Funeral insurance is important for anyone who doesn’t want their loved ones to bear the burden of the expenses after they pass away. With so many options available in the market, choosing the best funeral insurance can be a daunting task. In this article, we’ll be discussing the top funeral insurance options and everything you need to know about them.
What is Funeral Insurance?
Funeral insurance, also known as final expense insurance or burial insurance, is a type of insurance policy that covers the costs associated with your funeral, such as the funeral service, burial or cremation, casket, flowers, etc. Essentially, funeral insurance provides your loved ones with financial protection so they don’t have to worry about paying the expenses out of their pockets.
There are two main types of funeral insurance policies: term and whole life. A term life policy covers you for a specified period, such as 10 or 20 years, while a whole life policy covers you for your entire life.
Term Funeral Insurance
A term funeral insurance policy is a type of policy that covers the policyholder for a certain length of time, such as 10, 20, or 30 years. The policy pays out a lump sum to the beneficiary if the policyholder dies during the term.
Term funeral insurance is typically less expensive than whole life insurance, and you can choose the length of the policy based on your needs. However, after the term expires, the policy will end, and you won’t get any money back.
Whole Life Funeral Insurance
A whole life funeral insurance policy covers you for your entire life, and it guarantees that your beneficiary will receive a payout when you pass away. Unlike term life insurance, which has a set period of coverage, whole life insurance provides coverage until the day you die.
Whole life funeral insurance premiums are generally higher than term policies, but they offer lifelong coverage and a guaranteed payout to your beneficiary when you pass away.
Top Funeral Insurance Companies
Here are some of the top funeral insurance companies you can consider:
Company |
Policy Type |
Best For |
State Farm |
Whole Life |
Those who want personalized policies and local agents |
AIG |
Term Life |
Those who want affordable policies and online quotes |
Assurity |
Whole Life |
Those who want no-medical-exam policies |
Lincoln Heritage |
Whole Life |
Those who want guaranteed-issue policies and quick payouts |
New York Life |
Whole Life |
Those who want customizable policies and financial advisors |
State Farm
State Farm is a trusted name in the insurance industry and offers a variety of whole life insurance policies that can be personalized to fit your needs. They have local agents who can help you with the application process.
State Farm also offers a rider that allows you to add additional coverage for accidental death or dismemberment. This policy will pay out an additional amount if the policyholder dies due to an accident.
AIG
AIG is known for offering affordable term life insurance policies, and their final expense insurance is no exception. You can get a quote online in just minutes, and their policies have no medical exam requirements.
AIG also offers a terminal illness rider that pays out a portion of the death benefit if you are diagnosed with a terminal illness and have less than 24 months to live.
Assurity
Assurity offers a variety of whole life insurance policies, including final expense insurance. Their policies have no medical exam requirements, and they offer guaranteed acceptance policies for those with pre-existing conditions.
Assurity also offers a rider that allows you to add additional coverage for accidental death, which will pay out an additional amount if the policyholder dies due to an accident.
Lincoln Heritage
Lincoln Heritage is known for offering guaranteed-issue policies, which means that you don’t have to undergo a medical exam or answer any health questions to qualify. Their policies also have a quick payout time, with most claims being paid within 24 hours.
Lincoln Heritage also offers a funeral concierge service, which can help your loved ones with funeral planning and arrangements.
New York Life
New York Life offers a variety of whole life insurance policies, including final expense insurance. They have financial advisors who can help you choose the best policy for your needs and budget.
New York Life also offers a rider that allows you to add coverage for accidental death, as well as a child rider that provides coverage for your children.
FAQs
What is the average cost of funeral insurance?
The cost of funeral insurance varies depending on the policy, coverage, and your age and health. On average, funeral insurance can cost anywhere from $10 to $50 per month.
Do I need a medical exam to get funeral insurance?
It depends on the policy. Some funeral insurance policies do not require a medical exam, while others may require one. If you have pre-existing conditions, you may want to consider a guaranteed acceptance policy that doesn’t require a medical exam.
What is the payout amount for funeral insurance?
The payout amount for funeral insurance varies depending on the policy and coverage. Typically, policies offer payouts ranging from $5,000 to $25,000.
Can I change my funeral insurance policy?
Yes, you can change your funeral insurance policy if you find a better policy or want to adjust your coverage. However, you may have to go through the application process again and pay different premiums.
Conclusion
Funeral insurance is an important investment that can help your loved ones avoid financial burdens during a difficult time. With so many options available, it’s important to research and compare policies to find the one that best suits your needs and budget. We hope that this article has provided you with valuable information about funeral insurance and helped you make an informed decision.
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