What Is the Cost of Burial Insurance?

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The cost of burial insurance depends on the age of the person when they take out the insurance policy. Learn about the relative low premiums for burial insurance with information from an insurance agent in this free video on burial insurance.

Part of the Video Series: Burial Insurance
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Video Transcript

My name is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. The question that has come up is, what is the cost of burial insurance? Burial insurance basically is a final expense type of, or a variation of term life insurance. It's designed for people to cover those expenses for their final arrangements, their funeral, their cremation service, or whatever their choice might be, so that they can alleviate the concerns for their family members that are left behind so that they don't have to make those decisions and incur those costs at the time of their demise. The relative cost of the final expense or burial insurance is relatively inexpensive, particularly if one might choose what is called a 'guaranteed issue' type of policy. Guaranteed issues means that there are no medical underwriting questions. Someone might, in fact, even be diagnosed with a terminal illness or disease, and still be qualified to get that policy approved by the insurance company. In most states, they have be age eighty or under in order to have those guaranteed issue types of policies. They are relatively inexpensive, and again, the younger one might be when they first take out the policy the lower the premiums involved. As you get close to seventy-eight, seventy-nine, or eighty years of age, that premium's going to be a little bit more expensive. But in relative terms, they're generally less expensive than the traditional straight life insurance policies at those same comparable ages. So again, someone should do a little bit of price comparison shopping, 'cause these types of policies are offered by a number of different insurance companies, and they may be something that someone wants to consider so that those final expenses are not left to be made or incurred by the family members left behind. I hope this answers your question properly. My name again is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. Thank you.


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