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There Are Two Types of Burial Life Insurance

Day One Benefit

There are two types of burial life insurance policies you can get. With a day one burial policy, the full death benefit is provided from the first day of policy issue. The application only consists of a few health questions to qualify. These are also known as Final Expense plans

Graded Death Benefit

A graded benefit policy does not pay out the full death benefit until two years after policy issue date. It pays only the premiums you paid in, plus interest if the insured dies in the first two years. Anyone can qualify for a graded policy, no matter your health. These are also known as Guaranteed Issue plans

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How does Burial Life Insurance Work?

When thinking about how you will arrange for final burial expenses including your funeral costs, you may be confused by your options. What’s more is that thinking about death isn’t something most people like to do, and so emotion can sometimes get in the way of making sound decisions.

By learning what you need to know about burial life insurance now, you can ensure that you make a decision that will be the best for those you leave behind.

The first thing is to understand the differences between a day one burial life plan and a graded death benefit life insurance policy. Some life insurance companies will call these policies final expense life insurance, they are really just permanent guaranteed issue whole life insurance policies.

Graded death benefit plans ask no health questions and anyone can qualify no matter your health. With a day one burial policy, it will typically only ask up to 6 health questions.

Burial Whole Life Insurance vs. a Pre-Paid Funeral Life Insurance Plan.

With burial whole life insurance, the people you leave behind would be able to pay for your burial expenses and there could still be money left over with which they can support themselves and cover other miscellaneous costs, tax-free. Owning your policy has many advantages versus a pre-paid funeral plan. What’s more is that a burial whole life insurance policy gives your beneficiaries the freedom to decide how the money can be used, while a pre-paid funeral plan forces you to designate all of the money towards the funeral expenses at the funeral home in which the plan was purchased.

This begs the question, then, of what a person would do if they happened to move to a different state or how you would get your money back if you decided you didn’t want to be buried after all, but would prefer cremation.

Another shortcoming of the pre-paid funeral plan is that it leaves no death benefit for beneficiaries. It goes without saying that if they knew all the facts, most people would probably want to leave their loved ones with a little extra money.

One of the biggest and less-obvious advantages of a burial life insurance policy is that these policies are often more affordable than a pre-paid funeral plan, as long as you’re in good health. Then, when it comes time to making payments on your policy, you also have many different payment options.

As you can see, burial whole life insurance offers much more flexible and even affordable coverage than a pre-paid funeral plan. Consider how each works carefully before making your decision.

FAQ.

Is life insurance vs. burial insurance the same?

They are the same. A burial life insurance policy is just a whole life insurance policy. However if a funeral home tries to sell you a policy, it will most likely not be a life policy, but a prepaid plan, one you own and control the other the funeral home owns and controls.

Can I buy a burial life insurance policy for my parents?

Absolutely. However, your parents will have to be involved in the process. The biggest challenge is to structure the policy in the correct manner as far as beneficiaries and the policy owners are concerned, which we will do for you. We can help you with buying a policy on your parents.

Can I use term life insurance cover my burial?

You can use a term policy to pay for your burial expenses. You run into a few problems, though. First, you could outlive the term policy, and it will expire, and you survive the term. Second is term life insurance is only offered up to a certain age. If your 80, you can not get a 30-year term policy. As well at that age, a 30 or 20-year term policy would be expensive.

Should I get burial life insurance quotes from AARP?

You can if you like to pay more than you should. AARP is one company, we shop the multiple burial life companies and see which one will offer you the best rate. AARP burial life policy is a group life plan that they offer through New York Life, and we can beat the prices almost every time. The only time AARP may come close is if you’re a smoker. Hardly ever has AARP been able to get our customers a better price than when we shop for them.