Burial insurance is a type of life insurance that helps pay for a person’s funeral expenses. It’s there to help out with those expenses after someone dies. It’s important because it removes the worry of money problems for your family during a tough time.
This easy guide will walk you through each step of getting burial insurance. We’ll help you determine what you need and find the right company. Plus, we’ll explain what you must do to apply and pick the best policy.
You’ll know everything you need to get burial insurance and cover your final expenses by the end.
Key Takeaways:
- Burial insurance is a type of life insurance that helps cover the costs of a funeral when someone dies.
- When deciding how much burial insurance to get, consider the funeral expenses. Either you wanted to get buried or cremated. You can include other financial matters that you want to take care of even when you are gone.
- To find a suitable burial insurance company, check out a few different ones. Look at how much they charge, what people say about how they treat their customers, and how secure they are.
- Know what documents you will need and the typical questions they might ask you when applying.
- Compare different types of burial insurance policies based on:
- Insurance Coverage
- Riders you might add
- Cost
What is Burial Insurance?
Burial insurance or final expense life insurance is like an investment that one can use for funeral matters. It’s a way to make sure your family doesn’t have to worry about money during a tough time.
The cool thing about burial insurance is that it’s easier to get than some other types of insurance. You don’t have to do any medical exams, which is great for older folks or people with health issues.
But here’s the important part: Burial insurance isn’t the same as a prepaid funeral plan. With burial insurance, your family doesn’t have to pay for funeral stuff upfront. Instead, they get money after you’re gone. They can use this money for things like the funeral, medical bills, or any other expenses that pop up when you’re not around anymore.
What’s neat about burial insurance is that your family gets to decide how they use the money. They’re not stuck spending it on just one thing, like funeral stuff. They have flexibility.
Now, to figure out how much burial insurance you need, it helps to know how much funerals usually cost. Here’s a chart showing the average costs in the United States:
Just keep in mind, that these numbers are just averages. What you pay might be different depending on where you live and the type of services you pick.
Step-by-Step Applying for Burial Insurance
Step 1: Determine Your Burial Insurance Needs
Getting burial insurance is a smart move. It is ensuring your family can manage your final expenses once you are gone.
Having life insurance and a burial policy is better. That way, you can ensure that the money you will leave behind can be used by your family when they are in need. At the same time, they can manage your funeral expenses.
Key Features of Burial Insurance:
- Permanent Coverage: Lasts your whole life.
- Fixed Premiums: Rates stay the same and won’t increase.
- Fixed Death Benefit: The payout remains constant and won’t decrease.
- Non-Cancelable: The policy cannot be terminated if you pay the premiums.
- Cash Value: Builds tax-deferred savings over time.
Types of Burial Insurance
When applying for burial insurance, you have two main options:
Simplified Issue
No need for a medical exam. Assess your health through a series of health-related questions. Ideal for individuals with minor health issues.
Guaranteed Issue
Acceptance regardless of health conditions.
They didn’t ask for a medical exam or health questions. It’s great for people who have serious health problems or who don’t want to share their health details.
Understanding the differences between various insurance policies is crucial. Knowing the start date of your insurance coverage and contestability period is important.
With simplified issue policies, you are covered immediately. However, with guaranteed issue policies, you may have to wait for full benefits.
If you or someone you care about is considering burial insurance, please don’t hesitate to reach out to us. We can provide more information about what’s available.
You can receive personalized guidance and quotes from our licensed insurance agents.
Step 2: Determine Your Burial Insurance Coverage Needs
Now that you’ve chosen the type of burial insurance you want, it’s time to figure out how much coverage you need.
Start by estimating the total expenses for your final arrangements. Below are the things you should consider when choosing between burial and cremation.
Key Expenses to Consider:
- Burial or cremation costs
- Funeral and memorial services
- Casket, vault, headstone, flowers, and grave preparation
- Plot or burial space
- Hearse and transportation expenses
In addition to the funeral, there are other expenses to settle, such as medical bills, debts, and legal fees.
By adding up all these costs, you can determine how much burial insurance you should get.
Step 3: Get A Free Quote To Compare Rates From Different Companies
After you’ve figured out what kind of insurance you want and how much you need, the next step is to see how much it will cost.
You can ask different insurance companies for a free quote.
Comparison shopping is the easiest way to get lower premiums on a life insurance policy.
If you want to get the best insurance price and ensure you’re paying only a little, it’s wise to check out different companies. But instead of going to each one by yourself, you can work with a company like Funeral Funds. They’ll do the legwork for you, which won’t cost you anything extra. Funeral Funds works with lots of different insurance companies so they can find the best one for you.
Once they know about your health, they’ll compare prices and coverage from these companies to find the one that fits you best.
We have your best interest at heart and can get you more coverage for a better price, even if you have health issues. It assumes your health is good enough to qualify for it.
That’s the benefit of working with an independent agency.
Get a FREE burial life insurance quote by answering the instant quote form on this page.
We help folks like you who want to buy affordable burial insurance. Regardless of your health or medical situation.
We will find you the lowest rates with access to all the top-rated burial insurance companies.
Step 4: Select the Most Affordable Policy for You
When you are done identifying how much coverage you need, the next step is to choose the policy that is suitable for your needs and budget.
Think about which insurance company you like and make sure it’s vital so you know it’ll be reliable. We team up with companies with top ratings so you can feel confident.
If you don’t want to do medical exams, just let us know, and we can show you companies that have policies without them. They will still have you for an interview but questions about your health might be less.
Once you determine your top choice insurance companies, compare their offerings closely. Read all the details, including any tricky parts affecting your coverage.
Be aware of waiting periods, especially with guaranteed issue policies.
Consider adding policy riders to enhance your coverage based on your individual needs. These riders can provide additional benefits or expand coverage options.
Step 5: Submit Your Application
Once you’ve chosen a company that meets your needs, it’s time to apply for burial insurance. You can do this on paper, over the phone, or online.
You’ll need to give some basic info about yourself, like your name, birthday, age, and where you live.
Additionally, expect to answer detailed questions about your medical history and lifestyle.
They’ll also request your social security and driver’s license numbers. They use these to access your driving records and medical history.
When you apply, you must choose someone to receive the money from the insurance when you pass away.
Choosing a contingent beneficiary is wise in case your primary beneficiary is unavailable.
Honesty is crucial when completing the application. Providing false information can lead to policy cancellation and loss of premiums.
Just a reminder: telling lies on your life insurance application is considered fraud. If they find out after you’re gone, it could mean your policy won’t work like it should.
Step 6: Phone Interview
Sometimes, you might chat about your health with someone from the insurance company. They do this to make sure they get everything right from your application or medical records.
The phone interview is a standard part of the insurance application process. It also provides the insurer with a more accurate assessment of your risk profile.
It also helps determine the final rates for insuring your life.
During the phone interview, they might give you a “thumbs up” if everything looks good, making the application process smoother.
Rest assured, all information shared during the interview is kept confidential.
The phone interview lasts between 15 to 30 minutes and requires preparation beforehand.
Make sure to have essential documents and information readily available.
Guaranteed-issue life insurance policies are usually approved after a phone interview.
Step 7: Await Underwriting Results
Choosing a simplified issue policy without a medical exam doesn’t mean you skip the underwriting process.
Insurance companies will still assess your medical background through various means.
Commonly used methods to check your medical history include four methods.:
- Medical Information Bureau (MIB)
- Prescription Check
- Medical Records Review
- Motor Vehicle Report
The time it takes to get your underwriting results can vary. It depends on different things:
- The insurance company you’re working with
- The type of policy you’re getting
- Your health condition
- How much coverage you’re looking for
Factors Affecting Underwriting Results:
- Insurance Company: Some companies work faster because of their staff numbers and processes.
- Type of Policy: Simplified and guaranteed issue policies often get approved fast. Sometimes, after a quick phone chat since they don’t need as much checking.
- Your Health: Serious health issues might mean they need extra info from your doctor. And, it can take time.
- Coverage Amount: Asking for more coverage, especially as you get older, can affect processing time.
Step 8: Review & Accept Policy
As you near the end of the application process, the final step is reviewing and accepting the policy.
Once they process your application, they’ll send you the policy documents for review.
Typically, these documents are delivered electronically and require your secure electronic signature.
If you still need to pay, just get a check ready or set up automatic payments from your bank account.
Additionally, you may need to sign any policy amendments or endorsements. This step typically only takes a few minutes to complete.
By agreeing to the policy, you’re saying you’re cool with the rules in the insurance contract.
It will make sure you know what’s going on and are all set to get your burial insurance.
Step 9: Policy Issuance
Congratulations! You’ve completed the application process for burial insurance. Now, it’s time to relax and await the issuance of your policy.
Once they say yes to your coverage, you’ll probably get your policy in the mail in about ten days. Upon receipt, please review the policy carefully and sign it.
If you haven’t set up automatic payments from your bank yet, make sure to do that and send back the signed policy.
After you make your first payment, your burial insurance policy officially covers you!
Take advantage of the 30-day free look period to review your policy thoroughly.
You can change it or get your money back if you’re unhappy.
Whether you pay every month, every three months, or once a year, you can be sure of this.
When buying burial insurance, everyone follows these nine steps. We want to make it easy and get your policy to you quickly.
Consider getting help from a place like Funeral Funds. They can help you through the whole process, so you don’t have to worry about every little thing.
If you’re ready to get burial insurance for seniors, start by comparing prices using our quick quote tool.
Or, you can call us at (contact number) to get forms and expert help throughout the process.
Researching Burial Insurance Providers
Once you know what you want, start looking into and reaching out to companies that can make it happen.
If you’re getting things ready for yourself or for someone no longer here, chat with a couple of funeral homes. They’ll tell you how much everything you’re thinking about will cost.
Here are some important details to discuss:
- How long can you use their facility?
- Their guest capacity.
- The pricing for caskets or urns.
- Whether they offer music options, like playing music over speakers or providing live music, such as a pianist.
- If they provide food or other refreshments.
- If they offer transportation to the cemetery.
If your loved one had burial or funeral insurance, contacting the insurance company can simplify the process.
They’ll help you understand the available benefits and how to use them.
Check out what people say about the company before you decide. Good companies make it easy to get money when you need it.
When you’re looking for burial insurance, consider more than the price. Look at the company’s strength and what people say about how it treats customers. Take your time picking a company that fits your needs.
Here’s a table comparing burial insurance companies. It shows how financially stable they are and what customers think of them.
Remember, reviewing many options before making a final choice is essential.
How Does Burial Insurance Work?
You select the coverage amount and choose the beneficiary.
Your coverage lasts your entire life as long as you pay the premium. Which can be monthly or annually, depending on the insurer.
The beneficiary should contact the insurance company to start the claims process upon the insured’s death.
It usually involves providing identification, a claims form, and a certified death certificate.
How to Get Quotes & Buy Online
Many companies that offer final expense insurance (check out our guide on it!) let you get a free quote and sign up online. You can visit their websites and see what they offer.
It’s smart to compare plans from different companies to see which one best suits you.
Whether you do your research or talk to a life insurance agent, it’s wise to get quotes from a few different places. This way, you can see what options you have.
Everybody’s needs are different. If you pick the first or cheapest plan, your family might need more money to make the final arrangements you want. So, it’s important to explore your options.
Final Thought
This comprehensive guide has provided you with a step-by-step process to follow. It enables you to make informed decisions that align with your specific needs.
Sure thing! When looking for burial insurance, doing your homework is super important. That means comparing prices, checking if the company is financially stable, and seeing if they treat their customers well. This way, you can be sure you’re picking a company that’ll be there for you and your family when you need them the most.
If you want more info or help finding the right policy, check out our articles on final expense planning. And don’t hesitate to reach out to our licensed insurance agents. They’re there to give you personalized advice and come up with a quote that fits your needs perfectly.
FAQs
How do I apply for burial insurance?
Applying for burial insurance is a straightforward process.
First, consider different burial insurance companies and see which works best for you. Once you pick a company, you’ll have to fill out some forms and give them any info they ask for, like medical records or ID. Be honest and ensure you answer everything so your application goes through smoothly.
What is burial insurance?
Burial insurance is a special kind of life insurance that helps pay for funeral and burial expenses when someone passes away.
It provides a financial payout to your designated beneficiaries upon your death.
Burial insurance helps you relax, knowing that your family won’t have to worry about money when planning your funeral.
How much burial insurance coverage do I need?
The amount of burial insurance coverage you need depends on various factors. Make sure to think about what you need and how much everything for your funeral might cost. You can talk to an insurance person or use online tools to determine how much coverage you should get.
How do I choose the right burial insurance policy?
Choosing the right burial insurance policy involves considering your specific needs and budget.
Start by understanding the different policy types, coverage options, and policy riders available.
You should check out things like how much you’ll have to pay each month, how long the insurance lasts, and any extra stuff it offers that you might need. It’s wise to look at different insurance options to see which gives you the most bang for your buck.
What should be done when researching burial insurance providers?
When you’re checking out burial insurance companies, focus on the well-known ones with enough money to handle things. Check if people say good things about them, too. Look at how good they are with money, how fast they handle claims, and if they treat customers nicely. Also, comparing prices from different companies is good, so you get a good deal for what you need.
