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Today, the average cost of a funeral and other final expenses can be about $10,000. This is especially true when you factor in the expense of a memorial service (along with flowers and transportation), as well as other needs such as a burial plot and a headstone.
Unfortunately, many families just simply don’t have that amount of cash readily available when a loved one passes away. So in turn, family members and other survivors end up having to use savings – or worse yet, credit – to pay these costs. And this could put those you care about into financial hardship.
There is, however, a way that you can ensure these costs are quickly and easily paid for, without incurring any additional stress on the ones you love. This is through a burial insurance policy.
Burial insurance, which is also often referred to as funeral insurance or final expense insurance – is designed for paying the high cost of final expenses. These types of policies will typically provide coverage of between $5,000 and $25,000 (although some insurance carriers offer policies with higher coverage).
The benefits of these policies can be received free of income tax by your named beneficiary, so the entire amount of the coverage can be used for the payment of funeral and other final expenses, as well as other obligations, such as unpaid debt and uninsured medical expenses.
When purchasing a burial insurance policy, it is important that you first have an idea of just how much coverage you may need. It is also essential that you review the insurance carrier you are considering buying the coverage through so that you can verify that it is secure and stable financially, as well as that it has a good reputation for paying out its claims to policy holders. One insurance carrier that meets these criteria is United Home Life.
The History of United Home Life
United Home Life was founded in 1948. The company is a wholly owned subsidiary of United Farm Family Life Insurance Company, which has been in the insurance industry since 1937. Both of these companies have a philosophy of offering quality and personal service to their policy holders.
The primary focus of United Home Life insurance company is to offer flexible and affordable life insurance solutions to its policy holders – ultimately helping its clients to meet their overall financial obligations. Both United Home Life and United Farm Family Life Insurance Company are headquartered in Indianapolis, Indiana.
United Home Life Company Review
Today, after more than 140 years of serving its clients and policy holders, United Home Life has grown into a well respected and financially strong insurer. The company offers a range of life insurance coverage that can fit nearly any need. The company’s products are offered throughout the United States via independent insurance agents.
The goal of United Home Life insurance company is to keep its life insurance products easy to understand so that that policy holders can obtain the best protection for their specific needs. These products are often offered with simplified underwriting so that those who have various health conditions may still get the life insurance that is required to protect their loved ones.
Insurer Ratings and Better Business Bureau Grade
United Home Life is strong financially, and it also has a good reputation for timely benefit payments. The company has received high ratings from the insurer rating agencies, including an A- (Excellent) from A.M. Best Company.
Also, United Home Life Insurance Company has been an accredited company with the Better Business Bureau (BBB) since May 6, 2016. The company has been given a grade of A+ from the BBB, based on an A+-F scale.
Within the last three years, United Home Life has only received and closed out one single customer complaint (and none within the past 12 months). This complaint was regarding the company’s billing and collection practices.
Burial Insurance Plans Offered by United Home Life
United Home Life offers several options for burial insurance coverage. These policies are offered as whole life insurance, which means that the plan has death benefit protection, as well as a cash value, or savings, component.
With whole life insurance, there is no time limit on the length of the coverage – provided that the premium is paid. Also, there are other key benefits, too, such as:
- A death benefit amount that is guaranteed never to decrease
- A premium that is guaranteed never to go up
- Tax deferred growth of the cash value (meaning that there is no tax due on the increase of these funds, unless or until they are withdrawn)
The cash in such policies may be either borrowed or withdrawn by the policy holder, and used for any need that he or she sees fit, such as the payoff of debts, the supplementing of retirement income, or even for taking a nice vacation.
The burial insurance plans that are offered through United Home Life are designed for covering a broad spectrum of people. These include applicants who are in good health and who may be able to qualify for a preferred premium rate, to those who have severe health conditions – and who may even be considered as uninsurable by other life insurance companies.
Many of the burial insurance policies provided through United Home Life will not require that the applicant take a medical examination. Because of this, there are no lengthy underwriting requirements to wait for – and in turn, the policies can be approved and issued very quickly in most cases. In fact, in some instances, an individual can have their coverage in place within just days (or even sooner).
United Home Life’s burial insurance policy options include:
- Express Issue Premier – The Express Issue Premier policy offers an immediate death benefit, regardless of how long the insured has had the policy in force. This policy can also be more custom tailored to fit specific coverage needs by adding various riders. These can include an Accidental Death Benefit Rider and a Child Rider. Also, this policy includes a Terminal Illness Accelerated Benefit Rider at no additional premium cost.
- Express Issue Deluxe – As with the Express Issue Premier, the Express Issue Deluxe policy from United Home Life also offers an immediate death benefit, regardless of when the policy is purchased. It, too, provides a variety of different additional riders – some at no added cost – to help with customizing the plan.
- Express Issue Whole Life – The Express Issue Whole Life, or EIWL, plan is a graded benefit whole life insurance policy. With this option, should the insured pass away within the first two years of policy ownership, the death benefit that is paid out if he or she passed due to natural causes, is a refund of all premiums that were paid in, plus interest. If the insured passes away after having the policy for more than two years, the full amount of the policy’s death benefit will be paid out to the named beneficiary (or beneficiaries). This policy also has several riders that may be added at no additional cost. These include a Common Carrier Accidental Death Benefit Rider, a Hospital Stay Waiver of Premium Rider, and an Identity Theft Waiver of Premium Rider.
These burial insurance policies offer simplified underwriting, which means that the coverage can fit a broad range of applicants. Each policy provides the following:
- No blood work and routine medical exam, or even a required physicians statement are needed for underwriting purposes
- A simple telephone interview with a company underwriter
- Affordable premium – and no premium increases
- Guaranteed death benefit amount
- Coverage cannot be canceled by the insurance company – provided that the premiums are paid
- The ability to customize coverage with additional policy riders – some at no additional premium cost
Other Products and Services Offered
In addition to being well known for offering affordable burial insurance coverage, United Home Life also provides many other products and services. These include:
- Life Insurance – United Home Life provides an immediate death benefit whole life insurance policy called Provider. This plan can offer insurance protection at any stage of an insured’s lifetime, young or old. For those who qualify based on health, United Home Life offers a discounted premium option. There are also several different additional riders available on this coverage that can help to customize the policy further to meet specific needs. These include a Common Carrier Accidental Death Benefit Rider, a Terminal Illness Accelerated Benefit Rider, a Charitable Gift Donation Rider, a Life Threatening Cancer Accelerated Benefit Rider, an Accidental Death Benefit Rider, and a Guaranteed Insurability Benefit Rider.
- Accidental Death Benefit Coverage – United Home Life also offers an accidental death benefit plan. This can be an inexpensive way to add coverage to an existing policy. With the company’s Protector AD, there is an accidental death benefit rider that doubles over a 20 year period. The premiums on this coverage will remain level throughout the 20-year time frame, and there is also a return of premium feature which, at the end of the 20 years, can allow the insured to get a refund of all the annual premiums that were put in. Qualifying for this coverage can be easy, as there is only one non-health related question on the application for coverage. This plan may be highly desirable for those who work in more “risky” occupations such as window washers, firefighters, police officers, and long haul truck drivers.
How to Get the Best Premium Rate on Burial Insurance from United Home Life
If you have been searching for the best premium rates on burial insurance from United Home Life Insurance Company – or from any insurer, it is typically recommended that you work in conjunction with an independent life insurance agency or brokerage. That way, you will be able to easily compare side-by-side coverage and premium details from many different insurers – and from there, you can determine which will be the best for your coverage needs.
When you are ready to see what type and amount of burial insurance coverage you qualify for, we can help. We are an independent insurance brokerage, and we work with many of the top life insurance providers in the country. We can assist you in getting all the details you require for making a well-informed purchasing decision. We can do this for you very quickly and easily – and without you even having to meet in person with a burial life insurance agent. Therefore, if you are ready to proceed, then all you have to do is just simply fill out our quote form.
Should you find that you still have any additional questions or concerns about purchasing a burial insurance policy, feel free to reach out to us directly via phone. Our experts are here to assist you with getting quotes, as well as additional coverage information. We can be reached toll-free by dialing 888-389-8676.
We understand that the purchase of any type of insurance – including burial insurance protection – can seem to be a bit overwhelming. There are lots of different variables that you need to be aware of, and you want to ensure that you are purchasing the right type and amount of coverage for your needs.
But, the good news is that this process can be much faster and easier when you are working with an expert on your side. In doing so, you will be much more apt to find the best policy at an affordable price – regardless of your current health condition. So, contact us today – we’re here to help.