What is burial insurance and what does it cover?
Answer: Burial insurance is a type of whole life insurance designed to cover funeral and burial costs. The proceeds can be used for funeral services, burial / cremation, medical bills, outstanding debts, etc.
How is burial insurance different from life insurance?
Answer: Burial insurance usually has a smaller coverage amount (e.g., $5,000–$25,000) meant specifically for end-of-life expenses. It's typically easier to qualify for—meaning no medical exam or just a few health questions. Traditional life insurance aims to replace income lost after the death of a primary breadwinner so that a family has longer-term financial security.
Do I really need burial insurance if I already have life insurance?
Answer: It depends, some use burial insurance as a supplement to make sure funeral costs are immediately covered.
How much coverage should I get?
Answer: Enough to cover funeral costs. How much do funerals cost? The latest survey data offers a range on average from $7,000–$12,000 in the U.S. This is also another compelling reason why you should plan your funeral with Legacy of Love. Costs can be identified in advance, compared across local funeral providers, and largely controlled.
How much does burial insurance cost?
Answer: Premiums vary based on age, health, and coverage amount. Premiums can typically be $25–$100/month for older adults.
Is there a medical exam required?
Answer: Most burial insurance requires no medical exam and only requires a few health questions (or none at all for guaranteed issue policies).
What’s the age limit to apply?
Answer: Most companies accept applicants between 50 and 85, though some allow policies for people as young as 40. Legacy of Love burial insurance policy applicants can be from age 50 to age 99.
Can I get burial insurance if I have a serious health condition?
Answer: Yes. Guaranteed issue policies accept most applicants, though they may have a waiting period.
How fast can I get approved?
Answer: Often same-day approval is possible, especially for simplified or guaranteed issue policies.
Is the payout immediate?
Answer: Some policies pay immediately; others have a 2–3 year waiting period if health conditions are present at the time of application. With a Legacy of Love pre-need insurance policy, the payout typically occurs in just 48 hours.
Who gets the money when I die?
Answer: Your burial insurance policy named beneficiary receives the payout and can use it for any purpose.
What happens if I miss a payment on my burial insurance plan?
Answer: You could lose coverage, though some policies have a grace period or cash value you can borrow against.
Are prepaid funeral plans better than burial insurance?
Answer: It depends on your preferences. Many prepaid plans are tied to a specific funeral home, which can be problematic if you move or if the funeral provider goes out of business. This is where pre-need insurance plans from Legacy of Love differ. You name the beneficiary (not a funeral home) which gives you flexibility and portability. You have the ability to move or can decide to change funeral providers. With Legacy of Love, we provide flexibility for both burial insurance and pre-need insurance.
Can the government help with funeral costs?
Answer: Only minimally. Social Security offers a $255 death benefit, and Veterans Affairs may provide some benefits if the deceased is eligible.
Can I buy a burial insurance policy for someone else (like a parent)?
Answer: Yes, as long as you have insurable interest and their consent.
Burial insurance primarily pays for funeral and burial costs, but the payout can actually be used for any purpose by the beneficiary. The policy application process is simplified, with fewer health questions and typically no need for a full medical exam. We can help you compare burial insurance and pre-need insurance policies to find an insurance plan that fits your needs. Take the first step towards protecting your family from future financial burdens.
Want to learn more about why burial insurance from Legacy of Love may be the right method to fund your final expenses? Call us now at 833-888-0355 or fill out our online form and we'll respond right away.
