Welcome to part 2 of our “Top Burial Insurance Carriers” series! If you’re looking for some of the best burial insurance carriers, we can help.
There are many options for burial insurance, and we’ve listed just a few of the most popular options here. As with any life insurance purchase, you should be sure to reach out to an independent agent before making your decision.
Also keep in mind: if you need a larger death benefit, burial insurance is not for you. These small, whole life policies will not replace your income or cover your family’s living expenses if you pass away. Often, this means cost is a big consideration for those looking for final expense coverage.
We took a look at a wide variety of factors when deciding which companies to list in this article (be sure to check out the first article here). This includes popularity, guaranteed options, and range of policy sizes. Additionally, we appreciate ease-of-application, so we tried to stick to carriers that had simple online application options.
If you are looking for burial coverage that is guaranteed and will only cover your final expenses, we can help. Give us a call today to review your final expense coverage options.
Chances are, you’ve seen a commercial advertising Colonial Penn. Colonial Penn has been around for over 60 years, and most of our clients looking for burial coverage ask about their senior burial coverage options.
The premiums for Colonial Penn coverage are fixed for life, with options to pay annually, semi-annually, quarterly or monthly. Additionally, unit rates with this company start at $9.95 per unit. There is a downside to such a low premium rate: coverage will not be high. Applicants are given the choice to buy between one and 8 “units” of coverage. Additionally, the amount of coverage per unit will decrease with your age.
There’s no medical exam for Colonial Penn burial coverage, and the coverage is available to individuals between 50 and 85 years of age.
Mutual of Omaha
Mutual of Omaha comes with an A+ AM Best financial strength rating, but that’s not the only reason we’ve added the company to our list.
One of our favorite things about this insurer is its transparency. Not only can you apply for a free quote online, but they provide an easy-to-follow chart of average premiums on their website. We appreciate this because it allows you to easily estimate what you would be paying for coverage.
The rates from Mutual of Omaha are competitive, and don’t require a medical exam or medical questionnaire. Per their website, a small policy ($10,000) would run a 50-year-old man roughly $36 monthly.
Additionally, between ages of 45 and 85 you are guaranteed coverage. Most companies limit the burial coverage age to 75 or 80. While the benefits for Mutual of Omaha’s burial insurance are limited for the first two years of the policy, most claims are paid within 24 hours of filing.
Fidelity Life offers a product called RAPIDecision® Final Expense coverage, with free online quotes. This coverage ranges from $5,000 to $35,000 in coverage and available to those between 50 and 85 years old.
Policy applications can be completed online without a medical exam. One perk of this burial coverage is that coverage begins the day your policy is approved! At the time of application, you will have to answer medical questions that may impact your premium.
Your premiums with fidelity will stay the same for life, and the policy will never expire so long as your premiums are paid.
AAA Life Insurance Company
AAA is not just for roadside assistance. AAA Life Insurance Company offers guaranteed accepted coverage for individuals between 45 and 85 years old. Your premiums will never increase and your coverage is guaranteed for life. In fact, once you reach 100 years of age you no longer will need to pay your premiums, but will still be covered.
No medical exam or medical questionnaire is required for coverage with AAA. The policy sizes go up to $25,000. As with most final expense insurance, the benefits will be limited for the first two years.
You do not have to be an AAA member to purchase insurance; however, there is an annual fee of $60 for nonmembers. If you are a member, not only will this fee be waived, but you will be given the option for bundle discounts if you purchase additional AAA policies.