We Are Experts In Burial Insurance
There are so many different types of life insurance on the market it can be very confusing to the average person. We specialize in whole life Burial Insurance. Burial Insurance is a LIFE INSURANCE policy that will cover your funeral expenses or any other expenses you choose. Burial insurance pays out exactly like any other form of life insurance you may have.
No one really likes to think about life insurance. But responsible people with loved ones that doesn’t want to leave a financial burden when they die cannot overlook its importance.
The problem is, life insurance is not a subject that is easy to understand. Indeed, it can be downright overwhelming.
Given the different types of plans available, how do you know which one is right for you? How do you know how much life insurance you need for a funeral?
How do you know if the company that insures you is stable and reliable?
Hopefully this information can help you understand the basics of final expense, determine how much you should have, and explain why it’s important you select the right company to protect your family from this burden.
While this information may not make you a life insurance expert, it will give you information to help you make a wise purchase decision.
What Is Final Expense Life Insurance?
Final expense life insurance is also known as burial insurance.
It is insurance intended to pay for bills at the end of one’s life. These policies will insure that your family does not have to struggle to find the money for your funeral. Additionally you may have medical bills or other debts.
These funds can be used to pay any expenses that you leave behind. If you don’t want your family to have to pay for your funeral, or you are the family member who will be responsible for someone else’s funeral, final expense life insurance may be a good choice.
Funeral costs can be as high as $10,000 or more. Even a modest funeral or cremation which may cost $3,000-$6,000 can put a strain on your finances.
Keep in mind every term means the exact same thing! FINAL EXPENSE INSURANCE = BURIAL INSURANCE = FUNERAL INSURANCE. You will see these terms used interchangeably.
For example think of “Doctor” or “Physician” both have the same meaning. Warning! If anyone tells you different regarding these definitions, DO NOT DO BUSINESS WITH THEM!
Burial Insurance – Benefits & How They Work
Burial Policies are whole life policies that have the following benefits:
✅ Payments are locked in for life and can never increase
✅ Your death benefit will never go down
✅ No medical exam ever
✅ Once approved you can never be canceled if you get older or sicker
✅ Builds cash value – (You can borrow money on your policy)
✅ Policy will never expire and last your lifetime
✅ Offers double coverage if an accident occurs
✅ Terminal benefit that will pay you upfront without having to die (Free with all our carriers)
✅ First day coverage for 95% of our clients!
The great thing about this insurance is that it is considered a Simplified Issue insurance policy. Which means approval is very simple to achieve and the underwriting is very liberal. They do not use full underwriting.
The application has limited health questions and absolutely no medical exam is ever needed. You will have to be able to answer “NO” to some of the health questions to qualify.
Once approved, you are approved for life. No fine print to worry about or worrying about them retracting the approval in the future. Once approved its a binding contract.
Upon your passing, the insurer will directly cut your beneficiary (whomever you choose to be) a TAX-FREE check.
There are no restrictions on how the money can be used. So make sure you choose a beneficiary you trust! Once they cash the check that is cold hard cash in their pocket.
Cash Is King…..
Ever heard that saying “Cash is King”? One of the benefits of having a burial insurance policy rather than prepaying for a funeral at a funeral home is that when there is money in hand, everything is negotiable.
In a prepaid funeral, once the insured has died, funeral homes are notorious for trying to “upsell the family” when making arrangements. Funeral homes are trying to make money just like any other business.
Unfortunately, the family members are “held hostage” because the funeral home has already been paid. So they call the shots.
So if anything else needs to be added upon their suggestions, they will additionally charge for it.
In a non-prepaid funeral when the beneficiary has cash in hand, EVERYTHING IS NEGOTIABLE. Your beneficiary can say they only have X amount of dollars to spend and more than likely the funeral home will accept.
I seriously doubt a funeral home will let your loved one walk out without striking some sort of deal. Like we mentioned it is a business like any other.
That means more money left over for your loved one to use for other things or to help them enrich their lives.
Also keep in mind that if you obtained a prepaid funeral they would put you on a payment plan for a set number of years. Let’s say you died before you could pay the plan in full. The funeral home will want all the difference of the money that was owed to finish out the plan before they buried you. Your family would still have to come up with this money.
Now if you had a burial insurance policy in place, even if you died the first day, all the proceeds would be paid up front to your beneficiary with no hassles or stress or having to come up with any proceeds.
Better deal right?
The Insured will approve you on one of 4 plans (Health and Medication driven)
Each final expense carrier separates their health ratings into 3 category benefits. Some companies only have 2 categories but most of the time they are 3: LEVEL BENEFIT – GRADED BENEFIT – MODIFIED BENEFIT
When an application is submitted, your answers to a few health questions along with the medication you take will determine which category/plan you will be approved for. These plans will fall into a range of low price, mid price and high price.
The lower priced benefit plan is for people with good health. The mid price plan is for people with minor health issues. The higher price plan is for people with significant health issues but not bad enough to get denied.
Which plan you fall into will determine whether you answer YES to any of the health questions on the application. The better your health, the more insurance you can get for your premium dollars.
Let’s take a look at 3 of the most common plans insurance companies offer and then a 4th option plan at the end.
1) Level Benefit Plan
A level benefit plan is given to an applicant that has good health and has answered No to all of the health questions. The beneficiary receives 100% of the death benefit and the insured is covered from Day 1.
Level benefit comes with the cheapest payment. Insurance companies consider you less of a health risk thus rewarding you with a cheaper payment for having good health.
2) Graded Benefit Plan
The graded benefit is the mid- priced policy. This policy is for people that have some minor to almost borderline severe health issues. If you answer yes to any questions from the Graded Section of the application you will fall into this category.
This benefit comes with either a 2 or 3 year wait period. Each company is different. This plan pays a partial death benefit in year 1 and year 2.
If a company approved you for a 2 year waiting period Graded Benefit plan. You would be covered normally 30% for year 1 and 70% in year 2.
For example, if you had a $10,000 Graded policy and died in year 1. It would pay your beneficiary $3,000. If you died in year 2, it would pay $7,000. On your 25th month you are 100% covered for the full benefit to your lifetime.
3) Modified Benefit Plan
A modified plan is the most expensive of the 3 plans which comes with the highest payment and considered the highest risk for the insurer. People fall into this category if you have some severe health conditions.
If you answer YES to any questions in the modified section of the application you will be approved for this benefit.
Modified Plans come with a 2 year wait period. There is no coverage for 2 years. But it does come with a return of premium. Let’s say you passed away in the first 2 years, the insurer by law has to refund all premiums paid back to your beneficiary plus interest.
A Golden Nugget Tip For You…..
If you are approved for a Modified plan. DON’T DO IT! Agents will never tell you this. They rather sell you on a higher payment.
These plans are way over priced and there is a better option.
Your better option is to go with a Guaranteed Issue plan and the cost is significantly less. Which brings us to our 4th plan.
4) Guaranteed Issue Plan
A Guaranteed Issue policy is what it says….its Guaranteed to issue you a policy. It is very similar to the Modified Plan. It comes with a 2 or 3 year wait period with “Return of Premiums” plus interest. Guaranteed Issue is most often cheaper than the Modified Plan.
The main difference between Guaranteed Issue and Modified Plans is that there are NO health questions whatsoever. Its GUARANTEED APPROVAL. No matter what your health is.
For example, these plans are good for people that has been recently diagnosed with Cancer or people with HIV or Aids.
If you have been approved at the Modified level why not go with the Guaranteed Issue? You still have to wait the 2 or 3 years, why not go the cheaper route? Plus no health questions or hassles.
|Health of Applicant||Excellent||Minor Health||Serious Health||Any Health Issue|
|Benefits Eligibility||Pays Immediate||2-Year Waiting Plan|
|2-Year Waiting Period||2-Year Waiting Period|
|Cost of Policy||Lowest cost||Medium Cost||Highest Cost||Lower Than Modified|
Age Between 25-85? There is a 99% Chance Of Getting You A Burial Policy!
Who can get a policy? In today’s current market pretty much everyone. We have insurers that will issue new policies from 0-85 but in most cases the normal age ranges for burial insurance is between 25-85.
If you are in this age range don’t worry, we got you covered and there is a 99% chance that we can get you a burial policy.
There are a few deciding factors that determine a person’s eligibility such as….
- Health – Some products have health questions you need to qualify for and some products have no health questions at all.
- Age – Not every plan with different insurers are available to all ages
- State of Residence – Some insurers might not offer their plans in your state
Most of the time we can find anyone a policy. The only factor would be if you are older than 85. Even then we have insurers that will go up to age 90.
Warning! When Choosing Your Policy Be Careful They Don’t Disclose It’s Term
What if I told you I have a policy that you could pay on for 15 years plus and the payment will go up every 5 years. Now once you pay all those payments with the payment increases, I will go ahead and cancel the policy at age 80. WOULD YOU TAKE IT? Of Course Not!
This happens everyday to seniors. These polices do exist and they are called “Term Life Insurance” hence the name “Term” or it only covers you for a short amount of time.
To add insult to injury, you never get your money back and all those payments go straight down the drain.
Think about it, if you got one of these policies and found out when you were 80 years old that you didn’t have any more insurance, you would be highly upset! Also, your health could have changed between now and then. Now you are significantly older at age 80 and having to start over with a HIGHER PAYMENT! Insurance is always more when you are older than when you are younger when you decide to get it.
Isn’t 80 years old when you need insurance the most?
Please be careful because there are some insurance companies that will sell you a term policy making you believe that it’s a normal burial policy. While the whole time you have no idea that it will expire one day. Unfortunately, everyday seniors fall trap to this type of insurance.
Here’s a few companies to watch out for….
Globe life, AARP, New York Life and Metlife for example blanket the market with term life insurance policies to people who are looking for burial insurance.
While these payments do start out very cheap, this is where they reel the person in with their marketing efforts. What they don’t tell you is they will increase the payment every 3-5 years which in some instance will double the payment.
The payment normally exceeds what you could have been locked in with a Whole life policy which results in many years wasted on a policy that will never do the individual any good.
The numbers are not in the individual’s favor when it comes to a term policy. Only 1% of all term life insurance policies sold in America result in a death claim. Ripoff!
With a permanent final expense policy, you know 100% certainty that you will have a policy in place forever with locked in payments and it will not leave your family in a financial burden.
4 Ways Final Expense Is The Perfect Choice
There are 4 different ways that Final Expense Life Insurance is the perfect choice for seniors. When these plans were created it was designed in a way for seniors to qualify even if they have some “minor health issues”.
It was also designed in a way for seniors to qualify for benefits as little as $1,000 all the way up to $50,000. They wanted Seniors to be able to buy as little coverage as they needed all the way up to larger amounts they could afford.
Burial Insurance or Final Expense is the perfect choice in 4 ways:
#1 – Simplified Issue Or Very Lenient Underwriting
This is by far the most incredible of the 4 ways that make Final Expense a perfect policy for you. These insurance plans were designed to help the senior qualify for high risk conditions.
If you tried to qualify for any other insurance plans you will find that the majority of the insurance companies on the market will decline you. Final expense is unique because the majority of carriers understand the common conditions that most seniors have, thus creating you an approval.
Once again the lenient underwriting will enable seniors that have high risk conditions to be able to qualify for a policy than most insurance plans on the market.
Lenient underwriting allows the Seniors to know they will be able to get approved and covered and not leave their family with a financial burden.
Do You Have These Health Conditions?
You can still get approved for a burial policy which will protect you with coverage starting on day one.
✔ Anxiety Medications
✔ Type 2 Diabetes
✔ Chronic Bronchitis
✔ Type 1 Diabetes
✔ Diabetic Neuropathy
✔ Diabetic Retinopathy
✔ Atrial Fibrillation
✔ Cancer (Over 2 Years Ago)
✔ Arthritis – Any Kind
✔ Full Strokes – Over 1 Year
✔ Mini Strokes
✔ Blood Thinners
✔ Blood Clots
✔ Bi-Polar Disorder
✔ Water Pills
✔ Heart Attacks – Over 1 year
✔ High Blood Pressure
✔ Cholesterol Issues
✔ Insulin Usage
✔ Liver Cirrhosis
✔ Non-Cancerous Tumors
✔ Parkinson’s Disease
✔ Multiple Sclerosis
✔ Defibrillator Or Pacemaker
✔ Hepatitis A, B, or C
✔ Seizure Issues
✔ Sleep Apnea
✔ Systemic Lupus SLE
✔ Chronic Kidney Disease
✔ Any Home Health Care
#2 – Guaranteed Issue – No Health Questions on the Application
A Guaranteed Issue life insurance policy is what it says “Guaranteed”. It provides coverage for individuals that are for ultra high risk individuals that cannot get any insurance anywhere else or are considered “uninsurable”.
For these type of uninsurable individuals this is the only choice they have. If they didn’t exist then a person would not get insurance at all. So it’s a very good thing this is offered but always used as a last resort.
A Guaranteed insurance policy is the easiest insurance to apply for. There are no health questions on the application and basically if you are in sound mind you can apply and get approved. Your acceptance is guaranteed.
So what are the drawbacks to getting a Guaranteed Policy?
Two year waiting period – All of the Guaranteed policies come with a 24 month waiting period. If the insured should die within the 2 years then all the premiums will be refunded back to the beneficiary plus 10% interest. (You can’t make 10% interest at your local bank)
Cost Is Always Higher – The insurance company is taking on more risk because you have health issues. Since they are taking on more risk they charge higher premiums to offset the health risk.
Here is a list of health issues that would have to obtain a Guaranteed Policy.
✔ HIV or AIDS
✔ Kidney Dialysis
✔ Any Terminal Illness
✔ Currently in a Hospital or Nursing Home
✔ Alzheimers or Dementia
✔ Huntington’s or ALS
✔ Major Organ Transplant
✔ RECENT diagnosis of Cancer (1 yr or less)
The way to look at these Guaranteed Insurance Policies is that there is literally no ailment out there they will not approve. So once an individual gets past the 2 year mark, he/she is fully covered!
#3 – Allows Individuals To Apply For Small Face Amounts
Believe it or not some burial insurances companies allow you to apply for insurance for as small as $1,000 in coverage, which in our opinion would probably not even take care of a cremation.
That leads us to the next point. The great thing about this is this type of whole life insurance allow the individual to only buy what they need.
The majority of companies usually start in the range of $2,500 – $40,000. Some carriers will go up to $50,000. There is no other form of life insurance that will allow you to go this low in coverage.
Let’s say you wanted to be cremated, you would need to roughly $2,000 – $5,000 to ensure you would be covered. With these types of policies you can rest assured that you could get just enough to cover those expenses.
If you are asking yourself….Can I get even higher amounts?
Some of our carriers have high face amounts that can range even higher from $40,000 – $100,000. Also keep in mind, you can get multiple policies with the same carrier or with different carriers to achieve the amount of coverage you desire.
So Who Needs A Burial Insurance Plan?
Any person that does not want to leave their family in a financial burden. The question you need to ask yourself….If you died tomorrow, does your family have the minimum of at least $10,000 to bury you?
Maybe you fall into these other reasons:
You have existing coverage but just feel you need a little more to leave loved ones extra
You or your family doesn’t have the cash to cover your burial expenses
Maybe you would like to leave a donation to a charitable cause
Paying off debts or medical bills so your family won’t bear the burden
You have assets but do not want to liquidate and use those funds
Everyone is different with different needs and wants. What’s great is these plans are suitable to everyone who needs it.
How To Apply For Coverage?
Applying for a final expense policy is super simple. Even if you were looking for insurance for your spouse or your parents.
There is no medical exam or physical to endure. You will never need your medical records.
You don’t need to worry about having good credit, this has nothing to do with your finances. No one will ever pull your credit.
These plans are considered “simplified issue” which means its geared towards seniors to help you qualify. The application will have you answer some very liberal/basic questions about your health. (This does not apply to Guaranteed Issue Plans).
Next the insurance company will perform a prescription history check to validate your health.
Don’t worry you won’t need to go to the doctor and get any printout of any medical records etc….All of this is done electronically.
Once the system looks at your prescription history and the answers to your health questions then normally we get your approval instantly.
Our applications take less than 15 minutes – no agent has to come to the home and decision is instant.
3 Ways To Submit An Application
The way you will submit your application will depend on the insurance carrier.
The application process will be taken in one of the following 3 ways:
VOICE SIGNATURE – This is a very simple process. You and your agent will complete a phone interview with the insurance company. They verify all your information and authorizations. You completely sign with your voice. Your recorded voice will act as your signature. There is no paperwork to sign. Everything is done in a matter of minutes with your voice. At the end of the call the decision will be given whether you are approved.
EMAIL SIGNATURE – Your agent will fill out all the information needed to complete the application. The application will be done online or what is called an E-application. Once your agent completes the E-application, the insurance company will send you a secured email where you can sign with a click of a few buttons. You can sign using your phone, tablet or computer. After signing the application, the carrier will send an instant decision to your agent. The underwriter still has to review the application to finalize the policy. Some underwriters take the next day and some take 1 -5 days depending on the volume of workload.
PAPER APPLICATION – Of the three options, this is the least used, but in rare instances there might be some situations where we would use a paper application and “snail mail” the documents to you. How this works is the agent will collect all the information from you, mail the application to you. Once you receive the application, you would sign in the appropriate fields, mail the application back to our home office and we will process the application for you to the right carrier. We will call you to verify we received them and to make sure you want to move forward with the application. We submit the application and should have you a decision in 1-5 business days.
Did you notice of all the 3 options, at no point would you have to let an agent into your home?! That’s what’s great about being able to apply and be accepted all from the comfort of your own home without any intrusive unexpected visits.
The Cheapest Burial Insurance Is Sold Through Agencies
The secret to finding the most affordable final expense insurance is to compare prices with multiple carriers before you make any decisions.
But’s here the problem….
You cannot simply just call up these insurance companies and expect to buy from them direct. If you were to call them directly they would merely inform you that you needed to find an agent.
The cheapest burial insurance for senior citizens is sold only through agencies. The smart thing you can do to find the lowest costs on final expense insurance is to work with an independent agency that represents lots of insurance companies. Burial Mutual represents over 30 of the top carriers in the nation.
The agency’s job is too evaluate your health and to find the RIGHT insurance carrier that compliments your health and one that would accept you.
Instead of you shopping around and calling all day to find the best price, the agency can do it for you at the push of a button.
How Burial Mutual Is Different Than Other Agencies and How We Can Help You!
We are an independent agency and our only specialty is final expense life insurance. We do not deal in any other type of insurance. Even though we can write other forms of insurance this is only per request of the client.
Rest assured when you talk with us, we are experts regarding final expense life insurance. There is nothing we don’t know when it comes to this product.
Any agent could help you secure your burial policy, but this is what separates us from the pack and makes us different!
- We are contracted with over 30 final expense companies, so we can choose which plans favors your health to get you that immediate coverage. Most agents only have 2 or 3 companies and then what happens if your health doesn’t meet their company’s standards? They talk you into and make you believe you can only qualify for a 2-yr wait plan. Not good! This results into higher payments and longer wait time.
- We have extensive knowledge of all the different final expense companies and how they underwrite to fit your needs.
- Our #1 commitment is to serve your interests above all else
Transparency Is How We Operate
The reason we are contracted with over 30 carriers is so that we have the necessary products to serve our clients. No one insurance company is going to fit the needs of each individual.
That’s why it is important to provide our clients lots of options to cover a wide variety of health issues.
Over the years of processing thousands of applications, we have learned inside and out on how each insurer responds to various health conditions and medications.
Without this knowledge it would be impossible to diagnose which carriers will approve you. It’s like try to dig with a shovel vs a bulldozer.
Our ultimate goal is to find which carrier will offer you the best deal and provide you with immediate 1 day coverage. Since we know how they underwrite, we can do this in a very efficient and effective manner regardless of your health.
We believe in being transparency, we believe in building trust from the beginning and that is what our foundation is made from. That’s why you are able to run quotes on our website. Right from the start, you will be able to see what each company charges and won’t have to wonder if you are getting a good deal or if you are overpaying.
We believe we bring more value to the table than any other agency can match.
You be the judge.
If everything what we have mentioned makes sense to you, please give us a chance to earn your business.
If not, hopefully we have educated you enough to at least make the right decision on your insurance journey.