Consider Affordable burial insurance if you only want to purchase life insurance to pay for your funeral, medical bills, and other final expenses. These policies, sometimes known as final expense insurance, are created for seniors who only require a little level of coverage, but not all insurers provide them.
Our specialists evaluated policy characteristics, age and state availability, and added value, such as free life insurance riders, to reduce the list of the top Affordable burial insurance products. We also looked at payment alternatives and the available levels of coverage, which for this kind of Affordable burial insurance normally start at $1,000 and go up to $50,000. myphams2b.vn Wwill provide some of information for you in this post.
The Best Burial Insurance in July 2023
AARP/New York Life
Mutual of Omaha
Affordable Burial Insurance Policies for 2023
By reading the succinct summaries below and clicking on the links to the NerdWallet reviews, you can learn more about each business on our list.
Overview of the company: In the annual J.D. Power customer satisfaction assessment for individual Affordable burial insurance, State Farm routinely places first.
When you have enough cash value built up in your State Farm Affordable burial insurance policy, you can borrow against it or withdraw funds throughout your lifetime. Since State Farm is a mutual corporation, depending on the insurer’s financial performance, your insurance may also pay out dividends.
Business overview: This policy, which is a kind of group Affordable burial insurance, is accessible to AARP members as a result of a collaboration with New York Life. As long as you are an AARP member and meet the age standards, you are guaranteed acceptance, and coverage often lasts your entire life. In most jurisdictions, AARP also permits 45–80-year-old spouses of members to apply for an insurance. In New York, the eligible age range for couples is 50 to 75.
American Family Life Insurance
Overview of the business: For a business of its size, American Family got less complaints to state regulators, making it a reliable option. The business offers a variety of insurance products, such as business, property, and auto insurance. In specific circumstances, you can combine your plans and get a discount.
Overview of the company: Ethos’ whole life policy is perfect for customers who need a policy immediately because the application just takes 10 minutes to complete and coverage starts as soon as the first premium is paid. You must respond to a few health-related questions even though you are not required to have a Affordable burial insurance medica examination. Your rate is determined by these inquiries, not your eligibility. At the age of 100, you stop paying payments, but the insurance remains in effect.
Mutual of Omaha
Business overview: People can obtain a policy at a younger age, when rates are probably less expensive, thanks to Mutual of Omaha’s wide issue age range. The amount of coverage starts at $2,000, making this a decent choice for folks who don’t require a lot of Affordable burial insurance.
According to the insurer, 70% of claims are settled within 24 hours, which can assist your loved ones in paying for your burial and any other essential expenses if you pass away.
How Much Does Affordable Burial Insurance for Seniors Cost?
Depending on the insurance company you select, your age, sex, the level of coverage, and your general health, the amount you’ll pay in premiums might be as low as $18 per month or as much as $286 per month. If your health is good and you may check “no” to the application’s health questions, your rate will be lower. To be eligible, some insurers could demand a medical checkup, but this isn’t always the case. You may be given a modified or substandard plan and your premiums will be higher due to your health if you have had health problems in the past or are taking specific medications.
Finding Affordable Burial Insurance for Seniors
There are numerous alternatives for Affordable burial insurance for seniors. In order to select the provider who best fits your goals and budget, it’s vital to request tailored quotes from at least two other companies. Another alternative is to engage with an insurance agent, who will perform the research and present you with the choices they feel are best for you.
Burial Insurance Rates for Seniors 60-90
Age, sex, preferred level of coverage, and whether or not you respond to health questions all affect senior rates. People between the ages of 50 and 85 are typically eligible for benefits ranging between $5,000 and $20,000 (read more about Affordable burial insurance over 50). While some businesses accept customers over the age of 85, others impose a maximum age at which they will provide insurance. No matter their age, many customers choose coverage worth roughly $10,000 to help with funeral expenses. Below, you can see an estimate of the premium costs for a typical $5,000 or $10,000 plan.