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Final Expense Burial Insurance

Final expense burial insurance, where  to get it, and how much does it cost?

Did you know that the average cost of a simple funeral these days is rapidly approaching $7,000? In fact with today’s prices, the average cost of even a modest funeral is in the $10,000 range.

There is a special life insurance product, called a Final Expense Burial Insurance Plan, which is specifically designed for just this purpose. The proceeds of final expense burial insurance become available to the surviving family members in their greatest time of need, to help ease the financial burden of a death in the family.

Families today have one of three different options when it comes to paying for a funeral of a loved one. The burial expense money has to come from either; the personal savings of the deceased or their family, rely on the generosity of friends of the family to help share in the cost, or they can pay for the funeral expenses with the proceeds of a final expense burial insurance policy.

Sadly, many families today lack the necessary savings to pay for the death of a loved one and are forced to take out second mortgages on their homes, or borrow against their retirement savings to cover the funeral expense costs. In some unfortunate cases, with the average price of homes falling so rapidly, there isn’t even enough equity left in the home to borrow against. This is an ideal situation where the purchasing of a final expense burial insurance plan, makes the most sense.

A final expense burial insurance policy will provide the necessary funds in which to give the deceased a decent burial, and depending on the amount of death benefit insurance purchased, and the financial situation of the family, may even provide adequate funds to help defray many of the other final expense costs associated with a death.

Social Security only provides a death benefit of $255, and other Federal Government benefits may be available if the deceased was a member of one of the branches of the military. The U.S. Department of Veterans Affairs will provide an additional benefit of $800 towards a qualifying Veterans’ burial, to help with funeral expenses.

The death benefit of a typical final expense burial insurance policy will provide the beneficiary  from as little as $2,000 in benefits, up to $50,000 of life insurance coverage, depending on the burial insurance company used, and the ability of the insured to maintain the premiums in good standing. Not all life insurance companies will allow up to a $50,000 death benefit, some will only allow a benefit of $25,000; others will cap their final expense burial insurance policies at $10,000 of coverage.

Once you have determined the dollar amount of the policy you wish to purchase, you can then begin the process of obtaining quotes for your final expense burial insurance policy. We would suggest receiving at least three different quotes from three different life insurance companies, for the exact dollar amount of benefits, as well as, the same type of burial insurance policy.

There are basically three different types of final expense burial insurance coverage available. You can purchase a fully underwritten policy, a simplified issue policy, or a guaranteed issue policy.

A fully underwritten life insurance policy will require a complete medical examination and laboratory work to be preformed. This is the least expensive form of coverage to purchase. A simplified issue policy will require you to answer a series of health related questions, and depending on your health history, a policy benefit amount will be established, and a premium will be determined.

With a guaranteed issue final expense burial insurance policy, there are few if any health questions asked, and there are no medical requirements you must satisfy to receive your policy. You can even have a terminal illness and still qualify for guaranteed issue coverage. A guaranteed issue policy is the most expensive form of burial insurance coverage, but is also the quickest to obtain.   

That’s why you must make sure you are comparing the exact type of coverage and the exact same amount of death benefit coverage when you are looking to purchase your final expense burial insurance policy. If the death benefit is the same, and one life insurance company is much cheaper than another, chances are you are more than likely not comparing the same type of coverage to each other.

To receive a final expense burial insurance quote, simply fill out one of our quote request forms and you will receive at least three different rate comparisons from at least three different life insurance companies for the exact same dollar amount of death benefit coverage, and the same type of policy, ensuring that you are able to purchase your final expense burial insurance policy at the lowest competitive price possible.

Final Expense Burial Insurance

Final Expense Burial Insurance