What Is The Difference Between Burial and Final Expense Insurance?

The truth is there is NO DIFFERENCE between Final Expense and Burial Insurance.

Both of these policies are nothing more than small simplified issue whole life insurance. “Final Expense” and “Burial” coverage is just terminology used in marketing for the exact same insurance. 

Final Expense Insurance Can be Confusing!

We try to make it as easy as possible. Our Goal is to keep our customers completely informed. Please feel free to read some of the blogs addressing issues you may have an interest in exploring:

Insurance Reviews Burial Insurance by State Final Expense Insurance Costs by Age Health Issues and Final Expense Insurance Final Expense Life Insurance Helping Your Parents with Final Expense Costs Better Options with a Licensed Insurance Agent Senior Care Burial Insurance No Waiting Period State Regulated Insurance 57 Gold

Guaranteed Acceptance Life Insurance That Has NO Waiting Period

When you see ads on TV or the internet for Life Insurance, some carriers will want to take less risk as older folks are more likely to pass on than younger ones.

Now if your older and relatively healthy, this really isn’t a problem.  But on the other hand, if you’ve had a stroke or cancer or severe diabetes in the past two years, carriers will be more nervous.

So the way companies like Colonial Penn (very high priced coverage) alleviate their risk is to make you wait two years of YOUR payments before they will pay the FULL benefit.

This way the carrier has 24 months of payments under their belt before the full risk goes into effect.

Now there is nothing wrong with the 2 year waiting period if you are seriously in poor health.  Insurance companies couldn’t survive if folks just bought coverage a month before they would die.

The problem is, for simplicity, some carriers require ALL clients to wait the two years, whether they are healthy or not. 

This is horrible.  You don’t know when you are going to pass and stranger things have happened then someone over the age of 65 getting coverage and dying the next week.  It can happen. You want your loved ones paid, not reading fine print and realizing you died too soon after you did the right thing getting coverage?

And an inexperienced door to door insurance person will sometimes slip you in these 2 year policies simply because they don’t know what the heck they are doing. Newbies to insurance …. Ughhh.

At insuranceforfinalexpense.com we NEVER put healthy clients into 2 year waiting period policies.  In fact 85-90% of our clients have NO waiting period at all.  You start paying and you are covered.  The way it should be.

But Does Your Health Have to be Perfect at Age 70 to Skip the Two Year Waiting Period? 

Answer NO.

My Mom was 14 years older than 70 … 84 years “young” to be exact.

She took 10-15 pills a day, had problems with high blood pressure, severe arthritis and so many other ailments it made me very nervous about getting older.

We still got her covered EASILY with NO 2 year waiting period. Ideal, instant coverage made easy and affordable.

Shouldn’t I Call a Door to Door Life Insurance Salesman to Get Coverage?

The easy answer for us to give you is NO, but let’s look deeper.

Gary P. Cubeta the President and Founder of Insuranceforfinalexpense.com started out years ago as someone who would go see folks in person.  It required a lot of driving and sometimes putting up with some fairly dangerous situations (pit bulls for one).

And in fact, one could make the argument that it is good idea to see the person you are buying your insurance from.

Eye them up to face to face if you will.

The Problem?  High Priced Coverage.

Because of the amount of travel involved, agents tend to sell higher priced plans with small benefits (the amount paid upon death).

So as a result, the warm and fuzzy of meeting with folks, is outweighed by the value proposition.

In many cases you will end up paying 35% or more, than you actually should. And sometimes that 35% increase in premium payments actually gets you LESS coverage.

This is a toxic brew of over-payment and under-coverage.

And remember, these payments will be ongoing for years (we hope you live a good long time-as does the insurance company), so the idea of paying a 35% premium each month just to physically meet with someone, makes less and less sense.

Meanwhile, Do you Really Want Strangers in Your Home?

At InsuranceForFinalExpense.com the entire process is usually done in less than a 20 minute phone call with a name brand carrier like Mutual of Omaha, Prosperity or Royal Neighbors. These are among the best insurance companies in the industry and have the best rates.

Your policy will be mailed to you within days and your on your way to a lifetime of coverage for your loved ones.

It’s just a better way of doing things.