Burial Insurance Topics
Standard Life and Accident
Standard Life and Accident Insurance is a Galveston, Texas-based firm that has been selling insurance for over 50 years. It focuses on sales and service for senior citizens. The company’s AdvantageGuard suite of final expense products are available to individuals between the ages of 26 and 80. No physical exam is required in most cases. Coverage amounts range from $5,000 to $75,000 depending on your age. Standard Life guarantees your premium rate and your benefits for life as long as you make timely payments.
Why you need burial insurance
The average cost of funeral services in the United States is approximately $10,000. Each year, these expenses increase by an average of between five and eight percent. These figures only include very basic services and do not cover additional required fees related to the cemetery, the headstone, and body transportation. Optional services like lost work time compensation and floral arrangements are also not covered.
Burial insurance assists your surviving family in coping with the significant expenses associated with your death. It may also benefit them in other ways, since burial insurance payouts are usually tax-free and made in cash. This cash may be spent on anything the beneficiary desires. Burial insurance does not bind the beneficiary to any particular funeral type, funeral home, or funeral location.
You should obtain burial insurance if you:
- Lack life insurance coverage
- Lack savings or cash set aside for burial expenses
- Wish to prevent your family from paying your burial expenses
- Wish to separate your life insurance and burial insurance policies
How it works
Burial insurance policy costs depend on many variables. Your age, your sex, your health, and where you live all play a role in determining your premium rates. Your costs are also affected by the type of insurance policy you want as well as the amount of death payout benefits you need. Burial insurance plans usually involve monthly premium payments that lead to a set death payout amount. Some policies allow for annual or flexible payment premiums.
If you’re a 50-year old woman in Alabama, you’ll probably pay somewhere around $50.00 per month for a $10,000 death benefit. If you’re a 75-year old man in Michigan, you’ll pay considerably more due to your age and the higher cost of living in Michigan. These figures are estimates. In some instances, medical underwriting and/or answering medical questionnaires could lead to lower premium rates.
How to get started
If you are already a Standard 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 – B, Negative outlook
Moody’s – Baa1, Negative outlook
Standard & Poor – A-, Stable outlook
Company contact info
Standard Life and Accident Insurance