How much does funeral insurance cost?

 

Here is how you can find out exactly how much funeral insurance costs.  Funeral insurance is  also known as burial coverage and final expense insurance.  Funeral insurance is simply a form of life insurance.  Funeral insurance is not cheap, but because there is no medical exam to obtain the insurance policy, and the policy amount can be very small compared to other types of life insurance, it can be the best option for many people.  This type of policy does not have a lot of guidelines or restrictions, but the primary reason people don’t qualify is because they are over the age of 79.  If you are older than 79 years old, you simply will not be able to get an affordable funeral insurance policy.  If you are 80 years old or older your best bet is contacting a funeral home to discuss one of their in house funeral insurance policies.

AGE MALE FEMALE
Non-tobacco Tobacco Non-tobacco Tobacco
0 to 4  $         6.80  $    6.80  $        6.10  $    6.10
5 to 9  $         7.70  $    7.70  $        6.90  $    6.90
10 to 14  $         8.80  $    8.80  $        7.80  $    7.80
15 to 19  $        10.00  $   10.00  $        9.00  $    9.00
20 to 24  $        11.60  $   17.00  $       10.50  $   12.50
25 to 29  $        13.80  $   21.00  $       12.50  $   15.00
30 to 34  $        16.50  $   25.00  $       14.50  $   17.50
35 to 39  $        20.00  $   30.00  $       17.00  $   20.50
40 to 44  $        25.00  $   35.00  $       19.50  $   24.00
45 to 49  $        30.00  $   41.00  $       22.00  $   30.00
50 to 54  $        35.00  $   46.00  $       25.00  $   33.00
55 to 59  $        41.00  $   58.00  $       32.00  $   40.00
60 to 64  $        53.00  $   80.00  $       40.00  $   51.00
65 to 69  $        68.00  $ 111.00  $       51.00  $   72.00
70 to 74  $        95.00  $ 154.00  $       67.00  $ 108.00
75 to 79  $      131.00  $ 196.00  $       97.00  $ 149.00
80 to 80  $      184.00  $ 238.00  $     155.00  $ 198.00

 

  1. Decide how much coverage you want
  2. Divide the desired amount of coverage by 1,000
  3. Locate your monthly rate on the cart above based on age and tobacco use
  4. Multiply the answer from step 2 by step 3
  5. Add the annual policy fee of $36
  6. Decide how often you want to pay for your policy and apply the charges:
  • For monthly bank draft, multiply the annual premium by .089
  • For semiannual payments, multiply the annual premium by .52
  • For quarterly payment, multiply the annual premium by .275

Example:

  1. $10,000
  2. 10
  3. Male, 52 years old, non-tobacco user = $35
  4. 10 x $35 = $350
  5. $350 + $36 = $386
  6. Monthly payment option: $386 x .089 = $34.35
  7. $386 + $34.35 = $420 per year or $35.03 per month

Requirements of this type of policy are:

  • Available to people ages 0 – 80
  • Death benefit from $5,000 to $25,000
  • Simplified application with no medical exam
  • At age 100, the death benefit will be paid to the insured
  • The policy cannot be cancelled as long as premiums are paid
  • Benefits will never decrease
  • Rates will never increase with age
  • Builds cash value that you may borrow against
  • Benefits are paid tax free

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Protect the loved ones in your life by learning more about insurance.  Request a quote from a professional independent insurance agent like Journey Insurance Agency, and let us sift through the hundreds of insurance programs to find you the most competitive rates available.  Let us do the paperwork and you can focus your precious time on something you enjoy.

Journey Insurance Agency * Irvine, California * 888.323.7480

 

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