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Settlers Life

Settlers Life currently services customers in 42 states and employs over 4,400 agents to meet its customer’s needs. The company’s final expense and burial insurance plans offer payouts starting at $1,000 and going up to $50,000. Policies are available for individuals between the ages of 15 days and 85 years. Settlers Life doesn’t require a physical or medical exam, though it does determine your eligibility using a health questionnaire. The company offers flexible payment options which allow you to spread your premium charges over 10 years, 20 years, or the life of your policy.

Do I have to use burial insurance benefits on funeral expenses?

When the owner of a burial insurance or final expense insurance plan dies, the listed beneficiary on the policy is usually given a lump-sum cash payment. This payment may be used at the beneficiary’s discretion; there is no limit or restriction on its use. Many beneficiaries choose to use their payouts to cover some or all of the policyholder’s end-of-life expenses, which average around $10,000 for United States residents in 2016. That said, burial expense payouts may used for any other purchase, bill, expense, loan, or debt.

How do you apply for burial insurance?

In most cases, the simplest way to apply for burial or final expense insurance is via the insurance company’s website. You’ll need to answer a basic medical questionnaire for most companies. The information you provide is used to qualify you for various burial plan tiers that usually offer different benefit payouts and monthly premium charges. Most companies do not require medical screenings or blood tests. After you’ve completed the questionnaire and signed up for an account on the insurance company’s website, you’ll likely be asked for personal and billing information in order to expedite your insurance purchase. If you’re uncomfortable sharing this information over the internet, you should call the company’s 1-800 number and speak to an agent. Alternatively, you can visit an agent if the company has a local office in your area.

Do burial insurance premiums change?

Most burial and final expense insurance premiums are guaranteed not to change for the life of the policy. This guarantee does not apply if the policyholder fails to pay the required premiums on time. Excepting non-payment, your premiums will usually not rise as long as the company has guaranteed this in writing at the beginning of your purchase period. Your premium costs are determined by your age, your sex, your location, and any existing health issues you may have. Once you have accepted the insurance contract, the premiums will not change even if your health situation worsens.

How to get started

If you are already a Settlers Life insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can connect with an agent on 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 – No rating
Standard & Poor – No rating

Company contact info

Settlers Life Insurance Company
1969 Lee Hwy
PO Box 8600
Bristol, VA 24203-8600
phs@settlerslife.com
(800) 542-8711