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At AFE, we compare all the top rated burial insurance plans on the market.
We only work with state regulated burial insurance companies that offer:
- Guaranteed level premiums (your premiums will never increase)
- Guaranteed level death benefit (you benefits will never go down)
Many of these companies are household names, like Mutual of Omaha and AIG. We also can offer other lesser known, but still strong companies with strong guarantees built into their burial insurance plans.
The company we recommend will be the least expensive plan your state has approved. Keep in mind that every burial insurance plan will look at your risk differently. So the company that your friend, who is the same age as you has, may be different than the one we offer. Ours may be less expensive or more – it all depends on your health situation.
Below we’ll answer the most common questions we receive.
What Is Burial Insurance?
Burial insurance is a small whole life insurance policy, usually around $8,000-$15,000 that is used to cover any final expenses, such as burial costs or any debts.
The beneficiaries are paid the death benefit, tax free from the life insurance company typically within days after a claim is filed if the policy has been in force for at least 2 years and is passed the contestability period. If something (God forbid) happens within the first 2 years, the life insurance company will still pay out, but it may take them a little longer to make sure there weren’t any misrepresentations on the application.
Why should I buy burial insurance?
Most people buy burial insurance because a loved one would be financially burdened if they were to pass.
If you have money saved and your loved one’s won’t be burdened by burial costs or any debts that you have then you don’t need burial insurance.
Are there waiting periods to receive benefits?
If you’re in average or better health, then there aren’t any waiting periods meaning your beneficiaries receive the death benefit immediately. Even if you have health issues and they’re controlled you won’t have a waiting period.
However, if you do have any severe or uncontrolled health complications then there will likely be what’s called a graded death benefit period. A graded death benefit period means that there’s a waiting period to receive the entire death benefit – usually 2 years. After 2 years, the full death benefit is paid out. If something happened within the first 2 years, the life insurance company would pay a small portion of the death benefit and your beneficiaries would at least receive the premiums you paid in plus interest.