Burial insurance also known as cremation insurance is life insurance for seniors. This type of coverage is whole life final expense insurance. Burial and cremation insurance are just marketing terms for their primary purpose.
according to statista.com
In 2019 16.5% of Americans were 65 or older with a projected 22% by 2050.
As you get higher in age the closer you are getting to the day you pass away. When this happens your family members will be the ones handling your final expenses such as your funeral and any other debts that have been left behind.
This is why cremation insurance for seniors provides a quick death benefit payout after receiving a certificate of death to give your family the financial strength they need to give them peace of mind so they can just focus on grieving.
In this article, we will go over the important information you need to know to make a properly informed decision.
Quick Tip: To speak with one of our licensed agents and see pricing on policies fill out the form to your right.
Funeral costs vary depending on what state you reside in but the national average for a traditional burial is in the range of $8,000 – $12,000.
Furthermore, with inflation on the rise, this can potentially reach $15,000 or more within the next 10 years. This is why it is so crucial to have a policy to cover the costs so your family is not stuck with a big bill when you pass away.
This is also why seniors are electing for cremation insurance because cremations are half the cost of a burial in most cases.
Costs of Cremation
Cremation services are a much more affordable alternative to traditional burials.
Cremation on average ranges between $3,000 – $5,000 in most cases. This is why more and more consumers are doing cremation instead of burial because it is much more affordable.
That being said with inflation on the rise a cremation could reach $8,000 to $10,000 in the coming years this is why having the right amount of coverage is so important to make sure your family is protected when you pass away.
Furthermore, it is important to obtain a price list from one of your local funeral homes to know exactly how much coverage you need. When you worth with one of our independent agents they will walk you through exactly what policy to get to save you the most money.
You can also customize your policy to fit with the type of cremation you plan on having.
If you have a $4,000 cremation planned then all you would need would be a policy with a $4,000 face amount.
Furthermore, the less you pay for cremation the bigger a policy you can pick to leave behind extra money for your family. If your cremation is only $4,000 and you purchase an $8,000 policy then your family would receive an extra $4,000 for anything they may need.
Picking the Best Life Insurance Company
Picking the best cremation insurance for seniors is very simple.
Work with us, we have access to all the top-rated carriers in the U.S.A. Our highly trained agents know all the underwriting niches to get 90% of our clients even with moderate health issues like COPD approved for day one level coverage with no waiting period.
Day One Coverage
This means if you were to pass away tomorrow your family would receive the full face amount of your coverage within 3 days. This results in the full funeral bill being paid and your family having zero debt on their hands.
TV Advertised Policies
If you are thinking of calling companies off TV commercials like Colonial Penn and others we highly advise against this you could wind up with a policy that has a 2 year waiting period for benefits. Those types of policies do not better serve you if you are in decent health that is why working with one of our trained agents is the best way to get the coverage your family needs.
Factors that Make a Life Insurance Company 1 of the Best
The 2 most important factors that make an insurance carrier an elite among others are these:
- An A Rating
- Over 50+ Years in Business
If a company is A-rated and has been in business for over 50 years this is a company with a long solid reputation.
Furthermore, These are the types of companies that usually do not rely on things like TV advertising. They use independent agents that specifically specialize in cremation insurance for seniors.
This means agents like ours know all of the ins and outs of these products and are the most qualified to get you the best policy that fits your needs and your budget.
Best Companies that Offer a Cremation Insurance Policy
The companies that offer the best final expense life insurance that can be used for funeral plans are as follows:
- Mutual of Omaha
- American Amicable
- Greek Catholic Union
- Prosperity Life
- Royal Neighbors of America
- Guarantee Trust Life
- American General (AIG)
- Great Western
All of these companies offer the best rates for life insurance coverage that can be used for cremation, burial or any end of life expenses.
Life Insurance Underwriting & Health Questions
It is important to note that cremation insurance policies do not require a medical exam at all.
Unlike traditional life insurance, these companies will not send someone to your home to draw blood and make you run a lap around your home and take your blood pressure.
The life insurance companies offering cremation insurance simply look at your Medical Information Bureau Health Report and a Prescription Check. These companies use easy underwriting to get you approved instantly within 30 minutes.
That being said they still do have health questions on their application that you will need to answer truthfully this is something our agents will walk you through at the time of enrollment.
We help 90% of our clients get qualified for day one coverage with these carriers because our agents know what these companies will and will not accept as far as health conditions go.
We have helped clients with the following conditions get day one coverage:
- Congestive Heart Failure
- Heart Attack
Furthermore, there are factors associated with these conditions such as the time frame.
“Was this diagnosed with in the last 2 years?”
Here are some examples of application questions:
1. Are you currently hospitalized, confined to a nursing facility, a bed, or a wheelchair due to chronic illness or disease, currently using oxygen equipment to assist in breathing, receiving Hospice Care or home health care, or had an amputation caused by disease, or do you currently have any form of cancer (excluding basal cell skin cancer) diagnosed or treated by a medical professional or do you require assistance (from anyone) with activities of daily living such as bathing, dressing, eating or toileting?
2. Have you had or been medically advised to have an organ transplant or kidney dialysis, or have you been medically diagnosed as having congestive heart failure (CHF), Alzheimer’s, dementia, mental incapacity, Lou Gehrig’s disease (ALS), liver failure, respiratory failure, or been diagnosed by a medical professional as having a terminal medical condition or end-stage disease that is expected to result in death in the next 12 months?
3. Have you been medically treated or diagnosed by a medical professional as having Acquired Immune Deficiency Syndrome (AIDS), AIDS-related complex (ARC), or any immune deficiency-related disorder or tested positive for the Human Immunodeficiency Virus (HIV)?
4. Within the past 2 years have you: a. been medically diagnosed or treated for angina (chest pain), stroke or TIA, cardiomyopathy, systemic lupus (SLE), cirrhosis, Hepatitis C, chronic hepatitis, chronic pancreatitis, chronic obstructive pulmonary disease (COPD), emphysema, chronic bronchitis, or required oxygen equipment to assist in breathing?
had a heart attack or aneurysm, or had or been medically advised to have any type of heart, brain, or circulatory surgery (including, but not limited to a pacemaker insertion, defibrillator placement), or any procedure to improve circulation?
5. Within the past 3 years have you been medically diagnosed or treated, or hospitalized for: a. stroke, angina (chest pain), heart attack, aneurysm, heart or circulatory surgery, or any procedure to improve circulation?
Those are just a few of the types of health questions on carrier applications. As you can see there are different time frames for certain conditions this is because these carriers look at how well your conditions are managed.
To begin the process and work with one of our agents fill out the form to your right.
Is a Cremation Insurance Policy Cheaper?
The answer to this is a resounding yes.
The reason it is cheaper is that the amount of money it takes to cover funeral services regarding cremation is significantly less than it takes to cover the costs of a burial service. So if the amounts of coverage are less for the plan you are applying for the more affordable it will be.
You can see this very clearly in the pricing sheet of your local funeral home. Their prices will always be much less expensive than a traditional burial with a casket, vault, etc.
This is why many of our clients elect to purchase a larger cremation insurance plan because their families can use a portion of the money to pay for the funeral. The rest can be left to them as an inheritance if they so wish.
Cremation Policy Riders
Depending on what carrier you choose when working with a ParamountQuote agent you can elect different riders.
The riders are as follows:
- Accidental Death Rider
- Nursing Home Waiver of Premium Rider
- Critical Illness Rider
- Grandchild Rider
- Children Riders
These riders provide extra benefits for you and your family. The type of riders available to you depends on the carrier your agent matches you with.
Our agents go over these riders with you at the time of the application.
Can I Get Final Expense Insurance for Cremation on My Parents?
Yes, you can most carriers will allow a 3rd party payor on the application so if you are looking for cremation insurance for your parents our agents can help you.
As long as you have your parent available with you for a voice signature for the carrier you select for them getting coverage can be done in minutes.
If you have your parent with you, fill out the form to your right to see insurance quotes and speak with one of our agents and they will have your parent covered in minutes.