Best burial insurance companies – This type of insurance is created specifically to cover the cost of end-of-life planning like cremation or burial expenses, funeral services, and other associated costs. Moreover, burial insurance is also known as final expense insurance, and it offers peace of mind to the beneficiaries of an insured party by handling the necessary expenses.
However, there are numerous options to choose from, as they all stand out with unique features like competitive rates, outstanding burial insurance offerings, and comprehensive coverage with modifiable options. But with help from this article, you will have no problem choosing the insurance policy for your needs.
What is Burial Insurance?
Burial insurance is a form of whole life insurance policy designed to cover the burial and funeral expenses of a policyholder. Moreover, it offers a lump sum payment to beneficiaries when the insured passes away to cover different final expenses like cremation, funeral service, burial expenses, and other additional costs.
Compared to other types of life insurance, burial insurance usually provides smaller coverage amounts, which makes it accessible and cheap for individuals looking to cover their final expenses without taking out a loan or tearing a hole in their pockets.
Best Burial Insurance Companies
Here are some of the best insurance providers that specialize in offering insurance coverage for burials in 2024 for policyholders:.
AAA
AAA is one of the reputable insurance companies that offers burial insurance with competitive rates and streamlined coverage. Moreover, their quotes are designed to offer peace of mind and financial security for end-of-life arrangements. Hence, if you are looking for reliable final expense protection with a straightforward process, AAA is a good choice.
Fidelity
Another best burial insurance company is Fidelity. They offer burial insurance services while focusing on comprehensive customer support and financial stability. In addition to this, the burial insurance policies at Fidelity come with competitive premiums and flexible coverage options. There is also a wide range of coverage amounts to meet your needs as well.
MassMutual
Massachusetts Mutual Life Insurance Company, also known as MassMutual, is reputable for its comprehensive insurance products and strong financial ratings. Their policies also provide financial security benefits as well as reliable coverage. Apart from all of these, MassMutual has strong customer support, flexible premium payment options, and guaranteed acceptance. You can customize or personalize your coverage to meet your needs.
State Farm
This insurance provider is among the list of the best insurance companies in the United States, and they offer burial insurance policies as well. Their insurance quote provides reliable coverage with streamlined application processes for individuals. There are also guaranteed death benefits, vast coverage amounts, and fixed insurance premiums. State Farm is known for having low rates; thus, it is an amazing option for those looking for budget-friendly policies.
Mutual of Omaha
Mutual of Omaha is best for its no-exam coverage services. Furthermore, they are quite reputable for their customer-focused service and strength when it comes to financial stability. With their burial insurance policy, you can enjoy comprehensive final expense coverage at competitive rates. The premium options are also flexible, and you can enjoy additional benefits as a policyholder. Hence, if you want coverage but do not want to undergo a medical exam, Mutual of Omaha is the insurance provider for you.
Alternatives to Burial Insurance
Well, as we all know, not all burial insurance is right for everyone. But do not be let down because there are other alternative options to cover funeral and burial costs and associated expenses:
- Traditional whole life insurance.
- Universal life insurance.
- Term life insurance.
- Investment or savings account.
Frequently Asked Questions (FAQs)
How much coverage do I need for burial insurance?
The average required amount you need for burial or final expense insurance is around $5,000 to $25,000. However, the coverage amount you will need depends on your burial and funeral plans. Additional final expenses are also included. It will be advisable to choose a coverage amount and estimate the whole cost of your planned arrangements.
Are burial insurance premiums guaranteed to stay the same?
Most burial insurance quotes come with fixed premium amounts. This means that your payment will stay unchanged throughout the term of your policy. This will also help you plan your budget and know what to expect.
Is burial insurance the same as a life insurance policy?
Although burial insurance is a form of life insurance, it is only designed to be responsible for funeral costs and final expenses. Unlike other types of life insurance policies that provide higher coverage amounts, burial insurance only pays attention to small coverage amounts and benefits.
Can I change my burial insurance policy after purchasing it?
As a burial insurance policyholder, you have the option to add riders or change your coverage after purchasing it. However, this depends on the insurance company. This is why you need to go through the terms and conditions of your insurance quote to understand its options better.