Burial Insurance Companies
Burial Insurance Topics
Bankers Fidelity is an Atlanta-based insurance provider that was founded in 1955. It is licensed in 46 states as well as the District of Columbia. The company offers three final expense or burial insurance plans, with payouts ranging from $3,000 to $50,000. Bankers Fidelity guarantees that your benefits will never decrease, nor will your premiums increase as long as you make your payments. The company offers lower preferred rates for healthy seniors, and it also offers a 10-day full refund policy.
Why you need burial insurance
Burial services in the United States are incredibly expensive, even if you plan to have a small or modest funeral. Funerals average around $10,000 in the year 2016. This cost is expected to rise, as burial expenses have increased an average of five to eight percent each year. The $10,000 figure may not tell the whole story, either. It does not include anything beyond basic services; things like body transportation costs, headstone fees, and cemetery fees will be extra. Optional niceties such as floral arrangements or lost work time compensation may add to the total burial bill.
Burial insurance can help your surviving family meet some or all of these expenses. It may also benefit your surviving family in other ways. Burial insurance, usually called final expense insurance by insurance companies, pays in cash upon the policyholder’s death. This means that your beneficiary may spend the payout any way they choose on anything they choose. Burial insurance does not restrict your loved ones to any particular funeral home, funeral type, or funeral location.
You should consider burial insurance if you:
- Lack life insurance
- Lack cash or savings set aside specifically for burial costs
- You want to prevent your family from worrying over your burial costs
- You want a separate burial and life insurance policy
How it works
Most insurance companies offer burial or final expense insurance at considerably lower rates than regular life insurance policies. The cost of your burial policy will depend on your age, your sex, your health, your location, and what sort of policy you’d like to purchase. Burial insurance plans typically feature a monthly premium payment, although some companies allow annual payments instead. Payment of the premium will grant your surviving loved ones a predetermined amount of coverage payout. The amount depends on the factors listed previously. For example, if you’re 50 years old, female, and you live in Tennessee, you can expect around $50.00 per month for a $10,000 death benefit. If you’re 80 years old, male, and you live in Maryland, you’ll probably pay quite a bit more per month for the same benefit amount. The price difference is due to your advanced age and the higher cost of living in Maryland. These figures are only estimates. You may be able to obtain cheaper premium rates and a higher death payout by undergoing a medical underwriting process.
How to get started
If you are already a Bankers Fidelity insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can obtain a quote on the firm’s website or by using the contact information below. 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 – Not rated
Standard & Poor – Not rated
Company contact info
Bankers Fidelity Life Insurance Company
4370 Peachtree Road, NE
Atlanta, GA 30319
(866) 458 7504