Most people want to make sure that their loved ones will be taken care of once they have passed. One way to do that is through burial insurance. Burial insurance is a more affordable option compared to life insurance. It’s easier to apply for and secure. It does require you to pay a monthly premium, which may leave you wondering whether it is worth the cost. Read on to learn whether burial insurance is right for you.
The Basics of Burial Insurance
Burial insurance is a type of life insurance policy. Typically, it’s more affordable and easier to qualify for than life insurance. These policies range from $2,000 to $50,000. You purchase burial insurance just like any other insurance plan. You first find a reputable company, apply, purchase the plan, and pay the monthly premium every month until you pass.
After you pass, your beneficiaries can use the death benefit for whatever they choose. This is very similar to life insurance, but standard life insurance policies have a much more significant death benefit, as they’re meant to support the family financially for a long time after the policyholder passes away.
Advantages of Burial Insurance vs. Life Insurance
There are three main advantages of burial insurance over life insurance:
- The cost
- The application
- The duration of the policy
The Cost
The death benefit for burial insurance maxes out at $50,000. On the other hand, life insurance policies start at a death benefit of around $50,000 and can extend into millions of dollars. This means that burial insurance is much more affordable to purchase.
The Application
Additionally, burial insurance is much easier to qualify for compared to life insurance policies. Life insurance generally requires you to be in good health. In contrast, even people with very severe illnesses can get burial insurance.
The Policy’s Duration
The last major advantage of burial insurance is the duration. All burial insurance policies last for life. In contrast, some life insurance policies have a term limit. For example, the life insurance policy may only last for a specific period, often 25 years. If you pass away after that 25-year term, your beneficiaries won’t receive the life insurance payout.
Cost of Burial Insurance
The cost of burial insurance depends on your age, health, and gender. Guaranteed acceptance policies are for people in poor health who would otherwise not qualify for a policy. Please go through our list below to see where you fall to estimate your cost.
People Age 55
Female No Waiting Period
$5,000: $15.80
$10,000: $28.40
$15,000: $41.00
$20,000: $53.60
Female Tobacco & No Waiting Period
$5,000: $20.66
$10,000: $38.32
$15,000: $55.88
$20,000: $73.44
Female Guaranteed Acceptance
$5,000: $18.38
$10,000: $35.84
$15,000: $53.30
$20,000: $70.77
Male No Waiting Period
$5,000: $19.15
$10,000: $35.09
$15,000: $51.04
$20,000: $66.98
Male Tobacco & No Waiting Period
$$5,000: $25.24
$10,000: $47.27
$15,000: $69.30
$20,000: $91.33
Male Guaranteed Acceptance
$5,000: $23.51
$10,000: $46.11
$15,000: $68.70
$20,000: $91.30
People Age 65
Female No Waiting Period
$5,000: $22.11
$10,000: $41.01
$15,000: $59.91
$20,000: $78.82
Female Tobacco & No Waiting Period
$5,000: $29.60
$10,000: $56.00
$15,000: $82.40
$20,000: $108.79
Female Guaranteed Acceptance
$5,000: $28.19
$10,000: $54.51
$15,000: $80.76
$20,000: $107.02
Male No Waiting Period
$5,000: $29.48
$10,000: $55.76
$15,000: $82.04
$20,000: $108.31
Male Tobacco & No Waiting Period
$5,000: $41.10
$10,000: $78.99
$15,000: $116.88
$20,000: $154.77
Male Guaranteed Acceptance
$5,000: $34.60
$10,000: $68.29
$15,000: $101.98
$20,000: $135.67
People Age 75
Female No Waiting Period
$5,000: $37.81
$10,000: $72.41
$15,000: $107.01
$20,000: $141.62
Female Tobacco & No Waiting Period
$5,000: $48.54
$10,000: $94.43
$15,000: $140.31
$20,000: $186.20
Female Guaranteed Acceptance
$5,000: $45.60
$10,000: $90.29
$15,000: $134.98
$20,000: $179.67
Male No Waiting Period
$5,000: $51.37
$10,000: $99.53
$15,000: $147.69
$20,000: $195.85
Male Tobacco & No Waiting Period
$5,000: $67.57
$10,000: $132.49
$15,000: $197.42
$20,000: $262.34
Male Guaranteed Acceptance
$5,000: $62.79
$10,000: $124.49
$15,000: $185.74
$20,000: $246.98
People Age 85
Female No Waiting Period
$5,000: $69.55
$10,000: $135.90
$15,000: $202.25
$20,000: $268.60
Female Tobacco & No Waiting Period
$5,000: $96.45
$10,000: $180.70
$15,000: $282.95
$20,000: $376.20
Female Guaranteed Acceptance
$5,000: $103.10
$10,000: $204.20
$15,000: $305.31
$20,000: $406.41
Male No Waiting Period
$5,000: $93.18
$10,000: $183.15
$15,000: $273.13
$20,000: $363.10
Male Tobacco & No Waiting Period
$5,000: $141.39
$10,000: $279.58
$15,000: $417.77
$20,000: $555.97
Male Guaranteed Acceptance
$5,000: $150.43
$10,000: $298.86
$15,000: $447.30
$20,000: $595.73
Burial insurance can be suitable for many people. To estimate the cost of your policy, contact us at Senior Life Services today!