if you don't qualify for standard life insurance, you should get burial insurance

Is it Necessary to Have Burial Insurance?

While it’s not “necessary” to have burial insurance, you may want to consider buying it if you haven’t financially planned for your family after you pass away. Burial insurance is a small type of life insurance policy that’s affordable and allows people in poor health to qualify. Keep reading to figure out whether burial insurance is right for you. 

Who Burial Insurance Is Best For

  • There are two specific groups of people who should get a burial insurance policy over a larger life insurance policy: people who can’t afford a life insurance policy and people who don’t qualify for a standard life insurance policy. Let’s look at the first issue.
  • Life insurance can be expensive. A burial insurance policy is relatively affordable in comparison. The monthly premiums cost anywhere from $15 to $400 on average, depending on various factors. Purchasing a burial insurance policy could allow people who can’t afford a full life insurance policy to still cover their loved ones up to $50,000.
  • These policies are also less strict with health qualifications. For example, some people don’t qualify for a standard life insurance policy because they have severe health conditions. In contrast, many burial policies accept people despite serious health problems. 

Who Can Forego Burial Insurance

People who can afford and qualify for a life insurance policy do not need a burial insurance policy. Life insurance policies are generally bigger and more substantial than final expense insurance policies. If you can afford a higher monthly premium in exchange for your family’s continued financial stability, you should consider getting a standard life insurance policy.

Additionally, people who have savings of $50,000 or more don’t need a final expense policy since their nest egg is the same amount as the maximum final expense policy death benefit. 

How Much Does it Cost?

The cost of a final expense insurance policy depends on many factors. Typically, people who have a longer lifespan and are therefore likely to pay for more months have a smaller monthly premium. This means that women, younger people, and nonsmokers are more likely to pay less per month. Of course, the monthly premium also depends on the size of the death benefit. 

For example, a 55-year-old woman who does not smoke and wants a $5,000 policy will pay about $15 per month. An 85-year-old woman who does not smoke and wants a $5,000 policy will pay about $70 per month. A non-smoking man of the same age who wants a $5,000 policy will pay $93 per month. 

The Bottom Line

Burial insurance policies are great options for people who can’t afford regular life insurance or don’t qualify for health reasons. At Senior Life Services, we can help you make the best decision for you and your family. Call (800) 548-3249 or request a quote online.


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