While often overlooked, burial planning should be a part of your long-term financial plan. Funeral costs continue to rise, which is why it is important that you get end of life insurance. Having burial insurance can reduce the costs associated with burying your loved ones. This type of insurance will cover you throughout your life as long as you pay for your premiums. Most insurance policies have a wide cost range and will be paid directly to your beneficiaries to help with funeral costs. With many different options available to you, here is a look at the best burial expense insurance options.
While AARP isn’t an insurance company, they do offer life insurance coverage for burial expenses through a partnership with New York Life. AARP offers people guaranteed acceptance, so you will not be turned down even if you have a pre-existing health condition. AARP members can apply for a policy once they turn 45. All premium rates are guaranteed.
Mutual of Omaha
Mutual of Omaha is a good option to consider if you are planning on having a smaller funeral or choosing to be cremated. Mutual of Omaha offers small policies. The guaranteed policy is offered to people between the ages of 45 and 85. Mutual of Omaha has a two-year waiting period, which means that if you were to pass within two years, your beneficiary would only receive benefits based on how much you paid during the two years.
Most insurance policies have a minimum age that you have to reach to apply for coverage. However, Colonial Penn gives you the opportunity to get burial insurance regardless of your age. Colonial Penn offers Guaranteed Acceptance Life Insurance and Permanent Whole Life Insurance. You are eligible for the policy without having to take a medical exam or having to answer personal health questions. Permanent Whole Life Insurance policies build cash value that you can borrow. Colonial Penn also offers a Renewable Term Life Insurance Policy.
Globe Life is an option if you are seeking to avoid paying high premiums on a policy. You can start your policy by purchasing coverage for $5. You will not have to deal with a waiting period because you are directly purchasing the policy. You do not have to take a medical exam either. If something changes, Globe Life offers a money back guarantee.
AIG has a direct guaranteed issue whole life policy that will help cover your final expenses. The final expense life insurance policy also covers you in the event that you develop a terminal illness. AIG will allow you to access funds to help pay for your medical care.
To read more on topics like this, check out the lifestyle category.