of life insurance, whole life is generally used as burial insurance because it lasts for life and is the simplest form of permanent life insurance.
Small life documents are often sold in small amounts (less than $ 25,000) as “simplified case” or “guaranteed acceptance” policies, which means that no life insurance medical examination is required and little or no health questions to qualify.
But be careful here, because these policies don’t pay the full amount if they happen within the first few years after they are purchased. A “fully subscribed” full-life policy, with health questions and possibly a medical examination, will pay for itself immediately.
Burial Insurance For Seniors
Life insurance for a period is not as good as burial insurance because it only lasts for the duration of the policy, such as 10 or 20 years, and can live longer than that. Final expense insurance is ideal for covering specific financial obligations, such as the length of the mortgage, the cost of raising children, or the number of years you plan to retire.
Here’s another fun thing about burial insurance: it doesn’t guarantee that your family spends paying for your funeral. When your beneficiaries require final expense insurance and receive money, there are no restrictions on how they use it. Of course, you should make your desires known about what you want for your funeral, but in the end there is nothing to prevent your family from cutting shortcuts at your funeral and then heading to Las Vegas with the rest of the money.
One way to protect yourself from this possibility is to purchase “life insurance before need”. This final expense insurance over 70 to 80 age policy name is not widely known to consumers, but funeral directors will know it: it’s a life insurance policy that directly relates to funeral and burial costs or pre-defined cremation.
Under this agreement, you generally specify the funeral home, choose all the funeral details, and then buy the policy from the funeral director (who will also be a licensed insurance agent).
Funeral Cover Over 80 to 85 Age
In some cases, the funeral home will ensure that costs remain the same regardless of when you die. In this way, the Final expense insurance policy will definitely cover the arrangements you have chosen. Funeral insurance cover over 80 policy payments that can go right before the funeral home and never go into the hands of your family.
How Much Will the Burial Policy Cost?
Funeral cover over 85 before the need is good for people who want to make sure their final desires are met, that their families are not burdened with funeral decisions and that all the money goes to the event. If this interests you, contact the funeral venue of your choice to see if he or she makes funeral cover over 85 plans before needed.
Senior life insurance can be costly, and guaranteed acceptance policies are more than that. But AARP life insurance provides peace of mind knowing that your family will have money to pay for the funeral.
Monthly Average Premium cost for Men Plan Benefits
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked | |
| 1. | 50 | $16 | $20 |
| 2. | 55 | $19 | $24 |
| 3. | 60 | $23 | $29 |
| 4. | 65 | $29 | $35 |
| 5. | 70 | $38 | $44 |
| 6. | 75 | $51 | $63 |
| 7. | 80 | $65 | $82 |
$10,000 Death Benefit Plan
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked | |
| 1. | 50 | $30 | $40 |
| 2. | 55 | $35 | $46 |
| 3. | 60 | $43 | $57 |
| 4. | 65 | $56 | $68 |
| 5. | 70 | $74 | $88 |
| 6. | 75 | $100 | $125 |
| 7. | 80 | $126 | $162 |
Monthly Average Premium cost for Women*
$5,000 Death Benefit Plan
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked | |
| 1. | 50 | $14 | $15 |
| 2. | 55 | $16 | $18 |
| 3. | 60 | $18 | $24 |
| 4. | 65 | $22 | $28 |
| 5. | 70 | $28 | $35 |
| 6. | 75 | $38 | $46 |
| 7. | 80 | $48 | $64 |
$10,000 Death Benefit
| Age | Determined ‘In Good Health’ by Insurer | No Health Questions Asked | |
| 1. | 50 | $25 | $28 |
| 2. | 55 | $28 | $36 |
| 3. | 60 | $33 | $45 |
| 4. | 65 | $41 | $55 |
| 5. | 70 | $53 | $69 |
| 6. | 75 | $72 | $90 |
| 7. | 80 | $93 | $126 |
* Estimated cost and does not reflect the cost of any particular life insurance company.
Burial Insurance For Seniors Plan
Prosperity Life Group is probably not a funeral insurance company you know by name. However, that does not mean that they are unreliable or worth considering your final expense insurance company’s plans.
The truth is, they have an excellent burial insurance plan that is a superior option for many people. For example, tobacco or nicotine users who do not smoke cigarettes may earn a non-tobacco rating. Prosperity will only apply the price of tobacco to those who smoke cigarettes. That’s great savings!
They accept many very high-risk health problems, allow you to buy final expense insurance for your grandparents, are available in almost every state, and have a simple instant decision request process.
With them, you will know if you are accepted in about 15 minutes.
Overall, they have done a good job creating a competitively priced product that offers immediate burial insurance coverage to many people, while elsewhere they would have a two-year waiting period. They may be the best company for you.
Best Burial insurance, also known as a final expense or funeral insurance, is a small final expense insurance company’s policy with affordable premiums designed to pay for funeral and other burial expenses.
Exams are not required and most health problems are accepted. Profits typically range from $5,000 to $40,000 with most operators.
Burial Insurance Companies
Since these are complete final expense insurance plans, the way they work is incredibly simple. There really is no fine print that you should be wary of.
This is how they work …
- Premiums are locked for life and cannot increase
- Death benefits are guaranteed never to decrease
- The policy cannot expire due to age.
- Generate cash value that you can borrow from
- That fully summarizes how politics works. Basically, once your burial policy is in effect, it never changes in any way.
Then, when your time in this world ends, the final expense insurance companies will pay the death benefit in the form of a tax-free check directly to your beneficiary.
Those earnings will give your loved ones the money they need to pay for your funeral costs, so they don’t have to take the funds out of your own pocket.
Oh, and here is some amazing news …
If there is money left after paying the funeral bills, you stay with your family to enrich your lives as you see fit!