Here Is A Method That Is Helping People Find Cheap Burial Insurance

Written on April 14, 2017 by Choice Mutual

Cheap Burial Insurance

To see the actual prices for low cost funeral insurance from many providers in your state, just fill out the quick quote tool on this page.

Nobody want’s to overpay for anything. Assuming all things are equal, its far better to pay less than more. Whole life burial insurance is not an exception to this rule.

Here’s the deal

Clearly, you want cheap funeral insurance for seniors or you wouldn’t be here. You may not realize this yet, but you have literally hit the mother lode.

First, we are we going to teach you precisely how to find the most affordable whole life coverage. You will completely understand what to look for and why. Finally, we will top it off by showing you some actual quotes from highly competitive companies that offer cheap final expense insurance.

Article Quick Guide

  1. How To Find The Cheapest Burial Insurance
  2. Understanding The Two Main Types Of Final Expense Life Insurance Companies
  3. Real Quotes For $10,000 In Burial Coverage

 

A Complete Guide On How To Find Cheap Burial Insurance

Ultimately, you need to get quotes from multiple providers. This is how you will surely find the lowest cost plan. Pretty simple right? Not so fast…

Here’s the main thing

You need to get quotes from burial insurance companies that don’t penalize you in any way for your health issues.

Every final expense life insurance company will have 2-3 health ratings. Basically, they have a low price, a medium, and a high one. You want the lowest price they offer. To achieve that, their underwriting must freely accept all your health issues. When you answer their health questions, you would be saying “no” to all of them.


Insider tip: If you ever say yes to any health question on a life insurance application, it will unequivocally mean you will have to pay a higher premium. It could also mean you have to endure a waiting period of some kind.


Ideally, you want to get at least 10 quotes from different insurance companies. With that amount of offers, you can be reasonably certain you are getting a really good deal (if not the best).

Keep this in mind

It may turn out that you won’t be able to find 10 different final expense companies that will accept all your health issues. If that’s the case, just get as many quotes as you can. The more the better.

Cheap Burial Insurance

Be aware of this

Lots of companies engage in the practice of giving everyone the lowest quote possible with no regard to your health issues. Their whole goal is to lead with the lowest price possible to get you in the door. After the fact, if your health should warrant a different price, they are hoping you accept it since you have already begun the process with them.

It’s very important that the person you speak with takes your health into account before they give you quotes. If you talk with someone and they don’t ask you about your health, they are blind quoting. Honestly, you are dealing with an amateur. The rates you get from people like this are speculative, and should not be taken seriously.

 

Getting The Quotes

You know to get at least 10 quotes or as many as possible. You also know to make sure the quotes are specific to your health issues. Now it’s just a matter of getting them.

You have three options to get burial insurance quotes.

  1. Call the insurance companies directly
  2. View instant quotes online (like our website)
  3. Work with an agency that represents multiple low cost burial insurance companies

Let’s briefly discuss each one so you know what you are in for.

 

Directly Calling The Insurance Companies Yourself

First you would need to make a list of all the companies you want quotes from. Then you would begin calling to hopefully find the cheapest whole life insurance to cover your funeral costs.

What you probably don’t know is that life insurance companies will merely direct you to an agent when you call them for quotes.Cheap Burial Insurance

You will have to wait until one of their agents calls you back. One by one, each agent will call you to give you the quotes you are looking for.

Often times agents who are contracted to do this are generally starving for sales. For this reason, they will likely push very hard to get you to buy right then and there. Even if you don’t, expect a lot of follow up phone calls.

To get at least 10 quotes from different companies, you are easily looking at many hours of calling and waiting. However, once it’s all done you could then see which company is best for you (assuming they gave you quotes that took your health into consideration).

Here’s the one question we have for you:

Do you know which 10 burial insurance companies you are going to call?

Most people have no idea which life insurance companies offer these plans let alone 10 of them.

We will talk more about this issue a little later in the article. It’s a very important question to consider.

 

Viewing Quotes Online

This is becoming increasing popular. In all honestly, its great that its available which is why we do it! Being able to see quotes from multiple low cost whole life insurance companies is a good way to compare prices assuming you are on a website that shows you quotes from multiple companies (most don’t).

Here’s the deal

When you view quotes online, you will see something like in the picture below. At first glance, you think great you got what you are looking for right? Not so fast…

Cheap Burial Insurance

The biggest issue with viewing online quotes like this is the fact that your health has not been taken into account. So while you are able to actually see the prices, whose to say if you will qualify for those rates?

The truth is you have no way of knowing. Again, it’s great for transparency purposes and also to get a sense for some of the rates. However, you should never look at online quotes and attempt to come to conslusion based on what you see. Until your health has been factored in, the numbers you are looking at just aren’t real.

 

Working With An Independent Agency That Has Access To Low Cost Burial Insurance

In this scenario, you are only contacting one company. An independent agency is able to represent multiple final expense life insurance companies. They have no special affiliation with any particular insurer, so they are free to recommend whichever one is truly best for you.

Working with an agency like this can save you a ton of time and money. Here’s what you need to look for in an independent agency:

  1. They represent at least 10 different insurance companies
  2. They have been doing exclusively final expense insurance for at least two years

At the end of the day, one of their agents will quickly pull up the quotes from all the insurance companies they represent. Before doing that, they will assess your health, so they can give you truly accurate rates.

Cheap Burial Insurance

They will present you with all the quotes so you can see for yourself which company has the cheapest burial insurance for you.

Remember this

Your insurance doesn’t cost extra just because you bought it through an agency. Furthermore, the services of an independent agency are completely free of charge. Agencies like Choice Mutual get paid directly from the insurance companies. Since we bring them clients, they pay us a fee for doing so. That’s why it’s free for you.

 

Understanding The Two Main Types Of Final Expense Life Insurance Companies

Here’s the thing you need to understand about final expense life insurance.

There are two types of companies that offer this kind of coverage.

  • There are competitive insurance companies that offer cheap rates and underwriting that can cover a variety of serious health issues.
  • Then there are non competitive insurance companies that charge a lot more for no apparent reason. In addition, their underwriting is frequently more restrictive which causes most folks to pay an even higher amount. These same people could easily qualify for substantially lower rates with competitive companies that have underwriting build to accept all their health issues.

Cheap Burial Insurance

Here’s Some Super Expensive Non Competitive Companies To Avoid

These companies below are for no reason just plain expensive. Their rates are unequivocally beaten by tons of other insurance companies. Avoid them at all costs unless you enjoy needlessly overpaying.

In addition to their all around high prices, their underwriting is a whole separate issue. None of these companies respond well to a lot of the common health issues we see in this business.

  • Lincoln Heritage
  • State Farm
  • Bankers Life
  • Old American Insurance Company
  • AARP (New York Life)
  • American Income Life
  • Metlife
  • Colonial Penn
  • Senior Life

 

The Competitive & Cheapest Whole Life Insurance Companies

The truth is, the majority of final expense life insurance companies on the market fall in this category. Free market competition ensures that most insurance companies keep their prices in line to remain competitive.

These competitive burial insurance companies offer two massive benefits:

  1. Their prices are much lower
  2. Their underwriting is substantially better

But here’s the kicker

The least expensive final expense companies don’t advertise on TV, in magazines, or direct mail. This means, you won’t necessarily know who they are.

Let’s be clear on one thing here.

Just because you don’t personally know them does not mean they are not trustworthy.

When you think about it; the only reason you know of most insurance companies is because they spend millions upon millions of dollars in advertising to make sure you know who they are.

These low priced companies are still highly rated, have been in business for decades (many of them over 100 years), and have strong financials. There is not one of them that can’t be trusted to pay their claims.

Here’s the bottom line

You must include these companies in your search if you truly do want to get cheap burial insurance. Do not limit yourself to only companies that you have heard of.

 

Getting Access To The Cheapest Funeral Insurance CompaniesCheap Burial Insurance

Remember earlier when we asked you which insurance companies you would call for quotes if you were going to do it on your own?

The reason we asked that was to illustrate the point that if you do the calling, you will only be contacting companies that you are familiar with. Sadly, companies that fall in that category are the expensive ones.

To get access to the lowest cost burial insurance companies, you must work with an independent agency.

Think about it. If you don’t know the names of these low priced insurance companies we are talking about, how could you call them yourself to get a quote? You can’t call a company you don’t even know exists.

Only through an independent agency like Choice Mutual will you be directly accessing all these cheap funeral insurance companies that have great pricing, and underwriting that will accept your health issues.

 

Understanding The Pricing For These Competitive Final Expense Companies

Here’s the key thing to understand about these competitive final expense companies.

They all charge about the same amount of money. There is very little difference in their pricing. Typically, they will all be within a few dollars of one another.

Don’t believe us? Here’s a chart to illustrate just how close in price these competitive companies are.

The quotes shown are for the following:

  • $10,000 In Burial Insurance Coverage
  • 60 Year Old Female
  • Non Tobacco Rating
  • Level Health Rating (Saying No To All Health Questions)

$10,000 In Cheap Whole Life Insurance

Final Expense CompanyMonthly Rate
Mutual of Omaha$32.87
Grange Insurance$33.60
Transamerica$33.72
Liberty Bankers Life$34.67
Assurity$34.74
Security National Life$36.35
Foresters Financial$35.41
American Home Life$36.87
Royal Neighbors of America$36.54
American Amicable$38.27

See how close in price they are? They are all priced very close to one another. As you can see from that list, the lowest is about $32, and the highest is $38. You aren’t going to find a company that offers the same thing for a monthly price in the $20-$30 range.

 

Underwriting Is Probably The Biggest Value With These Competitive Companies

underwriting12

Underwriting is the process of risk evaluation. Every final expense life insurance company will accept and decline various health conditions. No two final expense companies underwrites the same way. Some may accept applicants with heart disease, and some may not. It’s different with every company.

Here’s the key thing to understand about these competitive companies and their underwriting

In addition to accepting the most common health issues present among the average applicant, every competitive final expense company excels at insuring certain niche health ailments.

For example, let’s say you have an applicant who has diabetic neuropathy. This is a fairly high risk condition that most insurance companies will not react favorably to. Even most competitive final expense companies will charge a person with this condition a higher premium, and impose a waiting period on the policy.

However, there are certain burial insurance companies that cater to this particular condition. Namely, companies like Royal Neighbors of America, American Home Life, and North American Life Insurance Company to name a few.

All three of those companies will welcome diabetic neuropathy applicants with open arms. They won’t charge them more money or impose a waiting period.

 

A Real Life Example

Let’s see how Royal Neighbors of America stacks up to Lincoln Heritage and Colonial Penn when you have diabetic neuropathy. Let’s assume these prices are for a 65 year old non smoking female.

 

Royal Neighbors of America

Monthly Rate For $10,000= $42.61

When Is The Coverage Effective: 100% from day one


Lincoln Heritage

Monthly Rate For $10,000= $96.30

When Is The Coverage Effective: After 2 years


Colonial Penn

Monthly Rate For $10,664= $79.60

When Is The Coverage Effective: After 2 years

 

Cheap Burial Insurance

Clearly Royal Neighbors of America is the winner. They are way less money each month and instant coverage. It’s not even a debate. Moreover, we could have inserted North American Life Insurance Company or American Home Life and the results would have been the same.

Those non competitive companies just can’t compete with the low cost whole life insurance companies that cater to the final expense market.

This whole scenario plays out all the time for all sorts of niche health issues (there’s a lot of them too). If you deal with any of the following health issues, the non competitive companies will A) charge you way more money, and B) impose a waiting period.

At the same time, there are plenty of competitive companies that will gladly take these health issues.

  • Parkinson’s Disease
  • Systemic Lupus SLE
  • Seizures
  • COPD Or Emphysema
  • Mini Strokes (TIA Attack)
  • Diabetic Neuropathy
  • Blood Thinners
  • Cirrhosis
  • Hepatitis
  • Home Health Care
  • Multiple Sclerosis
  • Epilepsy
  • Schizophrenia
  • Tumors
  • Wheelchair Usage
  • Atrial Fibrillation (Afib)
  • Kidney Disease
  • the list goes on and on…

Hopefully you realize how much of an impact the underwriting can have on your policy. It’s a big deal. Working with an independent agency that has access to many highly competitive cheap burial insurance companies will ensure you get a really cheap whole life insurance plan for funeral and burial expenses.

In addition, your coverage will almost certainly have no waiting period (most people qualify for a no waiting period plan).

 

Here Are Some Low Cost Funeral Insurance Quotes

Below you can see prices from multiple final expense life insurance companies. These rates are direct from the insurance companies.

Please keep the following in mind when you look at these rates:

  • Prices are for $10,000 in coverage.
  • All rates are non tobacco status.
  • These prices are for level coverage (where you say no to every health question).
  • Prices are determined by your exact age. You will notice that not every single age is listed. It would take up too much space if we did that. However, you can see the price for an age that is close to yours and get a good sense for the cost.
  • We work with many more companies other than this.
Cheap Burial Insurance
AgeFemale Non TobaccoMale Non Tobacco
50$24.67$29.16
55$28.40$35.09
60$32.87$42.76
65$41.01$55.76
70$53.24$73.70
75$72.41$99.53
80$98.43$132.65
85$135.90$183.15
Cheap Burial Insurance
AgeFemale Non TobaccoMale Non Tobacco
50$26.05$32.00
55$31.16$36.86
60$35.41$45.19
65$42.80$55.75
70$53.42$72.91
75$75.08$102.69
80$111.08$146.74
85$165.92$200.75
Cheap Burial Insurance
AgeFemale Non TobaccoMale Non Tobacco
50$23.06$27.73
55$26.94$34.43
60$33.79$42.42
65$42.42$53.82
70$53.12$69.93
75$76.34$97.43
80$108.30$147.07
85$160.85$202.75
Cheap Burial Insurance
AgeFemale Non TobaccoMale Non Tobacco
50$32.21$37.91
55$35.91$44.21
60$36.51$47.81
65$42.61$56.11
70$53.11$71.31
75$76.11$105.31
80$105.31$146.61
85$141.81$202.71
Cheap Burial Insurance
AgeFemale Non TobaccoMale Non Tobacco
50$25.57$30.51
55$30.40$36.79
60$34.67$45.80
65$42.81$55.94
70$54.79$73.31
75$76.20$100.15
80$109.16$146.80
85

Cheap Burial InsuranceGerber only offers a no heath question policy (guaranteed issue). This type of policy is not suitable for most applicants. However, in some select situations its necessary. Never default to this sort of plan.

AgeFemale Non TobaccoMale Non Tobacco
50$28.14$38.41
55$35.84$46.11
60$46.48$56.65
65$55.46$68.29
70$68.75$87.91
75$90.29$124.67
80$152.17$220.92
85NANA

Cheap Burial InsuranceJust like Gerber, AIG only offers Guaranteed Issue Burial Insurance.

AgeFemale Non TobaccoMale Non Tobacco
50$35.83$51.92
55$39.86$56.50
60$45.14$63.17
65$54.51$73.09
70$70.41$93.14
75$95.82$124.49
80$135.12$175.15
85$204.20$298.86
 

Hopefully you found this article helpful. If you need some low cost funeral insurance, please give us a call. As an independent final expense agency, we will do the heavy lifting for you to ensure you get the best rates possible. We won’t pressure anyone. We offer a no hassle consultation, so we can learn about your health and your goals. Then we present you with our findings and let you decide what you want to do.

So if you want to find the cheapest funeral insurance, call us at 1-800-644-2926.

About ChoiceMutual.com
About ChoiceMutual.com

Choice Mutual works with all the top burial insurance companies throughout the nation to secure you the best price possible.

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