Best For Financial Stability: State Farm Life Insurance
- AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to D. A companys grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards:Yes
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No. 1 for customer satisfaction
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Very few customer complaints relative to its size
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Policyholders are eligible for dividends
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Maximum $10,000 death benefit
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Must apply with an agent
State Farm is a powerhouse of a life insurance company. It received an A++ financial strength rating from AM Best, which is the highest grade possible. That means the credit rating agency thinks State Farm has a superior ability to honor its insurance obligations, including paying claims. Plus, State Farm was the top-ranked company for customer satisfaction in J.D. Powers 2021 U.S. Individual Life Insurance Study. Unsurprisingly, the company has received very few customer complaints over the past few years, according to NAIC data. We should also mention that its final expense policies are eligible to earn dividends.
So why isnt it our top pick for best burial insurance company? Because the only coverage amount available is $10,000thats half as much as what TruStage offers and one-quarter the amount you can apply for with Mutual of Omaha. Plus, you cant get coverage onlineyoull need to talk to an agent to apply.
Funeral Insurance Planning Tips:
When planning for funeral insurance it is also important to consider specific details such as the type of burial the policyholder wants. Cremation, ground burying, crypt, and entombment all have different outcomes and prices. Plan owners must consider how they would like to be laid to rest. Burial location should also be factored in when considering the type of burial to be done.
The choice of service to be carried out should also be part of your planning. These include graveside service,funeral service and memorial service. Other details to be planned include the type of casket, music and flowers. When planning, professionals are present to assist and document the details.
Knowing these details is very essential since it will help give a better understanding of the amount of coverage needed. In cases where plan holders are not ready to make such choices, it is possible to just set aside a specific amount for the different services.
How to claim a death benefit?
The beneficiaries and claiming death benefits are also deliberated when planning. A beneficiary may be assigned to receive the payout, whether it is a lump sum or monthly payment. Upon the death of the insured, the beneficiary must contact the provider. A death certificate along with the insurance policy and other necessary documents must be provided for claiming benefits.
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What Does A Burial Insurance Policy Cover
Burial policies for seniors provide cash when the insured dies. The death benefit is given to the beneficiary depending on the policy terms and conditions.
Most seniors buy burial policies to pay for the funeral service, memorial service, gravesite, or cremation facility. The most important feature of these policies is that beneficiaries are not limited to how to spend the cash benefit.
Most of the time, the designated beneficiary takes care of the final wishes of the insured.
Some things need to be covered by the burial insurance policy these include:
- Travel allowance and accommodation for loved ones from other places
- Food for the house funeral guest
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Work With An Independent Agent
We can help you to narrow down your burial insurance policy options, as well as to provide you with premium quotes. Our company works with many of the best burial insurance companies, so we can show you quotes from quality carriers, and offer peace of mind for your loved ones. No matter what your particular life insurance requirements are, the independent agents at Spectrum Insurance Group will be able to assist in matching you with the best life insurance company for your needs.
Getting quotes for the best burial insurance doesnt have to be a challenge If you need a life insurance premium quote quickly, we can help. Simply fill in the information on the instant quote box.
Common Types Of Life Insurance
Now that you have determined that you need to purchase life insurance as a senior, it’s time to decide which type of insurance is best for you.
Final expense insurance Final expense insurance can protect your family from the burden of final expenses, like funeral, burial and medical costs. You may want to consider final expense insurance if your family is grown or if you have pre-existing health conditions.
Term life insurance People over 65 may overlook term life insurance. One of the key benefits of term life insurance is that it can be more affordable compared to whole life policies. This can make them a good choice if you’re a senior in good health and looking to buy life insurance with lower premiums than whole life or another type of permanent policy.
Many insurance providers offer a choice of term benefit limits , term lengths and additional policy riders to enhance your coverage. This flexibility allows you to select a policy based on the amount and length of coverage you need. If you’re a senior looking for options to cover final expenses and outstanding medical bills while leaving something for your children or grandchildren, a term policy may be a good option.
Permanent life insurance Permanent* life insurance is designed to last a lifetime and may provide additional value beyond the security and assurance of death benefit protection. It provides the ability to accumulate cash value on a tax-deferred basis.
*As long as premium payments are maintained.
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Aig: Best For Included Add
Our take: AIGs policy stands out for its accelerated death benefit riders, which are included at no extra cost. If youre diagnosed with a chronic illness, the insurer will refund you for all the premiums youve paid, up to 25% of the face amount of your policy. And if youre diagnosed with a terminal illness, you can access up to 50% of your policys payout while youre alive.
Policy name: Guaranteed Issue Whole Life Insurance.
Eligibility age range: 50 to 80.
Coverage amount: $5,000 to $25,000.
Availability: All states except New York and Maine.
Best Features Of Burial Policies For Seniors
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Senior Life Insurance Needs
Mortgage and debt protection
Mortgage life insurance is a policy that pays off your mortgage in the event of your death.
It can provide peace of mind for you and your loved ones, knowing that your family will be able to stay in their home if something happens to you.
If you are trying to find inexpensive mortgage life insurance rates, term life insurance can be a perfect policy for elders to protect a long-term mortgage.
If you are still paying on outstanding personal loans or credit card debt, you may need term insurance to protect your spouse or heirs.
Income Protection for your spouse and children
For many senior couples, income protection is vital to financial planning. If one spouse dies, the other spouse will need to be able to continue paying the bills.
If you have a spouse who depends on your income, you should calculate how much term life coverage is needed to secure their financial future if something happens to you.
If you had children in your thirties or early forties, you might need a term life insurance policy that extends well into your golden years to protect your family.
Final Expenses
As people get older, they often start thinking about their final expenses and how they will leave their loved ones financially secure.
A small $25,000 life insurance policy can be a good idea if you want an easy way to pay for your final expenses.
life insurance for Charitable Planning
Life insurance for Estate Protection
Royal Neighbors Of America
Royal Neighbors of America has one of the most outstanding histories among insurance policies.
Since 1895, this insurance carrier has grown into one of the financially strongest companies there is.
Boasting an A rating from AM Best and an A+ from the Better Business Bureau, Royal Neighbors remains one of the most trusted insurers.
Although a medical exam is not required, acceptance is not guaranteed. There are health questions in the underwriting process, and a 2-year waiting period is also possible.
However, they do accept a lot of health issues, so you can thereâs a high chance you can qualify. They accept applicants from 50 to 85 years old.
Application is easy enough. You can apply through licensed agencies, and you can know whether youâve been approved within 20 minutes.
There is no application fee, no down payment, and you decide when to make the payment of the first premium.
The premiums are fixed, and developing health conditions after approval doesnât affect the policy.
One downside is itâs not available in AK, AL, HI, LA, MA, NH, and NY.
But among the top insurers, the Royal Neighbors of America has the most lenient funeral policy towards diabetics.
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How Much Does Burial Insurance Cost
Most family members havent the slightest clue what rates will be when considering getting a burial policy for a parent. But what we do know and want to help you achieve is getting you the BEST cheap funeral insurance possible!
Burial Insurance Quotes or funeral insurance quotes vary from carrier to carrier.
The biggest mistake consumers make causing them to overpay is going to the agent that sold them their homeowners and/or auto insurance.
These agents are usually captive and offer proprietary products. They also mostly sell you the gimmick of bundling. Life insurance cant be bundled to save money but is only an add-on product.
So Beware of these sales gimmicks because you will pay over 35% more.
How Does It Work
Supplementary health and dental insurance policies are contracts between you and an insurance company. You agree to pay a yearly or monthly fee called a premium, and the company agrees to pay the benefits which are covered under your policy. Your policy will outline what is included and what is not.
Here are some common features of supplementary health and dental insurance:
- Most policies do not cover 100 per cent of your medical expenses. You may have to pay some of the medical expenses you and your dependants incur. This is known as the deductible. Each policy is structured differently and you might have family deductibles or per service deductibles .
- Some plans have a co-insurance feature in addition to the deductible. That means you have to pay a percentage, or co-insure, the medical expenses on top of your deductible. It could be 10 per cent of the eligible medical expense, or higher, and it may depend on the type of medical service required.
- You may also have dollar or percentage limits, or maximums placed on the amount of benefits that you can receive. Maximums can apply to specific health benefits like eyeglasses or massage therapy sessions in a specified period typically a year, or during your lifetime.
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Funeral Insurance For Under 50
If you are in search of burial insurance with no waiting period for those under 50 you will have limited options.
In most cases, burial insurance is for the ages of 50-85.
However, there are a few products that we offer to our clients as early as 18 years of age. Below are the rates we have available as an example.
| Age |
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As always, its always best to get burial insurance early and often.
We Are Accountable For Results
We take personal accountability for results, working within and beyond our areas of responsibility to ensure timely decisions, quick action and ultimate success. We understand that we are in the business of managing risk, and work to protect our assets and reputation so that we can continue to meet our commitments.
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Pros & Cons Of Burial Insurance
If covering funeral expenses is The primary reason you want life insurance, burial insurance is an option. But there are some drawbacks if you go this route. Heres a look at some pros and cons for burial insurance.
| Pros | Cons |
|---|---|
| Typically does not require a health exam. | With no health exam, you wont get a discounted rate if you are in good health. |
| Application typically asks few health-related questions. | With little to no health information, the cost of the policy can be very high. |
| You cant be turned down for certain policy types, such as guaranteed issue life insurance. | Your policy will likely have a graded death benefit, which generally pays out only a refund of the premiums if you die within two to three years after buying the policy. |
Like Other Insurance Policies Funeral Insurance Has
Once you turn 85, youll receive an extra 25% bonus cover. You can choose up to $30,000 of cover which can be used to pay for your funeral expenses or other. Burial insurance, also known as funeral or final expense insurance, is a great life insurance option for seniors.it helps pay for funeral related costs to help ease financial and planning burdens.
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Burial Insurance In 2022 Get A Proper Plan And No Health Related Questions
The loss of a loved one is a difficult time for families and planning a funeral can make it even harder. Carrying out the last wishes of a loved one may also prove to be difficult at a time like this. Not to mention, costly. These are just some of the reasons many people look for the best burial insurance for seniors.
Compare Burial Insurance Quotes: Save BIG Now!
A plan like this can help the family be as stress-free as possible, and at the same time all last wishes of their dearly departed can be planned and carried out without incurring any major financial setbacks. All you need is to request free quotes from funeral insurance companies to get started.
Alert: This is a complete guide on burial policy and appropriates for those who want to save money. So, be patient and read all. We also offer free quotes, so you buy the best burial coverage at the most affordable rate.
Burial Life Insurance For Elderly Parents
Lets face it when you are middle-aged and have senior parents, its very common to wonder about burial insurance for elderly parents.
For instance, when they do pass, did they have this taken care of? This can be very stressful for a family that has to come up with thousands of dollars on a couple of days notice.
Above all, no one has $10,000 earmarked for someone else funeral sitting in a bank account. Below we will give you examples of the cost of a burial.
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How To Get Funeral Insurance For Seniors With No Waiting Period
Believe it or not, dozens of final expense insurance companies offer coverage with no waiting period.
The most important thing to understand is that you must qualify for immediate coverage.
You must apply with a company that requires you to answer health questions. You wont have to take an exam, but you must answer health questions.
If they approve you, your policy will cover you the day you make your first payment.
Please understand that no health questions life insurance with no waiting period isnt real. No such policy exists.
All no-health-questions final expense policies have a mandatory waiting period of two to three years.
For example, AIGs guaranteed issue coverage has a waiting period.
Heres the good news. Most people, despite past health conditions, can qualify for immediate coverage.
Dont mistakenly assume that you will have a waiting period due to your past ailments. That is simply not true for most applicants.
If you want a plan that covers you right away, call us at 1-800-644-2926. We have over 15 different insurance companies that we partner with.
If immediate coverage is possible for you, well find it.
How To Choose The Right Life Insurance Company
The best life insurance companies offer the type of policy you need at a price you can afford and meet the following criteria: An A or above rating from AM Best, few customer complaints, the policy features you want, and a manageable application process.
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