Burial insurance is absolutely crucial if you want to save money on any final expenses. The cost of dying has risen to an average of $10,000. Without coverage this will have to come out of your inheritance, or in the worst case scenario it will have to come out of the pockets of your loved ones. That isn’t fair, which means you need to begin the search for an insurer as soon as possible. The faster you do it the bigger the savings.
We’ve listed a few burial insurance companies and their best packages below.
Americo – Ultra Protector Series
The insurer Americo is a specialist in life insurance coverage. Burial insurance is a type of whole life product. They specialize in applicants who’re between the ages of 50 and 85. These products provide guaranteed premiums and coverage between $2,000 and $30,000. Some versions of the Ultra Protector Series may require you to answer health questions, along with height and weight tests.
Colionial Penn is a very well know provider of life insurance benefits. You may remember the commercial that featured Alex Trebek. They have been around for over fifty years now and are based in Pennsylvania. You can read some Colonial Penn reviews here.
Gerber Life – Guaranteed Life
Gerber offers an excellent alternative to Americo. This type of coverage is for people between 50 and 80 and provides coverage amounts between $5,000 and $25,000. These premiums are fixed for life and there’s even a cash account if you want to accumulate a cash sum along the way. As you can see, Gerber’s offering stretches further than conventional burial insurance.
There’s a two-year graded death benefit, and if accidental death occurs the full amount is paid immediately. If the holder dies within two years of taking out the policy, they receive all their premiums back plus an additional 10%.
Mutual of Omaha Living Promise
The Mutual of Omaha Life Insurance Company caters to applicants between the ages of 45 and 85. Take note that this is burial insurance combined with whole life insurance. While you can potentially invest your money to make money, there are restrictions regarding who can be accepted for such a policy. You will have to complete a background check when it comes to prescription drugs and the medical information bureau.
Transamerica Immediate Solution Standard
Level premiums up to age 121 are available for applicants who’re 85 or below. Transamerica is an ideal choice for burial insurance. The minimum face amount on the policy is a mere $1,000. It can pay out up to a total of $50,000 for applicants who apply before they turn 55. Applicants below the age of 85 can claim $25,000. We recommend this product for seniors who need some extra coverage but can’t get accepted elsewhere.
Finding the Best Company
Use this article as a guide only. Don’t blindly follow our advice because it’s your duty to go to the insurer and see what’s available to you. Everybody’s situation is different and you can’t expect to get the same offer as someone else. Most of these companies require health screenings and have age requirements attached. Call them today and explain your situation to see what you’re entitled to.