Let’s us first say that burial life insurance, or final expense life insurance, isn’t the right choice for everyone.
In fact, we at JustBuryMe completely agree with most financial advisors when they recommend a quality term life policy as being one of the best options for someone considering life insurance.
- But what if you can’t qualify for a term life policy?
- Or what if you don’t need $100’s of thousands of dollars in coverage?
- Or what if you want to make sure that you can’t “outlive” your coverage?
In these situations it may make sense to look into purchasing a burial or final expense life insurance policy.
Top 10 Reasons to Buy Burial Life Insurance
Once you know you want this type of policy, check out our list of the best burial insurance companies for help in finding the right company for you.
Your currently have a serious or life threatening disease.
Now what that serious or life threatening condition may be will play a significant role in when—or if— you’ll be eligible for traditional life insurance.
For example, let’s suppose that you’ve just recently suffered a heart attack or been diagnosed with breast cancer. Each of these two conditions may make it impossible to immediately qualify for a fully underwritten life insurance policy. However, with time, and successful treatment, clients with either of these two conditions can become insurable in the future.
On the flip side, conditions like Alzheimer’s disease, coronary heart failure, or cirrhosis of the liver (which are conditions that are unlikely to improve with time), would generally not be considered eligible for a fully underwritten term or whole life insurance policy—ever.
As a result, many such clients who suffer from a condition that would prevent them from qualifying for a traditional term or whole life insurance policy become quite grateful that there are other options that will not immediately disqualify them as a result of their pre-existing condition.
Currently receiving social security disability benefits.
While currently receiving disability benefits in and of itself is not a reason to automatically be declined for a traditional term or whole life insurance policy, it may make it more difficult to qualify for such insurance. That is why many people on social security opt for burial insurance.
For example, by being able to qualify for social security disability benefits, you were required to prove that you currently have a disability that prevents you from being able to seek out full time employment.
Now while this disability may not be life threatening itself, it may:
- Require you to take certain medications that the insurance companies don’t feel comfortable insuring.
- And/or may lead to further medical complications later in life that the insurance company doesn’t wish to run the risk of insuring.
Additionally, fully underwritten life insurance policies will also take ones income into account when determining just how much life insurance one can qualify for.
Meaning that even if you can afford the cost of a million dollar life insurance policy, it doesn’t mean that you can qualify “financially” for a million dollar life insurance policy.
The reason for this is because the goal of life insurance is to “indemnify” the injured party. In other words, life insurance is meant to compensate your family, or your beneficiaries, for your measurable loss, i.e. insurable interest. Emotional distress and loss is not taken into account here, so if financially your loss only means the loss of your social security benefits, the amount of life insurance that you can qualify for will often be very low.
In many cases depending upon your exact age, the amount of traditional term or whole life insurance coverage that you can qualify for, regardless of any medical conditions that you have, will often be very limited simply because your income while receiving disability isn’t enough to justify much, if any, traditional coverage.
Limited Insurance Needs.
There’s a reason why we call ourselves “JustBuryMe”, it’s because we’ve had clients over and over tell us:
“I just need enough life insurance to bury me”
If this describes you, well…then buying a burial or final expense life insurance policy may just be the right fit. They are typically simplified issue or guaranteed issue life insurance.
- Won’t require a medical exam.
- And many ask only a few questions, with some that won’t ask any medical questions.
Don’t want a life insurance policy that could expire.
For some, the idea of purchasing a life insurance policy that is set to end at a specific point in time, AKA “term life insurance,” just seems like a total rip off. For these individuals, it’s generally more important to know that they will never be able to outlive their life insurance.
Unfortunately, these policies will generally cost much more than a term life policy, which is why a smaller, less expensive policies from among the best cash value whole life final expense insurance companies can become a perfect fit.
Don’t want to burden anyone with any burial expenses.
These types of clients are generally those who don’t have any family members that are dependent upon them financially any longer and are just looking to cover the cost of their burial expense.
For these folks, purchasing a $10,000 or $15,000 life insurance policy with a fixed premium that will never expire is a perfect option. Especially when it can be purchased without having to take a medical exam or answer any medical questions what so ever!
Also, these folks are typically older and are seeking out burial insurance for seniors. Which is good because most burial policies cannot be qualified for unless you are 50 and older.
Don’t want to have to take a medical exam or answer any medical questions.
There are a million reasons why someone would want to avoid taking a medical exam or answer any medical questions in order to qualify for a life insurance policy. After all, who really wants to be poked with a needle or asked 101 questions about how healthy they feel, right?
But the truth is, if you’re looking to get insurance for a really large life insurance policy, chances are you’re going to have jump through quite a few hoops. For this reason, the idea of being able to qualify for a smaller burial or final expense life insurance policy right over the phone, without having to go through weeks of underwriting, can be a pretty attractive alternative.
You’ve already been turned down for traditional term life insurance coverage.
In this case, if you’ve already been turned down for traditional term life insurance coverage (*and we’ve reviewed your case), purchasing a burial or final expense life insurance policy may just be your best bet.
*Being declined by one life insurance company does not mean that you would automatically be declined by all life insurance companies. Which is why, before we sell anyone a burial life insurance policy, we’re always very careful to review all of our client’s options first.
Traditional term life insurance coverage is simply too expensive.
Typically, when we find that traditional term life insurance is too expensive is when a client may:
- Be pretty old.
- Have a serious pre-existing condition.
- Or may be a current cigarette smoker.
In these cases, a smaller burial or final expense life insurance policy may make much financial sense given the alternative.
There are some insurance companies that will consider certain types of tobacco use as a “non-issue”. This means that even an active tobacco user can qualify for “non-tobacco” rates, if they know where to look.
Now, since tobacco insurance rates are generally 3 times higher than non-tobacco rates, having the right insurance agent working for you could very well mean the difference between getting “some” amount of life insurance coverage and getting the “right” amount of life insurance coverage.
You don’t want to just have “accidental” death insurance.
After having worked in the life insurance industry for many years now, it’s become painfully obvious that there are an enormous amount of people out there who are certain that they have a true “life insurance policy” when in fact what they have is an ACCIDENTAL death insurance policy.
Which means, unless they die from an accident or an act of God (earthquake, tornado, hurricane, bolt of lightning, etc,etc..), their insurance policy isn’t going to pay out anything to their loved ones.
And remember, heart attacks, cancer, strokes, diabetes, or just plain “old age” would not be considered an accidental cause of death. For this reason, many of us who don’t like the idea of ignoring the fact that we are much more likely to die of natural causes than accidental causes like to have a “real” life insurance policy, one that will pay out in the event of natural causes as well as accidental causes of death.
You’ve seen what happens to families that don’t have any life insurance in place and you don’t want that to happen to your family.
There are few things sadder to see on a Sunday prayer service than a family having to look for donations to bury a loved one. Just imagine the pain that these individuals must feel to not only have just lost a loved one, but now must somehow find the money to simply bury their loved one with dignity.
So there you have it, the top 10 reasons buying a burial life insurance policy might be the right decision for you. The next step is contacting an agency that can find the best final expense or burial insurance for you—an agency such as JustBuryMe.
We work with dozens of top rated life insurance companies in the United States. Our goal at JustBuryMe is to seek out and discover the best final expense and burial insurance companies in the marketplace. We then pass along our knowledge and expertise to you—our clients, with service second to none.
So what are you waiting for? Give us a call today to see what we can do for you!
Thank you for reading our article, Top 10 Reasons to Buy Burial Life Insurance. Please leave any questions or comments below.