Equitable Life

Equitable Life is a Utah-based company that has been providing health and life insurance services for over 75 years. It offers final expense (burial) plans for individuals between the ages of 50 and 85, with death benefits ranging from $2,000 to $30,000. Equitable guarantees that your plan benefits and your premium payments will stay the same over the life of your insurance. It pays out a lump-sum amount to your beneficiary that is generally tax-free.

There are two plan levels, the Heritage Protector and the Heritage Protector Graded. The former offers full first-day coverage with the full benefit payable whenever death occurs. The latter differs in that it pays all of your premiums plus five percent interest to your beneficiary if death occurs during the first 12 months of coverage. If death occurs during the second year, the company returns your premium plus 10 percent. If death occurs during the third year, 75 percent of the benefit is payable. After 36 months of coverage, the full benefit is payable. However, if the policy holder’s death is an accident, the full benefit is payable on the first day of coverage.

Why you need burial insurance

The average cost of burial services in America is $10,000. Each year, these costs increase between five and eight percent. Additionally, these estimates don’t typically cover things like headstone fees, body transportation fees, cemetery fees, and the like. Optional niceties like flower arrangements and lost work time compensation are not factored into the estimates, either.

As you can see, the financial burden of your death on your surviving loved ones can be considerable, which is why it’s a good idea to invest in burial or final expense insurance. Additionally, burial experience my benefit your loved ones by providing them with extra funds to pay additional expenses that may or may not be related to your death costs. Since funeral insurance benefits are typically paid out in cash, the beneficiaries may choose to spend said cash without restriction.

You should purchase burial or final expense insurance if you:

• Lack life insurance
• Lack savings for death expenses
• Wish to ease the financial burden of your death upon your surviving family
• You prefer that your burial insurance be on a separate policy from your existing life insurance

How it works

Burial insurance costs vary depending on factors that include your health, your age, your location, the coverage amount you select, and the insurance company you select. Burial insurance plans usually require a monthly premium payment in exchange for a certain amount of coverage. If you’re a 50-year old woman living in South Carolina, you will probably pay close to $50.00 monthly for a $10,000 death benefit. If you’re a 75-year old man living in California, your monthly premium will be much higher for the same death benefit, due to the higher cost of living in California. These figures are estimates, though. Contact your preferred insurance company to receive a quote that has been tailored to your specific needs.

How to get started

If you are already a Equitable Life insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can chat with a live agent via the Equitable website, fill out a quote form, or call the company using the information below. You may also shop for policies using our comparison tool by clicking on the following link.

Financial Strength Ratings

AM Best – B, Stable outlook
Moody’s – No rating
Standard & Poor – A+, Positive outlook

Company contact info

Equitable Life and Casualty Insurance Company
3 Triad Center
Salt Lake City, Utah 84180-1200
(877) 358-4060; Call Monday – Friday, 7:00 a.m. to 5:30 p.m. Mountain