Home/ Services

Burial Insurance

What is Burial Life Insurance for seniors?

Burial Insurance for Seniors is a type of life insurance specifically designed to help cover funeral costs and other end-of-life services. It’s an important protection for many families, especially those on a limited income.

Death and survival are expensive, but burial life insurance policy makes them affordable. Such insurance provides enough money to cover all of your final expenses. And it gives full assistance from M Life Insurance to help you plan a funeral that suits your tastes and financial constraints.

With burial life insurance policy, families may rest easy knowing they won’t have to stress about finding the money to pay for the funeral. It’s crucial to compare plans from various providers while looking for burial insurance service.

Many burial life insurance for seniors plans provide a payment schedule adaptable to your budget. Because of making prices more affordable and the funeral fees easier to pay.

Ensure the policy satisfies your needs and that you know the coverage.

We Provide

M-Life Insurance

M-Life Insurance offers you a variety of insurance plans to cover the cost of the funeral. However, it can be advantageous if you already have life insurance to pay for your final expenditures.

Obtain a prompt response by requesting a free online quotation from our website. You can also reach us by phone to know the policy details you want to purchase.

Guaranteed Issue Life Insurance

The plan is made to help people with precarious health situations. However, you will have guaranteed burial life insurance for parents if you pay a particular amount.

There are no questions to answer during the application process, and no medical examination is required to qualify. The death benefit is additionally correlated with your reasons for death.

Since it often provides your recipient with a little death benefit during a 24- or 36-month period. During the policy’s activation, it covers costs for accidental death.

Otherwise, in the event of your natural death within the policy’s term, your beneficiary would not be able to collect any money.

Lists of companies offering burial life insurance for seniors

Burial or final expense life insurance covers funeral costs and other end-of-life expenses. Seniors often seek this type of coverage to ease the financial burden on their loved ones after they die.

Mutual of Omaha

Mutual of Omaha offers a variety of life insurance policies, including burial insurance. Their burial insurance policies are designed specifically for seniors and offer coverage amounts from $2,000 to $40,000, with no medical exam required.

AIG

AIG offers final expense insurance with coverage amounts ranging from $5,000 to $25,000. Their policies are available to applicants up to 85 and require no medical exam.

Gerber Life Insurance

Gerber Life Insurance offers final expense insurance up to $25,000. Their policies are available to applicants up to 80 and require no medical exam.

Colonial Penn

Colonial Penn specializes in life insurance for seniors and offers final expense insurance with coverage amounts up to $50,000. Their policies are available to applicants up to 85 and require no medical exam.

Foresters Financial

Foresters Financial offers final expense insurance up to $35,000. Their policies are available to applicants up to 85 and require no medical exam.

Types of burial life insurance coverage

Burial life insurance, also known as final expense insurance, covers funeral costs and other end-of-life expenses. Here are the types of burial life insurance coverage

Level Benefit

Level benefit burial insurance provides a fixed death benefit amount determined when the policy is purchased. The premium for this type of policy is typically fixed and does not change throughout the policy’s life.

Graded Benefit

Graded benefit burial insurance is designed for those with health issues or other pre-existing conditions. This type of policy provides a reduced death benefit during the first few years of coverage but increases over time.

Guaranteed Issue

Guaranteed issue burial insurance is designed for those with serious health issues or terminal illnesses. This type of policy provides coverage regardless of the applicant’s health status, with no medical exam or health questions required.

Automatic Premium Loan (APL) in burial life insurance for seniors

Automatic Premium Loan (APL) is a feature available in some burial life insurance policies for seniors. This feature allows the policy to automatically borrow against the policy’s cash value to pay the premium if the policyholder misses a payment.

How it works: If the policyholder misses a premium payment, the APL feature automatically borrows against the policy’s cash value to cover the missed payment. The policyholder does not need to activate this feature.
Interest: The borrowed amount will accrue interest, which will be added to the outstanding balance. APL interest rates are typically higher than the policy’s interest rate.
Repayment: The borrowed amount and any accrued interest will need to be repaid by the policyholder at some point. If the policyholder does not repay the borrowed amount, it will be deducted from the death benefit paid to the beneficiaries.
Benefits: APL can be an advantageous feature for seniors who may have difficulty keeping up with premium payments, as it can help ensure policy validity. However, it’s important to carefully consider the costs and benefits of APL and other features when choosing a burial life insurance policy.

Burial life insurance policy rates

Burial life insurance policy rates can vary depending on a number of factors, including the age, health, and lifestyle of the policyholder. In addition, they can vary depending on the coverage amount and policy terms. Here are some key things to know about burial life insurance policies:

Age: Generally, the older the policyholder, the higher the premium rates will be for burial life insurance policies. This is because older individuals are at a higher risk of death than younger individuals.
Health: The policyholder’s health and medical history can also affect burial life insurance rates. Those with pre-existing medical conditions or smoking histories may have higher premiums.
Lifestyle: Policyholder lifestyle habits, such as occupations and hobbies, can also affect rates. For example, those with high-risk occupations or hobbies may have higher premiums.
Coverage amount: The amount of burial life insurance coverage can also affect rates. Generally, the higher the coverage amount, the higher the premium rates.

Pros of burial insurance

Burial life insurance, also known as final expense insurance, is a type of life insurance policy designed to cover funeral and burial costs. Here are some of the key benefits and pros of burial life insurance:

Affordability: Burial life insurance policies can be relatively affordable, especially for seniors who may not need a large amount of coverage. This can help ensure that the policyholder’s final expenses are covered without placing a significant financial burden on their loved ones.
Ease of approval: Burial life insurance policies typically have simplified underwriting, which means that the policyholder may not need to undergo a medical exam or answer extensive health questions to qualify. This can make it easier for seniors or those with pre-existing medical conditions to obtain coverage.
Flexibility: Burial life insurance policies are typically very flexible, allowing the policyholder to choose the coverage amount and terms that best meet their needs and budget. Some policies may also include additional features or riders, such as accidental death coverage or inflation protection.
Peace of mind: Having a burial life insurance policy in place can provide peace of mind for both the policyholder and their loved ones, knowing that the costs associated with a funeral and burial will be covered.

Cons of burial insurance

While burial life insurance policies offer several benefits, there are also some potential drawbacks or cons to consider. Here are some of the key cons of burial life insurance:

Limited coverage: Burial life insurance policies typically provide lower coverage amounts than traditional life insurance policies, which may not cover all final expenses. This can result in the policyholder’s loved ones paying out-of-pocket expenses.
Higher premiums: Burial life insurance premiums can be higher than traditional life insurance premiums, particularly for seniors or those with pre-existing medical conditions. This is because burial life insurance policies may not require a medical exam, which makes them riskier for the insurance company.
Inflation: The cost of funeral and burial expenses can increase over time due to inflation, which may erode the value of the policy’s death benefit.
Waiting periods: Some burial life insurance policies may have waiting periods before the death benefit can be paid out. This can leave the policyholder’s loved ones without coverage in the event of an unexpected death.

Is burial life insurance worth it?

Whether or not burial life insurance is worth it depends on your individual circumstances and financial goals. Here are some factors to consider when purchasing burial life insurance:

Your final expenses: If you have savings or other assets that cover your final expenses, burial life insurance may not be necessary. However, if you do not have the funds to cover these expenses, burial life insurance can help ensure that your loved ones are not burdened with these costs.
Your age and health: Burial life insurance policies may be more expensive for seniors or those with pre-existing medical conditions. If you are younger and in good health, you may be able to obtain a more affordable policy.
Your financial goals: If you have other financial goals, such as saving for retirement or paying off debt, you may want to prioritize those goals over purchasing burial life insurance.
Alternatives: There may be alternative options to burial life insurance, such as pre-planning your funeral or using savings to cover final expenses.
Peace of mind: Having burial life insurance can provide peace of mind, knowing that your final expenses will be covered and your loved ones will not be burdened with these costs.

Protect Your Family and Secure Your Future

Get the insurance and secure your family’s financial needs. Save your money by shopping from the most trusted insurance providers