Burial Insurance Topics
William Penn Association
The William Penn Association is the largest Hungarian fraternal society in the United States. While it exists to promote and support Hungarian culture, it does accept members of non-Hungarian descent. The society was founded in 1886 and is licensed to sell William Penn Burial Insurance in:
|Connecticut||Kentucky||Missouri||North Carolina||West Virginia|
|Illinois||Maine||New Jersey||Pennsylvania||District of Columbia|
The firm offers a dozen different insurance products, many of which may be used for final expense or burial needs. You’ll find a handy final expense calculator on William Penn’s product page that will help you determine how much coverage you need.
Why you need burial insurance
Burial costs in the United States are rising at an average of between five and eight percent each year. Currently, the average cost of a modest funeral is $10,000, though that figure doesn’t include additional costs like transporting the body, cemetery fees, headstone prices, floral arrangements, or lost work time compensation.
Burial insurance, usually called final expense insurance by insurance companies, can help your surviving family meet these rising costs without going into debt. It may also help them in additional ways. Burial insurance is typically paid to the beneficiary in cash, which enables your surviving loved ones to spend the money for anything they deem necessary. William Penn Burial Insurance does not restrict the beneficiary to any particular funeral home, funeral type, or funeral location.
William Penn Burial Insurance may help you if you:
- Don’t have any life insurance
- Don’t have any savings or cash set aside for burial expenses
- Don’t want your family bearing the cost of your burial
- Want a separate life insurance and burial insurance policy
How it works
Your final expense or William Penn Burial Insurance policy’s cost will depend on several variables. These include the type of coverage you select and the amount of the death benefit. They also include your age, your sex, your health, your family’s health history, and where you live. Burial insurance plans usually feature a monthly premium payment which leads to a predetermined benefit payout for your beneficiary. Some insurance companies have customizable premium payment plans. For example, if you’re a 55-year old woman living in Georgia, you can expect to pay approximately $50.00 per month for $10,000 worth of burial insurance. If you’re an 80-year old man living in New York, your premium will be much higher because of your age and because of the high cost of living in New York. Bear in mind that these figures are estimates and that your actual premiums will probably differ. In a few instances, medical underwriting and/or answering a health-related questionnaire may lead to more affordable premium rates.
How to get started with William Penn Burial Insurance
If you are already a William Penn member, you should contact your local office and inquire about a final expense policy. If you are a prospective member, you can learn more about the organization on its website and contact a representative 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 – Rating withdrawn
Standard & Poor – A–, Stable outlook
Company contact info
William Penn Association
709 Brighton Road
Pittsburgh, PA 15233