A North Carolina burial insurance policy ensures that your funeral expenses are paid for when you die so your family isn’t left with a financial burden.
Learn how these policies work, the cost, the best companies, and how much a typical funeral in NC costs.
How Does Final Expense Life Insurance Work?
Burial insurance is a type of small face value whole life insurance policy where the proceeds are generally earmarked for funeral costs.
But technically, the money paid to your beneficiaries can be used for anything, including medical bills, credit card debts, or anything else.
If your beneficiaries don’t use all the funds for your final expenses, they can keep the remaining amount to use as they see fit.
The underwriting of these policies is very lenient because the insurance companies want seniors with prior health issues to qualify.
You don’t have to take a medical exam, and you can answer health questions or not.
There is a big difference between each option.
First, plans with a health questionnaire will typically cost less and have no waiting period.
That means the insurance company must still pay out the full death benefit if you’re approved and die right after the policy starts.
However, plans with no health questions and guaranteed approval always have a two-year waiting period before you’re fully insured.
If you die in the first 24 months, the insurer will only pay your beneficiaries 110% of your premiums.
Since senior funeral insurance plans are a type of whole life insurance, the fine print is minimal.
The price will never change, and the coverage won’t decrease or expire.
Also, they build cash value that you can borrow from any time you want.
How Much Does Burial Insurance In North Carolina Cost?
A typical final expense policy valued at $10,000 will often cost about $50-$100 per month.
Remember that the exact cost is based on your precise age, gender, tobacco usage, state of residence, health, and the amount of coverage.
That said, below are some sample final expense premiums (monthly).
| Age | Female $10,000 Simplified Issue (Monthly Rates) | Female $10,000 Guaranteed Acceptance (Monthly Rates) | Male $10,000 Simplified Issue (Monthly Rates) | Male $10,000 Guaranteed Acceptance (Monthly Rates) |
|---|---|---|---|---|
| 45 | $22 | $28 | $27 | $33 |
| 50 | $24 | $30 | $30 | $36 |
| 55 | $27 | $38 | $35 | $45 |
| 60 | $32 | $42 | $43 | $55 |
| 65 | $41 | $51 | $54 | $66 |
| 70 | $51 | $69 | $70 | $89 |
| 75 | $71 | $98 | $99 | $121 |
| 80 | $98 | $140 | $139 | $166 |
| 85 | $135 | $170 | $192 | $230 |
Best Funeral Insurance Companies In North Carolina
Life insurance is governed by the states rather than the federal government.
For that reason, you’ll find that burial insurance options vary from state to state.
Below is a table that outlines the best final expense companies in North Carolina.
| Insurance Company | Coverage & New Applicant Age Limits | Policy Type, Length & Product name |
|---|---|---|
 | Coverage: $2,000-$40,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Living Promise"- Level (no waiting period) |
 | Coverage: $2,000-$50,000 Age Range: 40-89 | Whole Life Insurance Lasts forever once issued "Accendo"- Preferred (no waiting period) |
 | Coverage: $5,000-$35,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "PlanRight"- Preferred (no waiting period) |
 | Coverage: $1,000-$50,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Immediate Solution"- Preferred (no waiting period) |
 | Coverage: $1,500-$35,000 Age Range: 55-80 | Whole Life Insurance Lasts forever once issued "New Vista"- Level (no waiting period) |
 | Coverage: $5,000-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | Coverage: $5,000-$40,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "Eagle Premier"- Level (no waiting period) |
 | Coverage: $3,000-$40,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "SIMPL"- Preferred (no waiting period) |
 | Coverage: $5,000-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | Coverage: $2,500-$50,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "Senior Choice"- Immediate (no waiting period) |
 | Coverage: $2,500-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Silver Guard I" (no waiting period) |
How Much Does A Funeral Cost In North Carolina?
According to the NFDA, a traditional burial service costs about $10,000 (including a viewing and vault).
They also report that a typical cremation service with a viewing will cost about $7,000.
To save money, you can always opt for direct burial or cremation, which have no remembrance services of any kind.
Below is a breakdown of how much a funeral costs in North Carolina:
- Traditional burial service with a viewing: $7,225
- Direct burial: $3,441
- Cremation service with a viewing: $6,028
- Direct cremation: $1,582
Know Your Rights
The North Carolina Department of Insurance mandates that life insurance companies include a ten-day free look period in their policies.
That provision entitles policyholders the ability to return a policy for any reason and get a full refund (if you made any payments).
Take comfort in knowing that if you buy the wrong policy or simply change your mind that you can get out of it and not lose money.
How Choice Mutual Can Help
Choice Mutual is a nationally licensed independent insurance agency that partners with over 15 burial insurance companies.
Our goal for each client is to help them find the best policy at the lowest price.
We’ll compare plans from every provider in your state to find the best one.
There are no fees for our advisory services, and the insurance isn’t more expensive.
In fact, you’ll pay much less for your insurance by working with us.
Our agents are friendly and will answer all your questions. When you’re ready to get protected, we’ll walk you through the entire application.
Call us at 1-800-644-2926, and we’ll help you find the best coverage possible.
