Burial Insurance Companies
Burial Insurance Topics
Assurant Solutions devotes an entire wing of its business to funeral planning and related insurance products. The company’s Preneed Division assists customers with both arranging and funding final expenses including burial costs. Assurant’s website does not specify the qualification requirements or the available payout benefits. We recommend that you contact an Assurant agent using the information at the bottom of this document to obtain further details.
What is burial insurance?
Burial insurance is usually referred to as final expense insurance by your insurance company. It is also called funeral insurance. No matter how you say it, burial insurance is insurance that pays a set amount to a beneficiary after the policyholder passes away. Burial insurance policies are usually cheaper than standard life insurance policies, both because they pay less and because they typically feature shorter terms. It is therefore easier to qualify for burial insurance in most cases. Burial insurance is intended to cover the costs of a modest funeral and related services.
Why is burial insurance necessary?
Burial insurance can help your family avoid costly funeral expenses and related debt. If you lack savings or cash set aside to cover your end-of-life expenses, your surviving family will be held responsible for said costs. With burial insurance, you can leave them a lump-sum cash payout that can cover your end-of-life costs. It can also be used for any other purpose at your family’s discretion. Burial insurance may also be used as an alternative form of traditional life insurance if you cannot qualify for a traditional life insurance policy.
How much burial insurance is necessary?
Modest funerals cost an average of $10,000, and most burial insurance policies are designed with this figure in mind. Policies with higher payouts are available, but they will cost you more per month on your premium payments. Policies with higher payouts may also have certain health-related qualification restrictions. If you are planning to have a relatively simple funeral, a $10,000 death benefit should be enough to cover most — if not all — of your final expenses.
How to get started
If you are already an Assurant insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can contact an Assurant customer service representative via the company’s website. You may also shop for policies using our comparison tool by clicking on the following link.
Financial Strength Ratings
AM Best – A-, Stable outlook
Moody’s – Baa2, Stable outlook
Standard & Poor – EE, Stable outlook
Company contact info
440 Mount Rushmore Rd
Rapid City, SD 57701
Monday – Friday, 7:00 a.m. to 6:00 p.m. Mountain