Step-By-Step Guide On How To Find The Best Burial Insurance

Written on February 17, 2017 by Choice Mutual

Best Burial Insurance

If you would like to see some instant burial insurance quotes, just fill out the quote form on this page. You will see a complete list of real prices from lots of burial insurance companies. If you deal with any major medical conditions, please call us for accurate quotes. We will quickly let you know which company will offer you the best deal.

If you are interested in setting up a plan to ensure you never leave your loved ones with the financial burden of unpaid funeral expenses, burial insurance is the perfect tool to do just that. These plans pay cash directly to your beneficiary(s), so they have the money to pay for your final services. If there is any money left over, it stays with your family rather than with the funeral home.

Here’s the bottom line

There is a ton of misinformation about this product. Moreover, there are many articles online that try to teach you how to find the best burial insurance. Unfortunately, all these articles are written by authors that have little to no experience dealing with this product.

Today, we are going to put an end to all the misinformation. Most of our customers are seniors looking for burial insurance, but we can and do help anyone of any age.

We are going to teach you some bulletproof principals, so you know exactly what you must do to find the best plan out there. In addition, we will also touch on some other helpful items that will assist you on you search for peace of mind.

Best Burial Insurance

Article Quick Guide

  1. What Constitutes The “Best Burial Insurance”
  2. How To Find The Best Burial Insurance
  3. The Low Down No Health Question Policies
  4. Selecting Your Death Benefit
  5. Deceptive Companies To Be Aware Of
  6. Time Is Money

 

What Constitutes The “Best Burial Insurance”

We think you agree with us when we say that it’s going to be nearly impossible to find something when you don’t even know what you are looking for.

Here’s the deal

Best Burial Insurance

If you want to get burial insurance, you probably want to find the best policy for you and your family right? Well if you do, you need to know exactly what you are looking for so you’ll know it when you see it.

So let’s make it crystal clear. The best burial insurance plan has 3 critical elements.

  1. The policy is provided by an insurance company that has a strong and reliable financial track record.
  2. It protects you as much as possible as soon as possible.
  3. The policy costs less than what other insurance companies will charge.

Any burial insurance plan that satisfies all three of those requirements is a plan you want to move on as soon as possible. All three elements are important, so let’s discuss each one briefly.

 

Financial Track RecordBest Burial Insurance

An insurance policy is only as good as the issuing insurance company’s ability to pay its claims. If the insurance company has financial issues, you run the risk of them not being able to fulfill their promise to you whenever you call on them to honor their obligation.

Thankfully, this is rarely an issue anymore. Life insurance is so regulated by the department of insurance that it’s unbelievably uncommon for an insurance company to have financial issues these days. The vast majority of life insurance companies today are A rated with A.M. Best, and have strong balance sheets and cash reserves.

 

When The Policy Protects YouBest Burial Insurance

You may not be aware of this, but some burial insurance policies don’t fully protect you right away. Some policies make you wait a full two years before it will pay a death benefit. Then there are some policies that pay out a portion of your death benefit during the first two years.

Let’s be clear on one thing here. There are absolutely some health scenarios where a person will be unable to obtain a policy that provides full immediate protection. However, it’s very rare that this is necessary. The overwhelming majority of applicants can qualify for a plan that fully protects them immediately.

The only question is- which burial insurance companies will approve you for that instant coverage? Don’t worry, we will help you with that.

When you coverage goes into effect is something very important to consider. If your health permits full instant coverage, that should be your target goal. If not, you want a plan that covers you as soon as possible.

 

The Policy CostBest Burial Insurance

This one should be obvious, but so many people disregard how important this piece of the puzzle is. It can be best summed up with one simple question.

If everything else is equal, why voluntarily pay more money to one company when another company offers it for a cheaper price?

Most whole life burial insurance plans have a fairly similar cost among all the various insurers. However, someone has to be the cheapest, so why not go with them?

 

How To Find The Best Burial Insurance

It’s never been easier for shoppers to compare prices from multiple providers to ensure they are getting the best deal possible. Ultimately, the way you get the best burial insurance is done by comparing offers from multiple final expense life insurance companies to see which one suits you best.

Here’s the thing

Burial life insurance is not a cut and dry one size fits all thing. Your health is MAJOR factor that governs when you policy goes into effect, and what you pay.

You should approach buying funeral insurance a lot like seeing your doctor. When you have an issue with your health, you rely on your doctor’s expertise to advise you about the appropriate treatment plan. In essence, you needBest Burial Insurance to do the same thing only it’s for burial insurance rather than your health.

To do this, you need to enlist the services of a qualified independent final expense insurance agency. An independent agency is one that represents lots of different insurance companies. They aren’t married to any one insurer, so they can select whichever company suits you best.

Basically, they will evaluate your entire health history, and become familiar with your goals. Then they identify which burial insurance companies view your health most favorably. The companies that are most accepting of your health issues are the ones that will offer you the best price and coverage. Then it’s just a matter of selecting which insurance company is offering the best deal.

Here’s what you need to look for when selecting an agency to help you find a policy

  • The agency must be independent and represent no less than 10 burial insurance companies
  • They must have ample experience specifically with the burial insurance market
  • They must focus only on this type of insurance

 

You Could Try To Do This On Your Own

You could personally call 15-20 final expense life insurance companies to get quotes. Keep in mind this would take you many hours to accomplish. Not only that, every agent you speak with will relentlessly try to get you to buy right then and there. They know that if you hang up you are likely gone forever.

Best Burial Insurance

Here’s the kicker

There are hundreds of life insurance companies that you have never heard of. They don’t advertise on TV, and they don’t mail stuff to your home like AARP does. Make no mistake, these “hidden” insurers are still very reputable and trustworthy. You just don’t know their names.

We mention these companies because they are always the most competitive. Because they don’t spend tens of millions of dollars on advertising, they can afford to charge less for their insurance, or accept health conditions some of the big name companies don’t.

Here’s the bottom line

There’s a very strong chance that your best plan is one provided by an insurance company you’ve never heard of. The only way you will ever access them is through an independent agency like us. Think about it. If you don’t know their name, you can’t get quotes from them because you don’t even know their name!

These companies you don’t know about is another huge reason why we strongly suggest you work with a independent agency like Choice Mutual. Even if you decide not to work with us, as long as you work with an agency that meets the criteria above, you will get a good burial policy at a very competitive price.

Going about this on your own may seem empowering, but it’s a huge disservice to yourself. Just like with a doctor, there are many situations in life where it’s best to recruit the help of a professional.

 

The Cost To Work With An Agency

You might be wondering- What does it cost to work with an independent agency like Choice Mutual?

The answer is- nothing!Best Burial Insurance

It’s completely free. We get paid from the insurance companies we represent. Furthermore, you don’t pay higher insurance premiums because you bought from us.

Most insurers don’t sell their insurance directly. They mandate you buy from an agent or agency. No matter who you buy from, the price will be the same. For example, a $10,000 policy from Mutual of Omaha will cost the same with us as it will from an agent in your city. Every department of insurance mandates that pricing of insurance is homogeneous across all mediums.

 

The Low Down No Health Question Policies

Have you ever seen those policies on TV or through the mail that have no health questions? They ask no health questions, and they don’t check your medical history in anyway. They are usually called guaranteed issue or guaranteed acceptance life policies.

Sadly, most people think it’s a good thing that there aren’t any health questions. While it may sound appealing to apply for a life insurance plan without having to answer questions about your health, few people realize what they are giving up by doing so.

There are two big implications with these policies.

  1. None of them pay any death benefits if you die during the first 24 months. They all have this provision.
  2. They cost a lot more compared to a burial policy that does have health questions.

Let’s be crystal clear on one thing.

These policies are not the best option for the vast majority of people.

 

Save Money And Get Instant Coverage

We are just going to get straight to it. Most people can secure a policy that costs less, and covers them sooner than a guaranteed issue plan would.

The Low Down No Health Question Policies Have you ever seen those policies on TV or through the mail that have no health questions? They ask no health questions, and they don't check your medical history in anyway. They are usually called guaranteed issue or guaranteed acceptance life policies. Sadly, most people think it's a good thing that there aren't any health questions. While it may sound appealing to apply for a life insurance plan without having to answer questions about your health, few people realize what they are giving up by doing so. There are two big implications with these policies. 1. None of them pay any death benefits if you die during the first 24 months. They all have this provision. 2. They cost a lot more compared to a burial policy that does have health questions. Let's be crystal clear on one thing. These policies are not the best option for the vast majority of people. Save Money And Get Instant Coverage We are just going to get straight to it. Most people can secure a policy that costs less, and covers them sooner than a guaranteed issue plan would. There are so many burial insurance companies today that have vastly different underwriting that it's very uncommon where we can't find a carrier that will accept all your health issues. Obviously, we can't promise anything because we know nothing about your health. Having said that, at Choice Mutual over 90% of our clients are approved for a plan that fully protects them from the very first day. In addition, their plans cost less than the ones that have no health questions. If you would rather pay less and be covered sooner, allow an agency like us to try to get you into a plan that has health questions. If we are successful (which we usually are) you will save money, and your protection will begin immediately. If we can't (there are some health issues where a guaranteed issue plan is necessary), you have lost nothing.There are so many burial insurance companies today that have vastly different underwriting that it’s very uncommon where we can’t find a carrier that will accept all your health issues. Obviously, we can’t promise anything because we know nothing about your health.

Having said that, at Choice Mutual over 90% of our clients are approved for a plan that fully protects them from the very first day. In addition, their plans cost less than the ones that have no health questions.

If you would rather pay less and be covered sooner, allow an agency like us to try to get you into a plan that has health questions. When we are successful (which we usually are) you will save money, and your protection will begin immediately. If we can’t (there are some health issues where a guaranteed issue plan is necessary), you have lost nothing.

 

Selecting Your Death Benefit

When you go to apply for your burial insurance plan, you need to figure out how much coverage you want to buy. The average traditional burial will cost anywhere from $7,000-$10,000. The NFDA reported in 2014 that the average cost of a burial was $8,343. On the other hand, a cremation service will cost anywhere from $1,500-$5,000.

Here’s the most important thing

Whatever death benefit you want, the monthly payment must be affordable. This is unbelievably important. Burial insurance is no different than any other line of insurance such as auto or home insurance. You are only protected as long as you faithfully make your payments each and every month.

You can’t miss payments, and just pick up your policy again. If you lose it, you have to re-qualify. If your health changes, that could jeopardize your eligibility.best burial insurance

Ask yourself, is the payment ultra comfortable for me all 12 months out of the year? If you can’t answer yes to that question, you need to buy less coverage.

If you can’t afford as much coverage as you would like, don’t get hung up and let it paralyze you into doing nothing. Just buy what you can afford. We think you will agree when we say that it’s better to have something you can comfortably afford rather than having nothing at all.  Your family will appreciate the thousands of dollars you provided much more so than zero.

If you can afford to buy more coverage than needed to cover your final expenses, go for it.

One thing to keep in mind is that you can always add coverage down the line. If you have to start out smaller because of your budget, just buy what’s comfortable now and add more later.

 

Deceptive Companies To Be Aware Of

When you go searching for burial insurance, you will see a lot of “offers” from various companies.

Here’s the deal

The offers you receive are not all the same. A burial insurance plan is always a simplified issue whole life policy. These plans cannot expire, the price cannot change, and the benefits can never decrease.

Some offers you will run into don’t work this way. There are companies that will work very hard to sell you insurance plans where the prices increases with age, and the policy expires at a certain age.

There are two companies in particular that are guilty of this. More than likely, you get mail from each of these companies at least once every two weeks. The two companies we are referring to are AARP and Globe Life.

Beware of these companies. They try very hard to market to folks who are looking for burial insurance.

Below you can see a brief overview of exactly how their policies work.

 

AARPbest burial insurance

Their plan has two main features that most people are clueless about.

  1. The price increases every five years. The rate increase will occur every time you hit an age that ends in 0 or 5.
  2. The policy expires once you turn 80 years old. You read that right. It completely ends on your 80th birthday. At that point, you are no longer covered. You don’t get any money back. Basically, you rented the coverage for all those years.

A lot of people ask us, can you renew once you hit 80? The answer is no. Your only option in that scenario would be to qualify for a new life insurance policy with AARP or another company altogether.

Here’s the thing

The only policy available at age 80 is whole life. This is actually good. However, you are 80, so the cost is definitely going to be up there. AARP does have whole life, but it’s much more expensive compared to most other companies. Nobody should ever buy their whole life insurance. Doing so would be voluntarily paying more for something you could be getting cheaper elsewhere.

The other issue to content with is your health. Lots of folks have health issues at this age. If your health is really bad, it could cause you to pay a lot more or be subject to a waiting period.

At the end of the day, if you want lifetime protection, you can’t go with a policy that ends at 80. You would be setting yourself up for failure.

 

Globe Lifebest burial insurance

Their policy is very similar to AARP with a slight twist.

  1. The policy completely expires once you turn age 90.
  2. The price will increase every 5 years.

The biggest issue with Globe Life is the cost. While you are under the age of 80, the payments are definitely affordable. Truthfully, they are definitely lower than whole life burial insurance rates.

However, the killer with Globe is what you are forced to pay after you turn 81. Remember, they increase the price every 5 years. There is a price jump when you hit 81 and one more at 86. The price per month at these ages is astronomical.

Can you afford $200-300 per month for your life insurance? If not, you will have to drop your policy because that is what the rates will be.

While a Globe policy technically lasts until 90, the majority of folks we speak with can’t afford their rates, so they end up dropping it. It’s a scary situation to be 81-90 having to find a new policy. It can be done, but it’s going to be very costly.

 

Time Is Money

It’s very simple. If you have made up your mind that you want the peace of mind that final expense life insurance provides, you must take immediate action. You should apply as soon as you can.

Why do we say this?

Best Burial Insurance

Your health is the single greatest factor that determines if you are eligible for immediate coverage, and how low of a price you get. A burial policy for you simply won’t be cheaper at any point in the future.

Your health could change in the next few days or weeks. If that happens, you could be forced to pay higher premiums or endure a waiting period of some sort.

Not to mention, if you have no coverage now and you pass away, your family will be stuck with the bills.

Don’t become one of the stories we have heard over and over again.

If you know you want coverage, get on it right now. You cannot save money by waiting.

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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