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Life insurance coverage is one of the most important purchases that you could ever make. It’s important to give your family the insurance protection that they need and a life insurance plan is the best way to do that. When you’re looking to get insurance coverage, there are dozens of different factors that you should consider to ensure that you’re getting the best plan possible. There are a lot of applicants that decide that they don’t need a traditional life insurance plan, instead they prefer purchasing a burial insurance plan. These plans are a great alternative that can save you hundreds of dollars on your life insurance premiums.
When purchasing any life insurance coverage, it is important to determine and compare several criteria. First, you should analyze the amount of coverage that you will need. For example, today, the average cost of a funeral can be in excess of $10,000. This is especially the case when you factor in the expenses that are associated with a burial plot, a headstone, a casket, the memorial service itself, transportation, flowers, and other related items. This is an amount of money that most families and loved ones do not have readily on hand – so a burial insurance policy can be of great need when the time comes.
These types of insurance policies are known for paying out proceeds quickly to the named beneficiary (or beneficiaries) so that expenses can be taken care of, and the family can move forward. This is a positive factor during an already difficult time.
Some wonder why do I need a burial insurance policy, or how does a burial insurance policy work? Well, burial insurance policies are also typically known for being somewhat easier to qualify for than many other types of life insurance coverage, which makes them more obtainable. This is because many of these plans do not require the applicant for coverage to go through a medical examination. This means that, even if you have certain types of health related issues, you may still be eligible to qualify for a no medical exam life insurance policy. And, with no medical underwriting to contend with, these policies can often be approved very quickly – so that you can have your coverage within a relatively short period after application, similar to a guaranteed issue policy.
The face amount of coverage on a burial insurance policy will typically run between $5,000 and $100,000 – although there are some life insurance companies that offers much higher amounts of protection.
It is also important to consider when choosing a burial insurance policy the actual insurance carrier that will be underwriting the coverage. This is because you will want the company to be there when your loved ones and survivors need them to be.
There are many life insurance carriers to choose from – and they all offer various types of protection. Some may be there in the future – and some may not. One of the stronger life insurance carriers out in the marketplace today is Mutual of Omaha. This company offers two good options in terms of burial insurance policies.
Reviewing Burial Insurance Policies from Mutual of Omaha
Mutual of Omaha offers burial insurance, also referred to as final expense life insurance, through its subsidiary United of Omaha. This policy is called the Living Promise Whole Life Insurance plan, and it is designed to assist in paying for an insured’s final expenses, as well as other costs that may be incurred near the end of the individual’s life that could incur financial hardship for the insured’s family and / or survivors.
This life insurance policy offers affordable coverage that pays out the proceeds directly to a named beneficiary (or beneficiaries). These are typically the individuals whom the insured has designated to take care of his or her outstanding medical expenses, as well as other unexpected costs and/or debts that are left behind. By having a whole life insurance plan in place, the insured can ensure that survivors are not left with unpaid bills and other debts to pay.
The Living Promise Whole Life insurance policy offers two different plans that can be chosen from. These include the following:
The Level Benefit Plan
The Level Benefit Plan is offered to those who are between the ages of 45 and 85. The face amount that may be chosen can range anywhere between $2,000 up to $40,000. (In the state of Washington, the minimum face amount offered is $25,000 and the maximum face amount is $40,000).
With this plan, there are also riders that are offered at no additional charge. These include the Accelerated Death Benefit for Terminal Illness Rider or the Nursing Home Confinement Rider. (It is important to note that the Accelerated Death Benefit rider may vary from state to state). There is also an optional Accelerated Death Benefit rider that is offered to policyholders in Texas.
The Graded Benefit Plan
There is also the Graded Benefit Plan. This policy is offered to those who are between the ages of 45 and 80, and the face amounts that are offered can range between $2,000 and $20,000 in coverage protection.
This policy provides a graded benefit, which means that if death of the insured that is due to natural causes – in other words, death that is caused by means other than an accident – during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy. Once two years have elapsed, however, the full amount of the death benefit will be paid out to the beneficiary, regardless of the cause of death of the insured. (This policy is not available in the states of AR, MT, NC, or WA).
Additional Notes Regarding Mutual of Omaha Burial Plans
Mutual of Omaha is known for offering very competitive premium rates on its burial life insurance plans for seniors. These premiums are designed to fit most people’s budgets. Also, the insurance company cannot cancel the life insurance, once the policy is in force, provided that the premium continues to be paid.
With the burial policies that are offered by Mutual of Omaha, there are no medical exams required. Therefore, all that an applicant needs to do to qualify for the coverage is answer just a few health-related questions on the application for coverage.
These policies, just like any other life insurance plan, do not specifically pay for funeral goods and services. And, they may not cover the entire cost of the funeral at that time. While burial insurance may be purchased for the purpose of paying for funeral costs, the proceeds can still be used for paying any expenses that the beneficiary sees fit.
Mutual of Omaha is also regarded as a very good company by the Better Business Bureau (BBB). The company has been an accredited member of the BBB since February 1, 1940. It has been given a rating of A+ (with a rating scale of between A+ to F). In the 75 years that Mutual of Omaha has been accredited with the Better Business Bureau, the company has closed more than 150 complaints, 42 of which have been closed within the past 12 months.
The company also has high ratings from the insurance company ratings agencies – meaning that it is considered to be strong and stable financially and that it pays out its claims to its insurance policy holders. Mutual of Omaha has been rated as an A+ (Superior) by A.M. Best, an A1 (Good) by Moody’s Investors Service, and as a AA- (Very Strong) by Standard & Poor’s).
Calculating Your Insurance Needs
When you’re looking to get quality insurance plan, it’s important that you calculate what your life insurance needs are, otherwise you could purchase too small of a plan. If you don’t have a large enough life insurance policy or burial insurance plan, your family could be left with massive left over expenses. Before you apply, lets calculate how much life insurance that your family is going to need.
The first number that you should look at is how much debts and final expenses that you would leave behind if something tragic were to happen to you. It’s important that you give your loved ones the money that they need to pay off any bills and other final expenses.
The next number that you should look at is if anyone relies on your income to pay for any basic necessities. If you were to pass away, your family could struggle financially. Your life insurance plan or burial insurance plan will give your family the money that they need to pay for basic expenses without having to sacrifice their standard of living.
If you add up all of those numbers and see that a burial insurance plan won’t give you enough life insurance coverage, you’ll need to apply for a traditional insurance plan. If you need to help deciding how much insurance coverage you need, our agents can help you get the perfect insurance plan for your family.
How and Where to Obtain the Best Quotes
If you are seeking the best quotes for burial life insurance, it is best to do so via a company or agency which deals with more than just one life insurer. This is because doing so will allow you to obtain a more unbiased look at the policies, the benefits, and the premium prices of multiple companies – and to then choose the plan that works the best for you.
When you are ready to make a plan comparison, we can help. We work with many of the best burial insurance policy carriers in the industry today, and we can assist you with obtaining all of the details that you need for making a much more informed purchasing decision. We can do so for you very quickly, easily, and conveniently – directly from your home computer, and without the need to meet in person with an insurance agent. If you are ready to move forward with the process, you can get no obligation quotes by filling out the form on this page.
Should you discover that you have any questions at all regarding the burial insurance policies from Mutual of Omaha – or even if you have any questions about life insurance at all – please feel free to contact us. Our experts are here to assist you with obtaining quotes, as well as with other needs, such as determining how much coverage that you need, what type of coverage will fit your needs the best, and which of the many life insurance carriers will be the best for you. We can be reached directly by phone, toll-free, by calling 888-389-8676.
We understand that the purchase of life insurance can at times seem at bit confusing. There are a lot of variables to put into place – and you want to be sure that you are choosing the proper amount of protection, as well as the right plan that will fit your specific needs. So, contact us today – we are here to help.
Other Company Reviews Offered
As always, we recommend that you know all of your options thoroughly before you make your final life insurance purchase decision. Here are other company reviews for your reference:
When you’re looking to get insurance coverage, we know it can be a long and difficult process, but it doesn’t have to be. Our agents are here to make the process as quick and simple as possible. Our agents have years of experience working with dozens of highly-rated companies across the nation. Every person is different, but our agents can help you connect with the best plan to meet your needs.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance protection that your family needs. If you have any questions about Mutual of Omaha or about the different insurance plans available to you, please contact one of our agents today. If something tragic were to happen to you, your loved ones could be responsible for funeral bills and other debts, which can make a painful situation a thousand times worse.