The Best Burial Insurance Of 2024 (2024)

Burial insurance is a type of life insurance designed specifically to pay for final expenses. It is sometimes called funeral insurance or final expense insurance. You may be looking at this type of life insurance if you want to provide a relatively small amount of money that your family can use to pay for a funeral and some additional small expenses.

We evaluated insurers and found only two that we would recommend as the best burial life insurance companies.

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• Best Burial Insurance Companies of 2024
• Comparison of the Best Burial Insurance Companies
• Pros and Cons of Burial Insurance
• Is Burial Insurance Worth It?
• How Much Is Burial Insurance?
• How Much Does an Average Funeral Cost?
• How to Get the Best Burial Insurance
• Types of Burial Insurance
• Methodology
• Best Burial Insurance FAQs
• Next Up In Life Insurance

• AARP/New York Life
• State Farm

If covering your own funeral expenses is the primary reason you’re buying life insurance, burial insurance is an option. But there are some drawbacks if you go this route.

A burial insurance policy could be worth it if:

• You want life insurance you can’t be turned down for.
• You don’t want to take a life insurance medical exam.
• You need only a relatively small amount of life insurance.
• You don’t mind that your beneficiaries will receive only a refund of premiums (and some interest) if you die of illness within the first two years after you buy the policy. (The full death benefit is generally paid for accidental deaths, like a car crash.)

The trade-off is that burial insurance is generally a very expensive way to buy life insurance, based on the amount of coverage you get.

Average Burial Insurance Cost by Age for $10,000 in Coverage

The national median funeral cost with a viewing and burial is $7,848, according to the National Funeral Directors Association. That average does not include the cost of a vault, which is typically required by a cemetery. The median cost is $9,420 when a vault is included.

The national median cost for a cremation with a cremation casket is $6,970.

These figures do not include funeral costs such as a monument or marker, obituary or flowers.

Breakdown of National Median Funeral Costs

When it comes to finding the best burial insurance, you need to consider your estimated final expenses, your budget and any specific policy needs, then choose a reputable insurer that can meet those needs.

Here are a few considerations as you shop for burial insurance.

• Does the insurer offer coverage in the amount you need?
• Does the premium fit your budget, or do you need to adjust your coverage?
• Is a medical exam required?
• Does the insurance company have favorable customer ratings?
• Does the insurance company have high industry ratings, such as from AM Best?

Many major insurers will allow you to get a burial insurance quote online. It’s a good idea tocompare life insurance quotesfrom several insurance companies before making a decision.

Simplified Issue Life Insurance

If you apply for simplified issue life insurance you’ll answer some questions about your health but you won’t be required to take a medical exam. Additional information about you is usually gathered by the insurance company through third-party sources. This might include details about your driving record and prescription drug use.

With simplified issue life insurance, you can usually find out if you’ve been approved within minutes of filing the application.

One advantage of having a simplified issue life insurance policy to pay for your funeral is that it generally costs less than a guaranteed issue life insurance. Simplified issue policies also usually have higher death benefits available than guaranteed issue policies. These types of policies will usually have a graded death benefit, meaning your beneficiaries won’t get a full payout if you pass away from an illness within the first two of years after buying the policy. (The full death benefit is generally paid for accident-related deaths.)

Guaranteed Issue Life Insurance

If you buy a guaranteed issue life insurance policy to pay for your burial, you won’t have to answer any health questions, there’s no medical exam, and you can’t be denied coverage.

While guaranteed issue life insurance is an incredibly easy way to get burial insurance, there are significant downsides:

• It’s a very expensive way to buy life insurance.
• It also usually has low maximum coverage amounts, such as $25,000 or less.
• You typically need to be at least age 50 to buy guaranteed issue life insurance.
• It usually has a graded death benefit.

Pre-Need Insurance

Pre-need insurance is sometimes available from the funeral home where you plan to have your services. You contract with the funeral home for the services you want. The funeral director can sell you a pre-need insurance policy when they are also a licensed life insurance agent. When you pass away, the policy’s pay out goes directly to the funeral home to pay for the arrangements you’ve selected.

We chose the best burial insurance companies based on the following measurements.

Cost (50% of score): We analyzed burial insurance costs. Only life insurance companies with online quotes for burial insurance were included in our analysis.

Complaints (50% of score): We factored in complaints about life insurance based on data from the National Association of Insurance Commissioners. Complaint data reflects upheld complaints around the country, and a high complaint level knocked some companies out of our rankings.

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