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Why Purchase a Burial Insurance Policy?

The reasons for buying life insurance are many. Some may purchase it to replace lost income in case an income earner dies unexpectedly, while others may fear the payment of estate taxes, leaving heirs with little or no inheritance once this debt has been paid. But one of the most important reasons for purchasing life insurance is for the payment of final expenses.

Final expenses typically consist of one’s funeral, burial, and other related costs. Today, the average cost of a funeral can exceed $10,000 when factoring in all of the relevant items. These may include a casket, a headstone, and a burial plot. In addition, there is also a cost for flowers and other items – as well as the expense of the funeral service itself.

Rather than have loved ones pay these costs by dipping into savings – or worse yet, by having to sell assets at far below their market value – a better alternative is to purchase a burial insurance policy. These plans can provide you with the funds that your loved ones need to quickly and easily pay the high cost of final expenses.

Often referred to as final expense insurance or funeral insurance, burial insurance is geared towards paying a person’s funeral expenses and other related costs. These life insurance plans are typically not difficult to qualify for – even if you have certain health conditions. And, coverage is usually offered to applicants through age 85 or older.

The Advantages

There are a number of advantages to owning a burial policy. One of the biggest of these is that nearly anyone who applies can qualify for coverage. This is because there is oftentimes no medical exam required as a part of the underwriting process. In most cases, there are only a few health related questions that are asked on the application for coverage.

In addition, the premium that is charged on a burial policy will usually be locked in for the life of the policy. This can be an especially nice feature for those who are living on a fixed income and who may have difficulty in keeping up with rising expenses.

How Does Burial Insurance Work?

The policies are usually available to individuals who are between the ages of 50 and 85 – and sometimes to applicants who are above age 85. Typically, these plans are a form of permanent life insurance. This means that, unlike term life insurance, there is no expiration date on the life insurance coverage. This can be a real advantage – especially because nobody knows exactly when they are going to die.

There are two types of death benefits that are available. They are:

  • Level – With a level death benefit, the full face amount of coverage will be in force immediately after the insured has been approved for his or her life insurance coverage.
  • Graded – With a graded death benefit, the insurer may require that the insured wait for up to two years before the full face amount of the coverage is available to be paid out to the beneficiary in the event of the insured’s death. Should the insured die during the first two years that the policy is in force, the beneficiary will only receive a refund of the premium that has been paid into the policy. In some cases, the beneficiary may also receive some amount of interest as well.

Because burial insurance is a form of permanent life insurance, these policies will also offer a cash value build-up in addition to the insurance protection. Over time, this cash value can grow into a substantial amount of tax deferred savings that can either be withdrawn or borrowed against and used for whatever the policy holder sees fit.

While a loan or cash withdrawal is not required to be paid back, it is important that policy holders know that any repaid balance will be counted against the policy’s death benefit that is paid out to the beneficiary in the event of the insured’s death.

What the Underwriters Will Want to Know

Although a medical exam is not usually required when applying for a burial insurance policy, the life insurance underwriters will still need to know some basic information about the applicant for coverage, such as their age, gender, height, weight, smoking and / or tobacco use habits (if applicable), alcohol use habits (if applicable), occupation and income, and whether or not the individual participates in any dangerous hobbies or habits.

Once an individual has been approved for coverage, they can opt to make their premium in one of several different ways. One popular method is monthly, while another is making just one lump sum payment in order to pay off the policy in full immediately.

There is also a graded premium payment option where the insured can determine how long they want to pay a premium. Once this is decided, the insurer will provide an amount of life insurance coverage that equals the amount that can be purchased with the amount of premium that has been paid.

Taking the Next Step

If you are ready to purchase a burial insurance policy, you will want to first compare policies and premiums from several different life insurance companies. This is because the premiums that are charged can differ – sometimes significantly – from one insurer to another.

When you’re ready to compare burial insurance, the team at can help. We work with the top life insurance companies in the industry today – and we can assist you in finding the coverage and the company that is right for you.

In order to get started, simply use the form on this page. We also understand that you may have additional questions about burial insurance, premiums, or coverage amounts. If so, our experts are here to help. Please feel free to contact us directly at 888-229-7522 and we will address your questions or concerns immediately so that you can move forward in obtaining the life insurance protection that you and your loved ones are seeking.

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