$15,000 Burial Insurance Quotes

Before we jump into this post, which specifically outlines the cost of burial insurance, who the best providers are, and answers some FAQ about burial insurance, let’s first explore what burial insurance is, and who it is best for.

Burial insurance is a term for a unique type of whole life insurance policy. This policy includes a death benefit that is somewhere in the range of $5,000 to $25,000.

As you could probably guess from its name, people shop for this sort of insurance policy to plan for their funeral and burial related expenses.

Who is Burial Insurance Best For?

Are you and your spouse working on end-of-life planning together? Perhaps you have plans for shared or family burial plots? Burial policies can extend to more than one individual. You can purchase a burial insurance plan to cover only yourself, or everyone in your family.

With a burial insurance policy, payment is simple and can be flexible. The premium is usually collected at the policy owner’s place of employment or home residence. You can choose to make premiums payable weekly or monthly. You’d be surprised to learn just how low you premium rate could be!

The death benefit on a burial insurance policy is equal to the amount your premium will buy given your current age.

An example: a $3 per week premium might buy a $6,000 death benefit for a 36-year-old man or an $18,000 death benefit for a 9-year-old boy. Your insurer can help you determine the right premium amount based on your age and desired coverage.

Is it Difficult to Qualify for Burial Insurance?

Compared to other types of life insurance, burial insurance in quick and easy to qualify for.

It is possible to buy a policy without having to undergo a medical exam.

Simply answering a few health-related questions on the application can be enough to complete the process.

Where Can I Get Burial Insurance?

In some states, laws permit licensed funeral homes to sell burial insurance.

However, it burial policies are primarily purchased from life insurance agents and companies licensed to sell burial insurance.

Another approach to preparing for funeral expenses is pre-payment of your funeral arrangements.

This method is often confused with burial insurance. With a pre-paid funeral plan you work directly with a funeral home to make arrangements for type of service, casket (or cremation), flowers, headstone, burial plot, the cost of digging and filling the grave, and other items.

Later in this article, we will discuss the Best Burial Insurance Companies, and how to get the most affordable burial life insurance coverage.

What is the Difference Between Life Insurance and Burial Insurance?

Burial insurance and life insurance are two separate insurance products. While they both are related to the after-life preparedness, they offer very different benefits to the insured. Here are the five key differences between burial insurance and life insurance:

1. Life Insurance Benefits 

Life insurance benefits pay a specific amount of money. If the life insurance policy that you have has a death benefit of $1,000,000, then your loved ones will receive a check for that balance when you die.

There are no limitations on the benefits and what they can be used for. Family can pay for your final expenses, and are free to spend it however they want.

2. Burial Insurance Benefits 

Created specifically to take care of your final expenses, burial insurance is commonly called funeral insurance. This type of insurance is strictly to be used to cover any costs associated with the funeral

The family will not receive a lump sum with the freedom to spend as they please. It’s basically handling your funeral expenses before you die. There are strict restrictions on how the money can be used, unlike life insurance.

3. Life Insurance Options

There are a large variety of life insurance options to choose from. You can get a permanent life insurance policy or a temporary one.

Whole life insurance is designed to be a lifetime policy while term only covers you for a certain amount of time. You could buy a term policy, survive the term and exceed the benefits if not converted to a whole life policy.

4. Burial Insurance Options

Burial insurance is similar to whole life insurance in that it does not expire. It will be valid (if you keep up with the premiums) until you die.

The only time it pays out is when you die, you can not withdraw money from it. It only pays for your final expenses.

5. Cash Value

A major difference is in the area of accumulating cash value. With whole life insurance, you can accumulate cash value over the lifetime of the policy. With this cash value, comes the ability to cash it out if you choose.

Another way that you can access the cash is through the use of a policy loan. Using a life insurance policy loan, you can access the funds with a low-interest rate and flexible repayment terms.

You also would not have to pay tax on the money that you use.

How Much Does a Burial Life Insurance Policy Cost?

Burial insurance policies are typically purchased in the $5,000 to $25,000 range. The maximum most companies offer is $50,000.

Just like other forms of life insurance, the cost is based on your age and health when you start.

To give you an idea of projected costs, here are some tables with sample rates based on age, gender, health, and amount of death benefit.

$10,000 Death Benefit $20,000 Death Benefit
Age Good Health No Exam Good Health No Exam
65 $41/mo. $54/mo. $78/mo. $107/mo.
70 $52/mo. $70/mo. $100/mo. $138/mo.
75 $71/mo. $95/mo. $137/mo. $189/mo.
80 $98/mo. $135/mo. $193/mo. $268/mo.

It’s good to have an idea of what type of rate to expect so that you aren’t hooked by insurance policy scams that hook you with a low “teaser rate” to start, but then raise your rates as you grow older or cancel your coverage at age 80.

Burial insurance is a type of whole life insurance and should last just that- your whole life. It has no expiration date! You should also lock in a fixed premium rate for your burial policy.

Seniors are the most popular group of people purchasing burial insurance. However, they are often on a fixed income, and starting a burial policy later in life will mean higher monthly premiums.

For example, maybe you want to buy a $20,000 whole life policy for your aunt at age 65. The average lifespan for an American woman is age 81.

If you were saving the money on your own,  ignoring interest, you’d have 16 years to save $20,000. This breaks down to over $1,500 per year, or $104 a month. Don’t commit to a plan you can’t afford.

A policy is only valid if you keep up with the monthly premiums! A $10,000 policy that you can comfortably afford is better than a $20,000 policy that you can’t afford.

Similar to burial insurance is funeral insurance. On average, the coverage for funeral insurance is less than burial insurance- about $10,000-$15,000, and most companies won’t cover more than $25,000 in costs.

You purchase funeral insurance directly from a funeral home or mortuary. It is not a form of life insurance and does not offer any death benefit, cash value, or living benefits.

$15,000 Burial Insurance Policy Quotes

When it comes to answering the question of how much is enough? $15,000 is the magic number. It is just above the average price of a funeral and burial expenses in America. Here are details on $15,000 burial insurance quotes from four of the best burial insurance companies.

As you view these quotes, here are few things to bear in mind:

  1. All rates are for people who are non-smokers (no cigarettes within the last 12 months) Active smokers pay higher premiums.
  2. All quotes shown are for $15,000 in coverage.
  3. Although no health exam is required, it’s important that you disclose all your health issues with your agent, so they can determine which companies will accept you.
  4. There are many other companies beyond these four listed. What is represented here is a sample.

The 4 Best Burial Insurance Companies

Below are pricing charts for burial coverage for our top 4 Burial Insurance Companies.

1. Mutual of Omaha

Age Female Non Tobacco Male Non Tobacco
50 $35.40 $42.13
55 $41.00 $51.04
60 $47.70 $62.53
65 $59.91 $82.04
70 $78.26 $108.95
75 $107.01 $147.69
80 $146.05 $197.38
85 $202.25 $273.13

Mutual of Omaha has been around for well over 100 years.  With over $750 Billion managed in assets, and millions of Americans covered, they are one of the best life insurance companies on the market.

Not to mention, their burial insurance is very affordable and provides superior customer service and coverage compared to many others.

2. Foresters Financial

Age Female Non Tobacco Male Non Tobacco
50 $37.50 $46.42
55 $45.16 $53.72
60 $51.54 $66.20
65 $62.62 $82.04
70 $78.55 $107.78
75 $111.04 $152.46
80 $165.05 $218.53
85 $247.30 $299.55

Foresters is another premier life insurance provider.  With millions of policies issued to Americans, Foresters have become one of the premier burial insurance companies.

They specialize in providing affordable burial insurance, term life, and whole life insurance to people in high-risk categories. Possibly more than any other life insurance company, this is where Foresters succeeds.

4. Transamerica

Age Female Non Tobacco Male Non Tobacco
50 $36.20 $44.30
55 $41.90 $52.10
60 $48.65 $63.80
65 $60.65 $83.00
70 $79.10 $110.15
75 $107.45 $148.25
80 $154.25 $208.55
85 $221.15 $298.85

Transamerica was founded in 1928, and since has grown to be one of the largest life insurance providers in the country.

Transamerica also specializes in providing low life insurance rates to people who are considered high risk, such as smokers or people with other health complications.

They also offer very good riders and add-ons with their life insurance policies, such as disability waiver of premium, children’s insurance riders, and accidental death benefit riders.

4. AIG

Age Female Non Tobacco Male Non Tobacco
50 $52.74 $76.89
55 $58.78 $83.74
60 $66.70 $93.75
65 $80.76 $108.64
70 $104.62 $138.71
75 $142.73 $185.74
80 $201.69 $261.72
85 $305.31 $447.30

AIG was founded in 1919 and now manages well over $400 Billion in assets, providing life insurance to several million Americans.

AIG specializes in providing low life insurance rates for great coverage across the board to both healthy and high risk individuals.  They offer a wide range of whole life and term life insurance options.

One that is particularly good for seniors and people considering burial life insurance is their guaranteed universal life policy, which offers a low death benefit like burial insurance, and also accumulates cash value throughout the life of the policy.

What Will a $15,000 Burial Insurance Policy Cover?

The Bureau of Labor Statistics reports that over the past 30 years the price of funerals in the United States has risen almost twice as fast as all other prices on consumer items. The average cost of a funeral in America today is $10,000.

Typical funeral costs like transportation, grave liners, or flowers, may not have even crossed your mind as you consider the expense involved. A $15,000 burial insurance policy will help you prepare for and cover these costs so that your family won’t be burdened.

Make the smart decision and invest in a policy that you can afford that will cover your necessary expenses. Getting and comparing quotes while you shop for policies is a quick and easy way to make sure you’re getting the best deal.

Compare the Best Burial Insurance Rates

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