5 Best Burial Insurance Companies For Seniors

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Contributor, Benzinga
August 10, 2023

As grief is already very difficult to handle, nobody wants to create additional financial problems for their loved ones after they're gone. On average, a funeral will cost around $7,800 to plan and organize. When the moment comes, most people don't have that much money available. 

The stress and grief experienced during such an event are not helpful either. While life insurance will cover your family's living expenses, it is important to consider burial insurance for the future. 

There are many companies that offer their services at affordable rates. But suppose you want to make a contract full of benefits and high-quality services. In that case, this article showcases only the best providers.

If you want to protect your family from such a painful financial expense when the time comes, continue reading as we present you with the 5 best burial insurance companies for seniors.  

Best Burial Insurance Companies For Seniors

After carefully researching the market and analyzing countless providers, we came up with 5 of the best companies in this industry. Look at them and choose the one that is right for you. We found that the best burial insurance company for seniors is Transamerica.

Here's a quick look at the best options:

  • Best overall burial insurance company for anyone over 60: Transamerica
  • Best burial insurance company for anyone under 60: Ladder
  • Best for those under 50: Wysh
  • Best for term life insurance: Bestow
  • Best for customized plans: Northwestern Mutual

1. Best Burial Insurance Company For Anyone Under 60: Ladder

  • securely through Ladder Life Insurance's website
    securely through Ladder Life Insurance's website
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    Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.

Compared to AARP and AIG's whole life insurance, Ladder has a clear advantage - they have no hidden fees on their policies and showcase all the details and information on their website. It sets them ahead of the competition, and there are many positive reviews from customers.

Suppose you are looking for burial insurance for your parents. In that case, you should know that Ladder offers policies for people between 20 to 60 years of age. The application process is fast and easy; you can do it directly on their website. 

You might want to change some details and adjust the coverage in the future. Ladder will allow you to make these changes, and their customer support team will gladly help you. All in all, we found that Ladder is the best burial insurance company on the market for seniors.

Pros

  • You can get up to $8,000,000 in coverage
  • You can always modify the coverage
  • Their website is easy to navigate
  • No hidden fees on their policies

Cons

  • You cannot add any policy riders.
  • Only people aged 60 and younger can apply.
  • There are low age limits for a 30-year term.

2. Best For Those Under 50: Wysh

If you are between 18 and 50 years old, Wysh is the perfect choice for you. They offer several flexible policy options, all available without any strict conditions, such as a medical exam. Their team will ask a couple of health questions and provide you with the best plan that fits your needs.

They offer coverage between $50,000 and $2,500,000, which starts instantly after approval. If you change your mind in the future, you can always add or decrease this coverage later. 

One of the few drawbacks of Wysh is the difficulty to qualify for their service if you're over 50 years old. In that case, you should look for a service specifically designed for seniors, such as the next company recommended on our list.

Pros

  • No medical exams are necessary
  • You can modify the coverage in the future
  • Applying for their insurance takes less than 10 minutes
  • Their website features a handy coverage calculator.

Cons

  • Online customer support is limited in availability
  • The company is new and lacks a history
  • Insurance is not available for those over 50

3. Best Overall Burial Insurance Company For Anyone Over 60: Transamerica Corp

Not many companies offer a policy duration for a lifetime, but Transamerica Corp provides it with all their plans. It is the best burial insurance for seniors over 60 or 70. 

They have been operating since 1906, and currently, they hold an excellent rating. A medical exam is not required, but you must answer some health questions when applying. 

Their coverage starts at just $25,000 and can reach up to $10,000,000, depending on your chosen plan. Available in all states, Transamerica offers a cremation policy, free built-in riders, and quick application processing times.

Pros

  • Available in all US states
  • The coverage will not expire or increase in cost
  • No medical exam required
  • There is no waiting period; applications get processed instantly.

Cons

  • Their graded plan is overpriced
  • It is not guaranteed that you will be accepted
  • The application is long and difficult to understand

4. Best For Term Life Insurance: Bestow

This company is based in Dallas and has been operating in the US market since 2016. With excellent ratings, Bestow managed to gain the trust of many customers. With several low-cost policies, you can make sure to get the best one for you. 

You should remember that Bestow only offers their insurance to people aged between 18 to 60 years old. Term lengths range from 10 to 30 years; their coverage limit is $1,500,000. This sum should be enough to cover your family's expenses in the future. 

With no medical exam required and no health questions asked, getting burial insurance from Bestow is quick and easy. It is the best option if you are looking for the best burial insurance with no waiting period.

Pros

  • Coverage ranges from $50,000 to $1,500,000
  • There is no medical exam for the application
  • You can get approved within minutes
  • Low-cost plans starting from $8/month

Cons

  • Policies are limited to customers under 60 years old
  • The term limits have a maximum of 30 years
  • Only 2 types of plans are available

5. Best For Customized Plans: Northwestern Mutual

With an exceptional financial strength rating, you can be sure that Northwestern Mutual will continue to operate for the next decades. They have the lowest complaint ratio, and this is a sign of excellent customer support. They were happy to answer all of our questions, and their team was friendly yet professional.

Their policies are available in all 50 states. A coverage calculator tool is available on their website, which should prove useful to you. Customized plans are perfect for someone who gets very specific with their requirements. It is the best option if you are looking for the best burial insurance with no waiting period.

Pros

  • Very few complaints and exceptional customer reviews
  • Strong financial rating, making it a trusting provider
  • Eligible customers receive consistent dividends
  • You can customize your plan

Cons

  • Their website does not offer clear details about plans
  • You cannot apply online

How Does Burial Insurance Work?

This type of insurance is usually intended for seniors. It is meant to cover all the expenses necessary for organizing the funeral services. Burial insurance will cover everything necessary for your burial and several other expenses arising during this event.

After you depart this world, the company will offer a cash payout to your family based on their policy. This money is supposed to cover all funeral plans, including cremation costs and other end-of-life expenses. Some providers will also cover all of your medical bills and credit card debts.

A unique factor about the funeral insurance plan is that the premiums will never increase. At the same time, there will be no decrease in the death benefit as it keeps the same value forever. Seniors will get the most benefits from this type of insurance. There are several plans and discounts available for different ages.

Why You Should Trust Benzinga

Here at Benzinga, we make sure that you have enough knowledge and advice to be in charge of your finances. It might be stressful to consider everything that is necessary in this regard, but we're here to make it easier for you. That's why today we recommend this type of insurance, which will prove useful at one point in the future.

Our team of experts researched and analyzed the major providers of this service across the nation. We contacted each company to find more information about them, and they gladly helped us with any questions.

Ultimately, we decided to rank them and only recommend the best 5 ones. This way, you can make sure you will choose between the leaders in this industry. Each of them passed our strict requirements, and they all met our standards. 

Factors To Look For

Before you choose a provider and explore their plans, take a look at these factors to consider in burial insurance. A funeral home will take care of the event, but remember that it's funded by your insurance. It's no different from getting malpractice insurance, legal insurance, or protecting your sewer.

Final Expenses

Try to estimate the expenses for the funeral. How much money do you think it would cost? Consult with a funeral home and explore their options. They can also provide you with exact prices, so you know how much you need to be covered by your insurance.

Additional Funeral Fees

Funeral laws will vary from state to state. For burial requirements, you must pay coroner fees and look for retail casket sellers. Make sure your provider will cover these expenses.

Determine How Much Money You Will Leave Behind.

After a funeral, the family will have to deal with stress and grief. During this time, day-to-day life is more difficult. Make sure your loved ones will benefit from your insurance, and they will have enough money to pay the bills and ensure survival needs.

How Much Does Burial Insurance Cost For Seniors?

On average, seniors will have to pay between $18 to $286 per month. The exact price will depend on the insurance company and its policies. However, keep in mind that your age, sex, and overall health are also taken into account when calculating the final price.

Expensive insurance plans will also release more funds to your family after the funeral, and they can cover their expenses with this fund. Usually, cheaper plans will only take care of the funeral services.

Comparison

ProviderBest forAge rangeMaximum coverageMedical exam
WyshboxUnder 50 year olds18 – 50$2,500,000Health questions
TransamericaPeople with chronic conditions18 - 80$10,000,000Health questions
BestowFlexible life insurance18 - 60$1,500,000Not required
Northwestern MutualCustomized plan optionsUntil 85Upper limits not knownNot required
LadderAdjustable coverage60 or younger$8,000,000Not required

Pros And Cons Of Final Expense Insurance

This type of insurance comes with several benefits and drawbacks. Let's take a look at some of them, so you can get an idea about how this service can benefit you the most.

Pros

  • Affordable premiums - those that are looking for a final expense insurance quote will be pleased to find out they're rather cheap. On average, you should expect to pay between $50 to $100 every month. 
  • No exam is necessary - you won't have to do any medical examination to be approved for this service. Answering a couple of health-related questions might be necessary with some providers.
  • Fixed death benefit - The coverage is guaranteed to stay at a fixed rate, and it will never decrease in the future. 
  • No age limit - while this service is more suitable for seniors, there is no age limit for getting burial insurance. Some companies can even offer them to children that are only a couple of days old.

Cons

  • Options are sold through agents - these companies do not sell directly to their clients. They hire expert agents that will market their products. 
  • It can be used for anything - while the purpose of this insurance is clear and the money should be used for your funeral, the beneficiary has full control of the funds. Some people choose to send this money directly to a chosen funeral home instead.
  • Limited amounts of coverage - in most cases, you won't be able to get more than $50,000 from this insurance. They are limited to a maximum death benefit; this amount might not be enough for some customers.

Frequently Asked Questions

Q

How Does Final Expense Insurance Work?

A

This type of insurance will cover all the costs of a person’s funeral. Additionally, it also covers several other end-of-life expenses. It is intended to ease the financial burden on your family after your passing.

Q

Is Burial Insurance Worth It?

A

Burial insurance is worth it if you want to be prepared for the final day that inevitably comes for all of us. You can ensure that everything is cared for, and your family will not have to deal with any financial problems through their grief.

Q

What Type Of Insurance Policy Pays For Funeral And Burial Costs?

A

A final expense insurance will specifically cover the cost of this event. A death benefit will be forwarded to your family, who can use it to pay for funeral services, casket, urns, and other related costs.

Methodology

Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.

About Thomas Jepsen

Thomas Jepsen has an MSc in Accounting, Strategy, & Control. He also has been heavily involved in finance for many years.