There are a number of quality insurance companies that offer Burial or Final Expense life insurance at amounts from $5k and up.
Currently, this type of life insurance coverage is available to people up to age 85 and the coverage available is Whole Life insurance that will also build a cash value.
There are still a few universal life insurance companies that offer low amounts like $25,000 to help pay for final expenses, but the majority of final expense carriers only offer whole life insurance.
If your health is okay, you can buy more guaranteed universal life insurance for less money than traditional final expense life insurance. The trade off is that you’ll get more life insurance but little or no cash value with guaranteed universal life.
Final expenses can vary greatly, but the amount of life insurance that’s purchased the most for this purpose is between $10k- $25k.
The final expense insurance companies that offer this type of coverage do not usually require any blood test or insurance exam, but they do ask health questions on their applications and they do a pharmacy records database search, motor vehicle report and MIB search (www.mib.com) on all applicants which helps these companies to prevent fraud and to verify some information provided on the applications.
Like all life insurance rates, these final expense rates are based on age and health. So the younger and healthier you are when you purchase, the more cost effective the rate will be.
There are also guaranteed acceptance life insurance policies that are more expensive than the final expense or burial insurance plans mentioned above. These guaranteed acceptance plans should only be looked at as an absolute last resort for people that cannot qualify for the better final expense life rates.
REASON: Guaranteed acceptance life insurance will cover everyone and there are no health questions to be answered to qualify. Since the insurance companies that offer this type of coverage know that they’ll get mostly unhealthy people buying this coverage, they charge a high premium for this coverage.
These guaranteed acceptance companies also have a 2 or 3 year period, after coverage is paid for and placed in force, before they’ll pay the full insurance amount to the insured’s beneficiary if death is due to any disease or illness.
If you’d like to get quotes for final expense or burial life insurance, please call us toll free at 1-800-380-3533, email us or just make a quote request to the right (for “type of insurance” choose to age 121 level (no lapse UL)) product to see quotes!