Burial Life Rates By Age

What is Burial Life Insurance?

Burial life insurance, also known as final expense insurance or funeral insurance, is a type of life insurance that is specifically designed to cover the costs associated with a person’s funeral and burial. The main benefit of this type of insurance is that it can provide financial security to an individual’s loved ones at a time when they are likely to be dealing with emotional stress and financial burden.

The coverage amount for burial insurance is generally lower than that of traditional life insurance, typically ranging from $5,000 to $40,000. This is because the main purpose of the insurance is to cover the costs of a funeral and burial, rather than to provide long-term financial support for an individual’s loved ones.

Burial insurance is often a good option for seniors, who may be more likely to need funeral and burial coverage than younger individuals. This is because seniors are more likely to have limited financial resources and a fixed income, making it difficult for them to afford the costs of a funeral and burial out of pocket.

Burial insurance policies are relatively simple and straightforward, and they typically do not require a medical exam. This makes them an accessible option for older individuals or those with health conditions that may make it difficult to obtain traditional life insurance coverage.

In summary, burial insurance is a type of life insurance that is specifically designed to cover the costs of a funeral and burial. This type of insurance can provide financial security to an individual’s loved ones at a difficult time and is often a good option for seniors or those with health conditions that may make it difficult to obtain traditional life insurance.

Why Should I buy Burial Insurance?

Planning for the future is a responsible and thoughtful act that allows us to protect our loved ones even after we’re gone. One crucial aspect of this planning is considering burial insurance.

While it may seem morbid to contemplate our own passing, investing in burial insurance provides numerous benefits for both ourselves and our families. We will explore the reasons why purchasing burial life insurance is a wise decision and how it offers financial security and peace of mind.

Financial Security:

One of the primary reasons to buy burial life insurance is to ensure that funeral and burial expenses are adequately covered. Funerals can be costly, often ranging from several thousand to tens of thousands of dollars.

Without proper planning, these expenses can burden grieving family members during an already emotionally challenging time. Burial life insurance provides a designated payout that can be used specifically for funeral and burial costs, relieving loved ones of financial strain.

Ease the Emotional Burden:

The passing of a loved one is an emotionally challenging experience for family members. By securing burial life insurance, we can alleviate some of the emotional burdens they may face. Knowing that our final expenses are taken care of allows our loved ones to focus on grieving and celebrating our lives, rather than worrying about financial obligations. Burial insurance provides peace of mind and a sense of relief during a difficult period, fostering emotional healing and support.

Accessibility and Simplicity:

Burial insurance policies are generally more accessible and easier to obtain than traditional life insurance policies. They often require minimal paperwork and may not necessitate a medical exam, making them a viable option for individuals with pre-existing health conditions or those who have been declined traditional life insurance. The simplicity of burial insurance policies allows for a streamlined application process and ensures that coverage is obtainable for a broader range of individuals.

Protecting Loved Ones:

Beyond covering funeral expenses, burial insurance provides an added layer of protection for our loved ones. The payout from the policy can be used to settle outstanding debts, medical bills, or any other financial obligations that may be left behind.

This safeguard helps shield family members from unexpected financial hardships and provides them with the financial stability to navigate their lives following our passing.

Affordability:

Burial life insurance policies are typically more affordable than traditional life insurance policies due to their lower coverage amounts. Premiums are often tailored to meet the policyholder’s budget, making it easier to maintain the policy over an extended period. By investing in funeral or burial life insurance, individuals can ensure that their final expenses are covered without placing an excessive financial burden on their current budget.

Types of Burial Life Insurance Policies

Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy that is specifically designed to cover the costs associated with a person’s funeral and other end-of-life expenses. There are generally two main types of final expense insurance:

Simplified Issue Final Expense Insurance:

This type of final expense insurance does not require a medical exam. Instead, applicants typically need to answer a series of health-related questions on the application. The underwriting process is simplified, and coverage can be obtained relatively quickly. Simplified issue policies often have lower coverage amounts, ranging from a few thousand dollars to around $40,000, and the premiums are typically higher compared to policies that require a medical exam.

Guaranteed Issue Final Expense Insurance:

This type of final expense insurance is also known as “no medical exam” insurance. Guaranteed issue policies have no medical underwriting requirements, meaning that applicants are guaranteed approval regardless of their health condition. There are usually no health-related questions asked during the application process.

Guaranteed issue policies are generally more expensive than simplified issue policies and offer lower coverage amounts, typically ranging from a few thousand dollars to around $25,000. These policies often have a waiting period, typically one to two years, during which the full death benefit may not be paid out if the insured person dies from natural causes. However, if the insured person dies during the waiting period, the premiums paid are typically refunded with interest.

It’s important to note that the coverage amounts, premiums, and specific terms and conditions of final expense insurance policies may vary between insurance companies. It’s advisable to carefully review the policy details and consult with an insurance professional to determine the best option for your individual needs.

Burial Life Rates for Male/Non-Tobacco Users

Age	$10,000	$15,000	$20,000	$25,000	$30,000	$35,000	$40,000
45	$27.11	$39.06	$51.01	$61.65	$73.06	$84.46	$98.83
50	$30.24	$43.04	$55.85	$68.66	$81.46	$94.27	$107.08
55	$34.24	$49.76	$66.56	$82.05	$96.31	$113.02	$128.50
60	$41.84	$61.16	$80.47	$99.79	$119.11	$138.43	$157.74
65	$54.02	$78.72	$103.42	$128.11	$152.81	$179.51	$204.70
70	$70.02	$102.69	$135.38	$168.07	$210.67	$245.01	$279.35
75	$100.15	$147.91	$195.67	$243.44	$291.20	$338.96	$386.72
80	$146.80	$207.99	$276.26	$344.52	$412.78	$481.05	$549.31
85	$192.74	$287.51	$382.27	$477.04	$571.81	$666.57	$761.34

Burial Life Rates for Female/Non-Tobacco Users

Age	$10,000	$15,000	$20,000	$25,000	$30,000	$35,000	$40,000
45	$23.13	$32.38	$41.63	$50.88	$60.13	$69.38	$80.81
50	$24.31	$36.04	$46.51	$56.98	$67.45	$77.06	$87.61
55	$27.71	$43.28	$52.21	$64.46	$76.71	$94.82	$107.71
60	$32.87	$49.69	$62.53	$79.74	$92.20	$107.03	$121.86
65	$41.01	$59.91	$78.72	$97.72	$116.63	$135.53	$154.53
70	$54.79	$78.26	$103.28	$130.03	$153.31	$178.33	$203.35
75	$76.20	$111.99	$141.62	$176.22	$219.35	$255.14	$280.03
80	$98.43	$146.05	$193.66	$241.28	$288.89	$336.51	$384.12
85	$135.90	$202.25	$268.60	$334.95	$401.30	$467.65	$534.01

Final Thoughts

Purchasing burial insurance is a prudent decision that offers peace of mind, financial security, and emotional relief for both ourselves and our loved ones. By providing coverage for funeral and burial expenses, burial insurance relieves the financial strain that can accompany end-of-life arrangements.

It allows family members to focus on honoring our memory and supporting one another during the grieving process. Moreover, burial insurance is accessible, affordable, and serves as a means to protect our loved ones from unexpected financial hardships. By making this responsible investment, we can plan for the future and secure peace of mind for ourselves and those we hold dear.