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Best Final Expense Plans (Burial Insurance)
- Assurity Life
- United of Omaha
- Trinity Life
- Colombian Life
- Bankers Fidelity Life
- Baltimore Life
- Royal Neighbors
- United Home Life
- Gerber Life
The BEST FINAL EXPENSE Insurance is the one who will approve you with the highest level of coverage for the lowest rate. That’s it. Most companies are A rated and a few we use are in the B’s for some of our more difficult to issue clients. Don’t be fooled by looking only at the A.M. Best’s ratings as your only factor to determine if your choosing a good solid company. There is nothing wrong with any A or B rated company by today’s standards. After the collapse of the market in 2008, companies were re-evaluated and are looked at much more stringently.
How to choose the Best Final Expense Insurance
The first thing you need to know is how you can pay the premiums. There are only a few companies that will allow you to use a debit or credit card, and even fewer that will do an automatic deduction from Social Security.
The worst approach is to automatically apply for a Guaranteed Issue (no health questions asked) policy. We are all familiar with Colonial Penn, AARP and Globe Life because of all the television ads and mail solicitations. Most of the time you will pay more for those whole life policies than if you use an independent agent. Even if you think you’re not healthy enough to pass some questions, you should always consult with our independent agents and have them pre-qualify you.
We know many people are frustrated, confused and have been sorely disappointed in the past trying to a policy. Let our independent agent do the leg work and get you the best possible policy and price. It’s worth a 10 minute conversation to find out what and how much you can get.
Each company is also backed by the state department of insurance it is being sold in, and or re-insured by another company. Yes, believe it or not some companies actually purchase insurance from a re-insurance company to cover excessive losses.
Final Expense Burial Insurance or small Whole Life insurance policies or plans….all mean the exact same thing. Every company calls it something different but they are essentially providing the exact same thing—Money paid to a named beneficiary upon the death of the insured. These policies are guaranteed to last for as long as you live….your rates will never go up, and your benefits will never go down.
This is generally used to cover burial or cremation expenses or other end of life debts, and is issued in amounts of $2,000 to $100,000. Most people purchase between $10,000 and $25,000 but you should buy what you can afford. It’s better to leave something than nothing to your family.
These policies have simplified underwriting, no medical exams, no medical records and are very easy to get even if you have a serious illness. In fact, there are many companies that also offer GUARANTEED ISSUE life insurance policies with no health questions. One of your first decisions is to determine how much life insurance you should apply for.
Most importantly DON’T WAIT TO BUY IT! Every day you live takes you one day closer to the day you’ll die. You just don’t know when that will be, and with each new day brings a higher expectation of developing another illness or having accident that will just make your premiums higher. Once you purchase a burial or final expense whole life insurance, it’s locked in forever and nothing will ever change. Buy it as young and as healthy as possible.
Do Not buy any type of term insurance to pay for funerals. All term policies either go up in price every so often years, they end and you run the risk of living through it leaving you with nothing! There is absolutely no reason in today’s day in age to buy term policies for final expenses. Don’t get hooked by that low price which will likely go up so high you’ll have to let it go and definitely don’t try and estimate how long you’ll live. Unfortunately a crystal ball is not your best way to figure out how long you’ll live.
DO NOT buy a Prepaid Funeral, EVER, under any circumstances, or you could end up with no where to bury you, no money to get back and absolutely to legal recourse. Time and again there are news stories about the cemeteries and funeral homes that went out of business, or they cashed in the life insurance policy that the customer gave them the legal right to do without realizing it. If you make payments to a funeral home there is no guarantee or law that protects you. We here about it all the time.
Just recently we talked with daughter of “Beatrice” from Columbus Ohio. Her mother is now 85 years old and has Alzheimer’s disease. While trying to get her mother’s affairs in order for when the time comes that she passes away, they found out that instead of buying all life insurance, her mother purchased a “prepaid funeral” and luckily had a very old separate $7,000 insurance policy. What she didn’t understand when she did this, is that the funeral home purchased an insurance policy on her making themselves the beneficiary and the owner. The “owner” of a policy has the right to make any changes including the right to cash in the policy which is exactly what that funeral home did. Now the only thing left is the $7,000 life insurance policy that she owns, and nothing from the funeral home.
You’ll find that most funerals cost between $7,000 and $15,000 plus burial fees that generally run from $500 to $2000. If you think you’ll leave behind bills such as credit card balances and other obligations, you may want to apply for an amount that will cover them as well. The average cost of a burial about $7,000 not including the plot and the vault. If your wish is cremation, the average is $2,000-$3,000. Shipping a body from one state to another costs even more. Remember to take into account inflation. So if you are 55 years old today, you should consider purchasing about 2-3 times the average cost in today’s prices.
Average Costs of Burial and Cremation Final Expenses
Why you shouldn’t you go right to the well -known big names that spend millions on advertising?
You can get:
1. Lower rates
2. Better policy benefits during the first 2 years
3. A higher death benefit for the same price or less
Give us a call at 614-402-5160 five minutes to evaluate your situation we’ll and give you the BEST QUOTE.