Burial insurance options for seniors are abundant. In this article we are reviewing some of the top burial insurance carriers to help you find the best coverage for your needs. We have reviewed the below based on coverage options, affordability, and more.
AARP Easy Acceptance Life
Before you read on: take a look at our review of AARP’s Life Insurance options.
AARP is a nonprofit organization specifically geared toward seniors. AARP offers a variety of benefits to members – including life insurance options – and has long been considered a reputable source where seniors can go for information.
AARP’s Easy Acceptance Life Insurance policy requires no medical exam and allows you to get a free quote quickly and easily online. AARP is a good option for burial coverage for two reasons:
- Ease of application
- It’s stellar reputation. This burial coverage, like all of AARP’s life insurance options, is backed by New York Life. According to AM Best, New York Life’s financial strength as a company has earned it an A++ rating. This means you know your insurer is financially secure and will be able to pay out your policy benefit.
The “easy acceptance” option with AARP allows you to purchase up to $25,000 in burial coverage with no exam and the guarantee that your rates will not increase. These benefits are not available everywhere (specifically, not in Minnesota, Montana or MIssouri), and will be limited for your first two years of holding the policy.
ANy AARP member, ages 50 to 80, and their spouses are able to apply for this coverage. The coverage is typically paid in full before you turn 95, and will last you for the duration of your life. While no medical exam is required, you will be asked a few basic health questions when applying for AARP coverage.
The downside to this type of coverage is the cost of premiums. Because you will not have to undergo a medical exam, a 50-year old could be paying between $106 (female) and $137 (male) for a $25,000 policy. We recommend undergoing a medical exam before making insurance purchasing decisions. You may be eligible for a larger term life policy at a similar price point!
Burial coverage with Globe Life traditionally has low starting rates, making it very affordable. Additionally, the coverage options with Globe Life start at $5,000 and can go up to $100,000, providing you with a larger death benefit.
The flexibility of their coverage makes Globe Life an excellent option for burial insurance. Furthermore, you can purchase coverage with no waiting period or medical exam, for both adults and children.
Their rates are so affordable, in fact, that Globe Life boasts of providing coverage to adults for $30 or less per month.
We have found this to be accurate; however, as with any coverage, these rates depend on the size of the policy you’re purchasing. For example, a $20,000 policy for a 50-year old man would hover a little over $26 per month!
You have to apply to receive Globe Life Insurance information through the mail, but their application process is incredibly simple. If this sounds too good to be true: AM Best has rated Globe Life an A+ for financial strength, as has the Better Business Bureau (BBB).
In addition to an excellent A rating from AM Best, the company has been solidly around for over 140 years. This makes its “PlanRight” whole life insurance policy a solid choice for burial expense coverage.
The “PlanRight” coverage can last up to age 121 with fixed premiums, meaning your premiums are guaranteed to never increase while you hold the policy. Additionally, Foresters will provide three extra riders to this policy at no additional cost, such as:
– A “common carrier” accidental death rider, which covers losses occurred when entering, exiting, or riding as a passenger on a common carrier. A common carrier is a train, a bus or an airplane.
– An accelerated death benefit rider for terminal illness, which allows you to access your life insurance benefits while you are still alive, if you are diagnosed with a qualifying terminal illness.
– A family health benefit rider, which allows the option to pay a benefit for limited family health expenses that occur as the result of natural disasters.
Forester’s is not available in the state of Oregon. Additionally, you have to connect directly with one of their agents to get a quote.
Gerber Life Insurance is not just for children’s life insurance and college savings plans. In fact, Gerber offers multiple coverage options including burial insurance for seniors.
If you are between 50 and 80 years of age, your acceptance will be guaranteed. You don’t have to fill out a questionnaire or undergo a medical exam.
Applying online for coverage between $5,000 and $25,000 takes minutes. Additionally, your premiums won’t increase and, so long as you’re paying the premiums, the coverage will last for your whole life. As with many burial policies, your benefits will be limited for the first two years. For example, suicides occurring within the first two years of coverage will refund your premiums plus 10% of the death benefit.
While Gerber’s insurance is a decent option, you cannot obtain a quote without applying for a policy.
If burial coverage seems like it’s right for you, you have options. As with any financial plan, be sure to do your research. We work with these carriers and more, and can help you find an affordable burial life insurance plan. Give us a call today!