Burial Insurance Companies
Burial Insurance Topics
Medico Insurance Company is licensed in 47 states and has been selling insurance policies since 1930. The firm offers two different whole life final expense plans which may be used to cover the costs associated with funerals and burials. The first plan is designed for individuals aged 50 to 70. It features a death benefit ranging from $2,000 to $50,000. The second plan is designed for individuals aged 71 to 85. It features a death benefit ranging from $2,000 to $25,000. Both plans offer benefit increments of $1,000.
Can I cancel a burial insurance policy?
Burial insurance can not normally be cancelled. There are two exceptions to this rule. First, if for any reason you stop paying your monthly or annual premiums, your insurance company will void your policy. If this happens, you will not be eligible for any sort of refund of the premiums that you have already paid. The insurance company may also void your policy if your premium payments are consistently late, though they will provide you with ample warnings before cancellation. The only other case in which burial insurance may be canceled is if there has been fraud on the part of the insurance company.
Will a funeral home accept payment with burial insurance?
Burial insurance and final expense insurance beneficiaries are usually given a cash benefit payout upon the death of the policyholder. There is no limitation or restriction on the use of cash, so beneficiaries are allowed to pay funeral homes using this money.
Can I obtain burial insurance even though I have health issues?
Burial insurance, usually called final expense insurance by insurance companies, is made for people with illnesses that aren’t terminal. It is easier to get final expense insurance than more traditional types of life insurance. This is because burial insurance is typically for shorter terms and offers lower death benefit payouts than normal life insurance. This also means that the qualification process is more lenient in terms of health issues. That said, there are some serious health issues which may prevent you from obtaining burial insurance. You should check with multiple insurance companies to learn their policies on health screenings as well as to determine which company and insurance plan best fits your individual needs.
Many insurance companies don’t require medical exams or auditing, but they will ask you to fill out a brief health-related questionnaire in order to determine your eligibility, your rates, and the best plan for you.
How to get started
If you are already a Medico 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 its website, or you may 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 – A-, Stable outlook
Moody’s – No rating
Standard & Poor – No rating
Company contact info
Medico Insurance Company
PO Box 10386
Des Moines, IA 50306-0386