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 More and more folks these days have little to no savings in retirement which is why so many people are having to turn to burial insurance to ensure they don't saddle their family with the financial burden of unpaid funeral expenses.

The National Funeral Directors Association reported the average funeral cost was $8508 in 2014. Given that figure, it's no wonder why $10,000 is the most burial insurance policy. At the end of the day, you can have as little or as much coverage as they would like, but $10,000 is by far the most popular death benefit most people buy.

In this article, we will explain how a burial policy pays for your expenses, what happens with the left over money, and explain what role your health will play. Lastly, we will show you some real prices, and teach you a bulletproof strategy, so that you can find your best plan.

How a $10,000 burial pays for your funeral

Once you are approved for your burial insurance plan, your protection begins immediately or after two years. The vast majority of applicants qualify for a plan that fully protects them starting on the very first day.

Want to know something really awesome?

Every funeral home in the world accepts cash. As the saying goes, cash is king.
Why do we say this?

Whenever you pass away, your beneficiary(s) will receive a tax free cash payment for $10,000 (unless you have a different death benefit). This cash gives your family the resources needed to pay for your funeral costs. Since every funeral home takes cash, you can feel supremely confident that your family won't run into any issues paying for your funeral once that day comes.

What happens to left over funds?

Presently, the average cost of a funeral is anywhere from $7,000-$10,000. It's quite common for a $10,000 policy to have some left over money after the funeral costs have been all paid.
One question we get a lot is, what happens to the extraneous proceeds?

Since your beneficiaries are the legal owners of the money, they are entitled to keep any leftover funds. For example, if your funeral costs total $8,000, that would leave $2,000 remaining. That $2,000 stays with your family to use as they see fit. They can pay bills with it, save it, or put it towards your grandchildren's college fund. No matter what, any extra money belongs to them; not the funeral home.

Very often, a burial policy not only relieves a huge financial burden, but it also leaves behind a small token of your legacy. Most

How your health will impact the cost of a $10,000 policy

Since burial insurance is a type of life insurance, your health heavily influences the cost. Ultimately, all your past and present health issues will be taken into account when you go to apply.

This is amazing.

The vast majority of burial insurance applicants are not adversely affected by their health. In other words, most people aren't forced to pay higher premiums because of their health issues.
Obviously we can't promise you anything without knowing details about your health. Having said that, it's incredibly common for us to get applicants approved for a burial insurance plan that protects them immediately, and at a rock bottom price.

It's important to note that there are indeed some health situations where it's impossible to secure coverage that doesn't cost you extra money each month. For example, if you have cancer right now, you will unequivocally have to pay more money each month compared to a person who has never had cancer. In addition, there are some scenarios where you will have to wait a period of time before your coverage goes into full effect. Just know that these outcomes are quite rare.

Built to absorb heavy risk

Burial insurance companies designed these plans to have incredibly relaxed underwriting. This means the insurance company can comfortably absorb the risk of serious health issues like diabetes, heart disease, past strokes or heart attacks, and some chronic illnesses.

Here's the bottom line.

Whatever health issues you deal with, there is likely a burial insurance company out there that will gladly accept all your conditions. They won't charge you more money, or force you to endure a waiting period. The only question is- which company is it?

Well that's where we come in. As an independent agency that represents over 70 life insurance companies, we will compare rates from multiple burial insurance companies to find which one has the best deal for you.

Again, without knowing the exact details of your health, we can't give you any clear expectations. Just know that the overwhelming majority of our clients in search of a burial insurance plan do qualify for immediate protection and low rates.

Sample rates for $10,000 in protection


Below you will find real prices for $10,000 in coverage from some of our top rated burial insurance companies. Please remember that we have many more companies to choose from, and you can have any death benefit you would like. You are not limited to these options alone. These are meant to give you a quick cost estimate.

Mutual of Omaha   (Monthly Rates)

Age           Female Non Tobacco             Male Non Tobacco 
50                 $24.67                                   $29.16                   
55                $28.40                                    $35.09 
60                $32.87                                    $42.76 
65                $41.01                                    $55.76 
70                $53.24                                    $73.70 
75                $72.41                                    $99.53 
80                $98.43                                    $132.65 
85                $135.90                                  $183.15 

Foresters  (Monthly Rates)

Age          Female Non Tobacco            Male Non Tobacco 
50                 $26.05                                    $32.00 
55                 $31.16                                    $36.86 
60                 $35.41                                    $45.19 
65                 $42.80                                    $55.75 
70                 $53.42                                    $72.91 
75                 $75.08                                    $102.69
80                 $111.08                                  $146.74 
85                 $165.92                                  $200.75 

Liberty Bankers Life (Monthly Rates)

Age            Female Non Tobacco            Male Non Tobacco 
50                   $25.57                                   $30.51 
55                   $30.40                                   $36.79 
60                   $34.67                                   $45.80  
65                   $42.81                                   $55.94 
70                   $54.79                                   $73.31 
75                   $76.20                                   $100.15  
80                   $109.16                                 $146.80 

Gerber Guaranteed Issue Life Insurance (Monthly Rates)

Age                Female                                     Male
50                    $28.14                                  $38.41
55                    $35.84                                  $46.11
60                    $46.48                                  $56.65
65                    $55.46                                  $68.29
70                    $68.75                                  $87.91
75                    $90.29                                  $124.67
80                    $152.17                                $220.92
 

How to find the best burial insurance

Every savvy shopper today wants to take the right steps to ensure they are getting the best deal for the product or service they are in search of. Burial insurance is not an exception to this rule. Fortunately, we have a clear cut formula that will equip you to find the best plan at the best price.

Before we get into how you can find the best burial policy, we need to clearly establish what constitutes "the best burial insurance".

Your best plan will have the following 3 criteria:

1. It will be provided by a financially stable insurance company
2. It will protect you as soon as possible
3. It costs the least out of all the other burial insurance companies on the market.

Choices are the key.

In essence, getting the best burial insurance for seniors is done by comparing lots of quotes from lots of different burial insurance companies. The more choices you have, the better your chances are of finding the best plan.

However, how you go about getting those quotes will probably determine how good of a deal you get. Ultimately, you have two choices before you. Below are you two options. Look at both and decide for yourself which makes the most sense.

Option 1: You can personally call 70 different burial life insurance companies getting quotes. After gathering all the quotes, you can determine for yourself which one is the cheapest. This will honestly take you at least 5 hours of talk time to complete minimum.

Option 2: You can call us, and we can give you those same quotes in less than 5 minutes. In addition, we will assess your health, so that when we quote you, you know the numbers are realistic.

Out of those two options, which honestly seems like a more sane and efficient action plan?
Here's the deal

We are an independent agency and we work for you. We aren't married to any single life insurance company. Our objective is always to serve each client the best plan from the best insurance company whichever one it happens to be.

We get paid from the insurance companies, so our services don't cost you a dime. We could care less which insurer provides your burial insurance plan. All we care about is making sure that when we are done helping you that no other agent or agency will be able to come behind us and offer you a better deal.

Even if you choose not to work with us, just make sure you work with an agency that represents dozens of life insurance companies like we do. We simply cannot express how critically important it is to have lots and lots of choices.

About Jeff Root

is the owner of rootfin.com. He’s an independent life insurance agent who has helped 1,000’s of consumers purchase life insurance online and over the phone.

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