What is Burial Insurance?
Burial insurance, also known as funeral insurance or final expense insurance, is a small whole life insurance policy that has a death benefit typically ranging from $2,000 to $50,000. The primary purpose of this coverage is to pay for funeral expenses and other end-of-life costs.
Unlike term life insurance, burial insurance is a permanent policy that doesn’t expire as long as premiums are paid. The premiums remain level for the life of the policy, and the coverage amount never decreases.
Key Features of Burial Insurance
Permanent Coverage: Lasts for your entire lifetime as long as premiums are paid.
Fixed Premiums: Monthly payments never increase.
Cash Value: Builds cash value over time that you can borrow against if needed.
No Medical Exam: Most policies don’t require a medical exam, making it easier to qualify.
Quick Approval: Applications are typically processed quickly, often within days.
Flexible Use of Funds: While designed for funeral costs, beneficiaries can use the money for any purpose.
Types of Burial Insurance
Burial insurance, also known as funeral insurance or final expense insurance, is a small whole life insurance policy that has a death benefit typically ranging from $2,000 to $50,000. The primary purpose of this coverage is to pay for funeral expenses and other end-of-life costs.
Unlike term life insurance, burial insurance is a permanent policy that doesn’t expire as long as premiums are paid. The premiums remain level for the life of the policy, and the coverage amount never decreases.
Level Benefit
Provides full coverage from day one. This is the best option for those who can qualify based on health questions.
Graded Benefit
Provides partial coverage during the first 2-3
years, then full coverage afterward. Designed for those with moderate health issues.
Modified Benefit
Similar to graded benefit but with a longer waiting period or different payout structure. For those with more serious health concerns.
Guaranteed Issue
Accepts everyone regardless of health, but typically has a 2-year waiting period before full benefits are paid for natural causes of death.
Who Needs Burial Insurance?
Burial insurance is particularly beneficial for:
Seniors: Older individuals who want to ensure their funeral expenses are covered.
Those with Health Issues: People who may not qualify for traditional life insurance due to health conditions.
Individuals on a Fixed Income: Those who need affordable coverage with fixed premiums.
People Without Savings: Those who don’t have sufficient savings to cover funeral costs.
Get Started Today
At Z Bailey Insurance Agency, we prioritize your peace of mind. Our licensed, salary-based agents are here to guide you through the insurance process without any high-pressure sales tactics. Contact us today to discuss your options and find the best policy tailored to your needs.