Are you looking for low-cost burial insurance for seniors that will assist you and your family?
Funeral costs can put a financial strain on families, If you are looking to save your loved ones from having to cover expenses associated with your funeral in their time of grief, you can plan ahead and purchase a burial insurance policy.
At its core, burial insurance, also known as final expense insurance, is a form of whole life policy that helps ensure that your loved ones have funding available to cover your funeral costs, medical expenses, and other end-of-life expenses.
In most cases, burial insurance policies are designed for seniors who need only a small amount of coverage.
While the average cost of a burial insurance policy is approximately $50 to upwards of $100 for a face amount of about $10,000, when it comes to buying burial insurance, you want to purchase from a reputable life insurance company.
The best life insurance companies usually offer affordable policies, making their products accessible to most seniors.
If you are a senior looking for a way to defray your final expenses, this post will cover some of the low-cost providers of burial insurance you may consider.
Mutual of Omaha
Mutual of Omaha is arguably the best burial insurance provider, so if you qualify, make sure to purchase their coverage as you may not find a better deal.
They have a robust lineup of final expense insurance plans and allow you to obtain a coverage amount ranging from $2,000 to $25,000 ($5,000 – $25,000 in Washington).
Even better, their policies have lenient underwriting, meaning most applicants can qualify, including those with major health problems. Precisely, Mutual of Omaha offers no-medical exam policies.
When applying for a policy, you’re only required to complete a relatively simple questionnaire with questions related to your health and lifestyle.
If you must compare their products against offers from other companies, Mutual of Omaha lets you apply for a free quote by providing basic information online.
If you don’t want to provide your details, you can quickly go through the chart of average premiums available on the company’s website.
Mutual of Omaha allows you to purchase either of their final expenses insurance plans: Living Promise level or graded plan.
The Living Promise level is a no waiting option and is usually available to people aged between 45 and 85. The graded plan, on the other hand, has a 2-year waiting period and accepts new applicants between the age of 45 and 80.
For additional assurance, Mutual of Omaha has an A+(Superior) rating for financial strength from A.M. Best.
Mutual of Omaha is a low-cost life insurance company, so you can expect their products to be relatively affordable. For the most part, their rates range from $20 to $200.
The average monthly premiums for a face amount of $10,000 are:
Female non-tobacco user
- $22.61 at 45
- $24.31 at 50
- $32.87 at 60
- $53.24 at 70
- $98.43 at 80
Male non-tobacco user
- $27.11 at 45
- $30.68 at 50
- $43.76 at 60
- $74.61 at 70
- $139.73 at 80
While the exact price depends on your age, health level, gender, and the coverage you buy, it is worth noting that tobacco usage can greatly impact how much you pay for your burial insurance. On average, smokers pay about 40% more than non-tobacco users.
When buying your policy, you will have the option to add riders to your policy so that it meets your needs the most. Once you become a policyholder, you can view and manage your policy online.
Another thing you may like about Mutual of Omaha is that they allow you to have unlimited primary and contingent beneficiaries.
Notably, while you can purchase a policy directly from Mutual of Omaha, it is always a good idea to purchase your policy via a licensed agent.
Licensed agencies allow you to purchase coverage of up to $40,000, and buying through them can be cheaper. Some agencies offer double death benefits if the cause of the insured’s death is an accident.
Foresters Financial is one of the reputable life insurance companies known for offering a good mix of insurance products and a host of riders to customize policies.
It is an international retirement-focused company tracing its root to a British fraternal organization. The company started in 1874, meaning it has nearly a century and a half’s of experience in the insurance industry today.
Foresters Financial aims to make life insurance accessible and affordable to many people. Prioritizing this goal, they offer an assortment of term, permanent, and a lineup of highly competitive final expense insurance policies.
For seniors looking to defray their end-of-life expenses, Foresters Financial offers three different plans that you can apply: Level benefit plan, graded plan, and modified plan. These plans are fantastic, except that the modified plan is relatively pricey.
The Level benefit plan has an incredibly liberal underwriting, which is considered superior for people with heart issues, diabetes, and mental health issues. With this plan, you get a solid and competitively priced burial insurance policy.
If you cannot medically qualify for the Foresters Financial Level benefit plan, you may qualify for their graded plan, which is also decent. For this plan, Foresters Financial accepts applicants with certain long-term chronic health issues. Even better, policies are competitively priced.
Considering that the modified plan is relatively pricey, if your health impedes you from qualifying for other plans, you better seek a policy elsewhere. Even with serious health issues, you may land great deals if you go with options from other low-cost carriers like Mutual of Omaha.
If you are looking for a customizable policy, Forester Financial burial insurance plans might be for you. The company offers 12 life insurance riders, allowing policyholders to customize their policies as much as they want.
This makes it possible for policyholders to customize their policies without overinflating their premiums. Through their free Charity Benefits provision, Foresters also allow you to leave money to a charity of your choice.
In a nutshell, Forests have a robust life insurance division and well-thought-out burial insurance offerings that seniors can purchase. Their final expense insurance products are open for ages 50 to 85, and applicants can obtain face amounts ranging from $5,000 to $35,000.
With its longstanding history and excellent performance, Foresters Financial has earned a reputation as a financially stable insurance company. It has an A (excellent) rating by A.M Best, which guarantees secure coverage.
As for pricing, they offer highly competitive prices for all their products, SO you can expect to get solid coverage at a reasonable price.
Here are the average prices for $10,000 coverage. The price will vary accordingly, depending on the type of policy you buy.
Female non-tobacco user
- $26.05 at 50
- $37.22 at 60
- $54.63 at 70
- $122.10 at 80
Male non-tobacco user
- $32.00 at 50
- $47.06 at 60
- $74.53 at 70
- $151.35 at 80
Foresters Financial is unquestionably a great final expense insurance provider. If you are planning to purchase their products, it may be worth noting that, besides life insurance products, they offer annuities, mutual funds, and saving and retirement planning services.
Founded in 1853, Aetna is one of the oldest and leading insurance providers in the United States. It is the third-largest health insurer by membership with the sixth-largest market share in the US.
While the company is famous for offering a variety of health insurance, dental, and vision policies, it is worth noting that it currently doesn’t sell individual policies on health marketplaces.
As for burial insurance, Aetna offers a number of final expense insurance products accessible to individuals aged between 40 to 89 years.
Before getting any further, it is worth noting that Aetna’s burial insurance policies are offered through the American Continental Insurance Company, a highly rated and financially sound company owned by Aetna.
Like Foresters, they have three distinct plans. Their level death plan is a competitively priced program that promises solid coverage to those who qualify. Interestingly, seniors aged 86 to 89 years may qualify for a policy if they have a good health history.
Notably, Aetna’s level death benefit plan is probably the only policy that makes perfect sense for any who qualifies.
The graded plan is also good but has a limited benefits payout, which is utterly understandable considering that you can qualify for health problems.
Aetna offers a modified plan, which should always be your last option. If your health directs you to this plan, consider options from other providers. You will almost certainly get an affordable policy elsewhere.
Before buying a policy, keep in mind that the face amount options vary by age. Meanwhile, you can obtain coverage of $2,000 to $50,000.
Aetna is a low-cost insurance company offering competitively priced burial insurance policies.
Here are average prices for a policy worth $10,000 of coverage:
Female non-tobacco user
- $27.30 at 50
- $40.51 at 60
- $58.19 at 70
- $101.41 at 80
Males non-tobacco user
- $34.39 at 50
- $51.10 at 60
- $73.15 at 70
- $140.26 at 80
Overall, Aetna is a great provider of burial insurance. Their products are competitively priced, making them affordable for many people.
TransAmerica is an old, large and reputable company with several insurance carriers ranging from whole to term life to universal coverages.
This company does not completely shut out smokers from buying insurance but charges them quite expensively. However, to the nonsmokers, the company is one of the best price insurance companies in the U.S.
It has high financial ratings of A by AM Best, A1 by Moodys, and A+by Standard and Poor’s financial rating companies. With such ratings, TransAmerica is in a position to withstand both vulnerable risks, credit risks, and other general financial risks.
The Term life insurance plan has a pre-identified expiry date, and the premiums are fixed for the entire payment period. Term life insurance is quite simple and less pricey when compared to a whole life insurance plan; It is, therefore, a good option to buy.
There are two categories of Transamerica term life insurance; Trendsetter Super and Trendsetter LB. The Trendsetter supper has a wide range of riders, lower payment rates, and wide coverage. The coverage amount is quite high, figuring from $25,000 up to $10 million.
You can easily skip a medical exam when buying this policy, but first, you must be under the age of 70 years and buy a policy of coverage less than $ 100,000. All you will do is answer a short over phone questionnaire, and you will be good to go. The age range for this policy is 18 to 75years.
It has several riders including, accidental death benefit rider, accelerated death benefit rider, child protection rider, and disability waiver of premium.
The trendsetter LB is more expensive, and its coverage trolls up to $2 million in death benefits. If you need more coverage, you can add on riders like living and disability monthly benefits.
Whole life insurance has no expiry date, but the premiums are fixed and 15 times higher than with coverage amounts ranging from $25,000 to $2 million.
Buying an insurance cover from Transamerica is worthwhile, especially if you choose the Trendsetter Super policy. Its price rates are lower than the industry average premiums of term policies at almost all ages.
The pricing of an insurance policy is greatly affected by age, the policy type, gender, and whether or not you have a tobacco history.
Here is an example of the price quotes of healthy no tobacco users that are made available to Transamerica insurance policy buyers.
Female non-tobacco users
- $24.23 at 50
- $32.71 at 60
- $52.88 at 70
- $101.26 at 80
Male non-tobacco users.
- $30.35 at 50
- $43. 49 at 60
- $69.78 at 70
- $136.34 at 80
The coverage amount is relatively good when you closely relate to the premiums you will have paid.
Royal Neighbors of America
Royal Neighbors of America is an American women-led reputable company with a service delivery lifetime of over 100 years, providing life insurance covers. It was started when women and children were not allowed to buy life insurance in the U.S.
Having been formed to provide peace of mind to the women and children through life insurance services; it is clear that their pricing is literally lower. The company is strategically headquartered in Rock Island in Illinois.
The company has offered charitable and scholarship programs to help its members. To be part of the Royal Neighbors of America, you need to either buy their insurance product or pay a $20 annual fee.
The life insurance products here range from term insurance to whole life insurance, with whole life being subdivided into four different plans.
First, there is the Essential Whole life policy with face amounts to $25,000. This product can be improved by adding some extra riders such as accidental death, guaranteed insurability, and accelerated death benefit.
Additionally, it has waivers for disability and cancer. There is also a youth whole life plan that is normally issued to minors and can at times include a guaranteed instability rider and an accelerated death benefit.
The Royal Legacy Single Premium is a product sold to people aged 45 to 80 years. It has a lump sum pay of at least $10,000that is an auto requirement. Its guaranteed death benefit is usually higher than the total premiums paid.
The fourth product is the Simplified Issue Whole Life which is issued to people aged 50 to 85 years with death benefits ranging from $5,000 and $25,000.
To purchase this product, you don’t need to undertake a medical exam, and it is specially meant for individuals specifically seeking final expense plan insurance.
Other than whole life insurance, the Royal Neighbors of America offers a term life insurance policy known as JETerm. While it may not be the best, if you are truly loyal to the Royal Neighbors of America, you can choose to buy it and add on more riders.
The pricing of this company’s insurance products depends on many things, but the general truth is that they are relatively lower. Like many life insurance companies, tobacco users pay more premiums than non-tobacco users.
Gender is also another factor that determines the price of insurance policies.
Here is a sample pricing of the non-tobacco users with different age limits.
Female non-tobacco users
- $35.45 at 50
- $39.95 at 60
- $58.25 at 70
- $118.35 at 80
Male non-tobacco users
- $30.68 at 50
- $51.85 at 60
- $77.75 at 70
- $160.05 at 80
The total coverage amount ranges from $7,000 to $30,000 with no waiting period.
Remember, the price of a policy depends majorly on the kind of product you are buying.
The term policy may be way cheaper than a whole life policy. Additionally, a policy with riders will not cost the same as a policy without additional riders.
Are you planning to buy a policy to defray your final expenses? A burial insurance policy is a helpful tool that helps ensure you loved have funding available to cover costs associated with your send-off.
If you’re confused between options, hopefully, this post will help you arrive at a viable decision quicker.