Every individual wants to leave this world with positive memories of them etched in the minds of their loved ones.
Your funeral is a momentous event even though you will not be present there physically. On this day, all your loved ones will gather to share their beautiful memories of you and talk about you. It will be a hard day for your loved ones.
When you do not provide your loved ones with the financial security that they will require to arrange for the funeral, it results in added stress.
Your family members will be having an extremely difficult time while trying to get over their loss. With that, if they have to arrange a significant amount of money to pay for the funeral and other expenses, they will only get overwhelmed.
Luckily, there is something you can do during your lifetime to protect them from going through such a terrible experience.
When you hear the words ‘life insurance’, you probably think of an inheritance left by individuals who have many dependents.
However, insurance comes in every form and size. If all your dependents are independent and do not need your financial security, you do not need to opt for a life insurance policy with a significant payout.
You can consider having other kinds of policies that are suitable for specific situations. Burial insurance is a great example of this.
What is a Burial Insurance Policy?
The average cost of a funeral today runs into the thousands of dollars. Such an amount will be extremely difficult for your loved ones to arrange unless they are extremely strong financially.
Therefore, it is an act of love if you take care of this expense while you are alive. A burial insurance serves this purpose. It gives your family the payout that they will need to pay for your funeral and burial expenses.
Burial insurance comes in both whole life and term life forms. Some of the policies have a two-year window that your loved ones need to qualify for the entire payout. This means that if the insured individual dies within two years of getting the policy, the family will not be entitled to the whole amount.
Typically, coverage amounts for burial insurance range from $5,000 to $25,000 with some life insurance companies offering higher face value policies.
How is Burial Insurance Different from Other Types of Life Insurance?
Burial insurance is a type of permanent life insurance policy. This means that coverage lasts until the end of your life with a guaranteed payout.
Also due to this fact, the face amounts for burial insurance plans are very low, often times no higher than $25,000.
$5,000 Burial Insurance Policy
Because the amount of the payout is not significant, a $5,000 burial insurance policy is highly affordable.
With the average funeral in the United States costing about $7,000 to $12,000, a burial insurance policy provides a small amount of financial cushion for your family in the event of your death.
Usually, burial insurance is an option for people who only require a small amount of life insurance coverage, can only afford a small amount, or who are otherwise uninsurable due to health complications or old age.
When considering burial insurance policies, you want to make sure that it is the right decision for you and your family, and whether other types of life insurance policies make more sense for your situation.
Why Choose $5,000 Burial Insurance?
First of all, this is the most affordable burial insurance policy you will find. For people who cannot afford much but worry about their family being able to cope with the financial burden in the event of their death, this is the best option for burial insurance.
Premiums for burial insurance policy are level benefits. This means that they will never increase in cost on a monthly basis and will remain the same throughout the life of your policy.
Lastly, it is better to have some protection than none at all. For usually less than $10 per month, you can get affordable burial insurance coverage that will be able to assist your family in coping with the financial stress of your loss.
Types of Burial Insurance Policies
While the conditions are lenient when it comes to a burial insurance policy, there are some differences in the types of coverage options available.
The coverage options available to you vary based on your health conditions. There are three basic types of burial insurance coverage options:
Simplified Issue Life Insurance
Simplified issue refers to the underwriting process in the life insurance application process. These types of policies do not require a medical exam, and often only ask a few health-related questions before issuing a policy.
In this type of burial insurance policy, you become eligible for the payout from day one. This coverage option is usually available to individuals that have no serious health issues. Those with health complications may be best suited for a guaranteed issue policy.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance policies are as the name implies, guaranteed. This means all applicants are accepted. No medical exam is required, and no medical questions are asked. Coverage can usually be obtained in as little as a few hours.
Even if you suffer from complicated and serious medical problems, you will qualify for a guaranteed burial insurance policy. However, as a result of the lenient underwriting and guaranteed coverage, this type of burial insurance policy is the most expensive.
Graded Benefit Burial Insurance
Graded benefit life insurance policies pay out on a timescale. Usually, if you pass away in the first two years of the policy, your family will receive a payout that is equal to the amount of premium you have paid to date.
After this 2 year period is over, your policy will pay out 100% face value. This type of life insurance policy is less expensive than guaranteed issue life insurance and is recommended for people who are in decent health.
$5,000 Burial Insurance Quotes
Once you have understood what burial insurance is, you would find yourself wondering what the premium will look like.
Here are some sample quotes from some of the best burial isurance companies in the U.S for a $5,000 burial life insurance policy:
Mutual of Omaha $5,000 Burial Insurance Quote
|50||$ 13.94||$ 16.18|
|55||$ 15.80||$ 19.15|
|60||$ 18.04||$ 22.98|
|65||$ 22.11||$ 29.48|
|70||$ 28.22||$ 38.45|
|75||$ 37.81||$ 51.37|
|80||$ 50.82||$ 67.93|
|85||$ 69.55||$ 93.18|
Foresters Financial $5,000 Burial Insurance Quote
|50||$ 14.60||$ 17.57|
|55||$ 17.15||$ 20.01|
|60||$ 19.28||$ 24.17|
|65||$ 22.97||$ 29.45|
|70||$ 28.28||$ 38.03|
|75||$ 39.11||$ 52.92|
|80||$ 57.12||$ 74.94|
|85||$ 84.53||$ 101.95|
Transamerica $5,000 Burial Insurance Quote
|50||$ 14.40||$ 17.10|
|55||$ 16.30||$ 19.70|
|60||$ 18.55||$ 23.60|
|65||$ 22.55||$ 30.00|
|70||$ 28.70||$ 39.05|
|75||$ 38.15||$ 51.75|
|80||$ 53.75||$ 71.85|
|85||$ 76.05||$ 101.95|
Assurity Life $5,000 Burial Insurance Quote
|50||$ 13.84||$ 15.51|
|55||$ 15.79||$ 18.24|
|60||$ 18.47||$ 21.93|
|65||$ 23.11||$ 28.04|
|70||$ 29.30||$ 37.62|
|75||$ 39.55||$ 51.37|
|80||$ 58.04||$ 78.88|
Gerber $5,000 Burial Insurance Quote
|50||$ 14.53||$ 19.66|
|55||$ 18.38||$ 23.51|
|60||$ 23.70||$ 28.78|
|65||$ 28.19||$ 34.60|
|70||$ 34.83||$ 44.41|
|75||$ 45.60||$ 62.79|
|80||$ 76.54||$ 110.92|
What a $5,000 Burial Insurance Plan Covers
A burial insurance plan is solely for financing your funeral and burial expenses.
While the coverage might vary from one provider to the other, here is a list of some of the expenses that are covered:
How to Choose the Right Insurance Provider
While a $5,000 burial insurance policy sounds like just the solution for all your worries, you should do extensive research before choosing the provider.
This is because as mentioned above in the sample quotes given, the premium for a person can vary considerably from one provider to the other.
Therefore, we recommend that you use the help of an independent agent to get the best rates possible. Since an independent agent will not be liable to consider only one provider’s coverage option, they can help you find a plan, which is ideal for your unique needs.
Finding the Best Burial Insurance Rates
When it comes to finding the best burial insurance rates for you and your family, it is important to explore all of your options prior to making a decision.
The best way to do this is to speak with an independent life insurance agent who can help you compare the best burial insurance rates from some of the best providers on the market.
Our agents are ready to help you find the best life insurance for your situation by getting to know your health and financial background and your goals for burial insurance coverage.
Or, get started with our online quoting engine to get fast and easy burial insurance quotes from some of the best life insurance companies instantly!