No Exam Burial Life Insurance
About 40% of today's working people do not have life insurance beyond what they have with their employers. Employers of any size usually provide group life insurance as a benefit because it is ridiculously cheap for them, and they can deduct the cost from their taxes.
Most also forget to tell people that if it is group term, it disappears when they leave the job or retire. However, by the time you reach retirement age, the cost of having your own insurance will be much more expensive; you may think there is no way you can afford it on social security or out of your retirement, and that your heirs will simply have to bear that burden.
You still have some choices
You have probably been to funerals and have heard people talking about Mrs. "Smith" who didn't have a penny of life insurance, and thus the family had to decide how to pay the bill. An easy and inexpensive way to avoid leaving your family with a bad memory is to purchase "pre-needs" insurance. This is a type of whole life insurance policy that you purchase from a funeral director. He is the beneficiary on the policy, but you pay the premium. You receive a contract stating that your funeral will be taken care of for the face value of the policy. You do want to make sure the policy is transferable in case you move to another city or state.
A second option that people sometimes use when receiving a retirement distribution of a 401K or IRA plan is to take a lump sum and simply "prepay" a funeral. In this case, you make all the arrangements with a specific funeral home, choosing your casket, the number of cars you want, the type of service, and so forth. The funeral director gives you a contract, but actually invests your money himself. His hope is that you will live long enough for him to make a profit on your money.
Probably the most preferred burial insurance (aka: Senior Life) option is simply to purchase a small whole life policy of your own that will be enough to pay final expenses. Then you choose the beneficiary yourself. Many companies have "easy issue" policies that generally have no medical exam requirement and are quite affordable.
Some people have severe health issues that prevent them from getting even an easy issue policy burial life insurance policy. In such cases, you can usually still get a pre-needs policy from the funeral director, although it will probably be cheaper to get a "Graded Benefit" policy. A graded benefit policy is simply a whole life policy that pays a limited benefit—usually your premium plus interest—during the first two years. It has no underwriting at all as the company has very little risk. It is more expensive than a regular life insurance policy, but is still an option for meeting the need.
Live For Today, Plan For Tomorrow!
Mark Twain once said, "Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Can you imagine if that option was available? It certainly would present a whole new world of possibilities! But until scientists can make Mr. Twain's wish come true, we will have to live for today and plan for tomorrow.
No Exam Burial Life Insurance, or Final Expense, policies have three important characteristics:
1. The life insurance coverage is permanent
2. Life insurance premiums never change
3. The life insurance policy accumulates cash value
4. The application process is fast and simple and NO exam is required
A Burial Insurance or Final Expense life insurance policy assures you coverage for the rest of your life. A Burial Insurance and Final Expense policy also gives those you leave behind the freedom and flexibility to pay the remaining expenses and debts that may be outstanding. This makes a Burial Insurance and Final Expense policy different from a burial protection policy exclusively covering burial costs. Burial Insurance and Final Expense polices allow you to choose the coverage amount appropriate for your circumstances. You can tailor the policy to your personal needs. Burial Insurance and Final Expense policies are simplified issue meaning there is a short application and no medical exam.
No Exam Burial expenses range between $5,000 and $75,000+
These funeral expenses include:
Cemetary plot
Casket
Headstone
Funeral Service
Visitation/Viewing
Minister
Hearse
Additional costs are often associated with the death of an individual:
Legal Fees
Debts
Doctor Bill
Pay off debts like mortgage, car, credit cards
Legal costs at death (probate, taxes, etc.)
