Burial Insurance Companies
Burial Insurance Topics
Senior Life was founded in 1970 and has since expanded to 39 states plus the District of Columbia. Senior Life advertises a wide range of final expense or burial plans that available to anyone between the ages of 0 and 85. Death benefits range from $1,000 to $50,000. Applicants are not required to undergo medical examinations, though a health-related questionnaire must be answered.
Why you need burial insurance
Every year, the cost of burial and funeral insurance increases between an average of five and eight percent. In 2016, the average cost of burials in the United States is almost $10,000. These costs are simply estimates, and they don’t include anything beyond basic services. Cemetery fees, headstone fees, body transport, and flowers will likely cost extra.
Burial insurance, which is usually called final expense insurance by insurance companies, helps your surviving family members and loved ones meet the rising cost of your funeral arrangements. It may also benefit them in additional ways since the payouts are typically made in cash. This means that your beneficiaries may choose to spend the payout on anything they see fit. Burial insurance does not bind your loved ones to any particular funeral home, funeral type, or funeral location.
You should consider burial insurance if you:
- Have no life insurance coverage
- Have no cash or savings planned for funeral expenses
- You wish to absolve your family of funeral-related debt after you pass
- You prefer a separate final expense policy and life insurance policy
How it works
Burial insurance costs depend on various factors including the desired coverage amount, the age, health, and sex of the policyholder, and the location as well as the company that is offering the insurance. Burial insurance plans usually require a monthly premium fee in exchange for a pre-set amount of coverage upon death. Rates vary widely, but if you’re a 50-year old woman with good health living in Mississippi, you can expect to pay approximately $50.00 per month for $10,000 worth of burial coverage. On the other hand, if you’re a 75-year old man living in New York, you can expect to pay significantly higher rates due to your age and location. These figures are just estimates. In some instances, medical underwriting or filling out a health-related questionnaire may lead to lower rates.
How to get started with Senior Life insurance
If you are already a Senior Life 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. You may also shop for policies using our comparison tool by clicking on the following link.
Financial Strength Ratings
AM Best – Not rated
Moody’s – Not rated
Standard & Poor – Not rated
Company contact info
1 Senior Life Lane
Thomasville, GA 31792