What types of burial insurance plans are available?

Depending on your client’s health and budget, the following are three types of common burial insurance plans:

• Level – Immediate Death Benefit, 1st Day Coverage (for clients with excellent/good health)
• Graded – Limited Death Benefit for the first 2 policy years (for clients with fair health)
  • 1st Year: Return of premiums plus 10% interest
  • 2nd Year: 50% of Death Benefit
  • 3rd Year: Full Death Benefit
• Guaranteed Issue – Limited Death Benefit for the first 2 policy years (for clients with poor health).
  • 1st Year: Return of premiums plus 10% interest
  • 2nd Year: Return of premiums plus 10% interest
  • 3rd Year: Full Death Benefit

Burial Insurance Underwriting

Due to the simplicity of these products, practically all insurance carriers who offer burial insurance will have non-medical, simplified issue underwriting for these plans. This means that your client will not have to take any medical exams and will just have to answer a few yes/no health questions to determine the underwriting classification. Graded and guaranteed issue plans are available for clients who can’t qualify with the health questions. 

Additional Benefit Riders for Burial Insurance

Besides offering a guaranteed death benefit and guaranteed cash value accumulation, most burial policies will include an accelerated death benefit rider for no cost. This rider allows clients to accelerate a portion of the death benefit to use in the event of a chronic or terminal illness diagnosis.

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