New Jersey residents can get easy approval burial insurance today! There are multiple insurance companies that offer burial insurance in New Jersey at great rates. Now before we discuss companies and options let’s first discuss “what is burial insurance?”
What Is Burial Insurance In New Jersey?
Burial Insurance in New Jersey is actually called “final expense life insurance” and is a small whole life insurance policy that offers coverage amounts of $2,500-$50,000. These policies are meant to cover end of life expenses such as funerals, burials, or cremation services.
Folks refer to it as burial insurance because of their intention to use it to cover funeral and burial costs.
These policies may also be used to cover end of life expenses such as remaining medical or credit card debt. They may also be used to leave a gift for your children or grandchildren.
Now burial insurance in New Jersey is designed to be super-easy to qualify for and they offer simplified underwriting.
When you apply for a burial insurance in New Jersey, the application process comes with simplified underwriting and it requires no medical exam. Therefore, all you have to do is answer a few simple health questions.
Also, since there is no medical exam, there is no need for a blood sample, urine sample, or need for your doctors records when you apply.
These policies typically offer a quick approval process and you generally know if you have qualified a few days after you apply.
Again, the coverage amounts for burial insurance in New jersey typically range anywhere from $2,500 to $50,000 in coverage. However, in my experience, many folks buying burial insurance in New Jersey typically purchase policies for $10,000 in coverage.
The small coverage amounts burial insurance or final expense insurance offers makes premiums more affordable for folks on a fixed income.
Now with burial insurance in New Jersey, you may find that products vary on when the death benefit will be paid. When applying for a policy, it is important to know when the death benefit will be paid out according to the policy.
Typically, you will find your policy will offer 1 of the 3 following options:
- First Day Coverage
- Graded Death Benefit OR
- 2-Year Waiting Period With Return of Premium
Let’s explore how these options differ and which is the best option out of all three.
Burial Insurance With First Day Coverage Death Benefit
Final expense insurance products with first day coverage will the pay death benefit to your beneficiaries upon your death so long as the policy is issued and inforce.
There is no waiting period. Your loved ones can receive the full death benefit of your final expense insurance policy whenever you pass away.
When looking for burial insurance in New Jersey, you should aim to get a policy that offers first day coverage. It provides the most secure death benefit coverage on the market.
Now the second most common death benefit coverage available is a graded death benefit.
Burial Insurance With Graded Death Benefit
When you have a graded death benefit, the burial insurance policy pays only a partial death benefit if death occurs in the first 2 years of the policy. Once that 2-year period is over, the policy will pay 100% of the death benefit if death occurs at any time going forward.
Every year until the 2-year period is over, the death benefit gradually increases.
For example, the policy may offer 50% of the death benefit if death occurs in year 1 and 75% of the death benefit if death occurs in year 2. However, once the 2 year period is over, the policy will pay 100% of the death benefit if death occurs at any point going forward.
Now not all burial insurance policies with graded death benefits are created equal. The percentage of the death benefit the policy will pay out in year 1 and year 2 may vary based on the product.
Nevertheless however, you will find that many burial insurance policies with a graded death benefit pay the full benefit after year 2. You may also find that many of them pay the full death benefit in year 1 and year 2 IF it is an accidental death.
If you ever purchase a burial insurance policy with a graded death benefit, make sure you understand the policy terms regarding the death benefit.
There is one more thing that should be noted regarding burial insurance policies with a graded death benefit.
Burial insurance policies that offer graded death benefits typically ask less health questions during the application process than policies that offer first day coverage.
Therefore, a graded death benefit may be in your best interest if you were not healthy enough to qualify for a first day coverage policy.
Now let’s discuss the last death benefit option available on the market.
Burial Insurance With 2-Year Waiting Period & Return of Premium
Now burial insurance policies that have a 2-year waiting period with return of premium are pretty much the same as a graded death benefit. However, instead of paying a partial death benefit if death occurs in year 1 or year 2, a return of your premium plus interest is paid to your loved ones.
For example, some final expense insurance policies offer a return of your premium plus 10% interest if death occurs in the first two years.
However, just like the graded death benefit we previously discussed, 100% of the death benefit is paid if death occurs after year 2.
Now you will find that many policies that have a 2-year waiting period with return of premium are guaranteed issue products. That means these burial insurance products ask no health questions as your approval is guaranteed.
This is may be a good option if you are in really bad shape and cant qualify for any other policy.
That being said, let’s move on to accepted health conditions for burial insurance in New Jersey.
What Type of Health Conditions Can Be Accepted For Burial Insurance In New Jersey?
Burial Insurance or final expense insurance covers many common health conditions. For example, they may ask, “Have you ever been diagnosed with cancer in the last 5 years?”
Another question they may ask is “Have you been diagnosed with a heart attack in the last 24 months?”
Now the great thing about some of these questions is they are not looking far back into your health history
For example, if you were diagnosed with a heart attack 10 years ago and the application only asks if you were diagnosed with one in the last 24 months, then you may still be able to qualify for coverage.
These simple health questions and no medical exam is what helps to make burial insurance or final expense insurance so special!
That being said, here is a list of health conditions you may have that you may still be able to qualify for a final expense life insurance policy:
Cardiac Chest Pain
Basal Cell Skin Cancer
Black Lung Disease
Chronic Lung Disease
Chronic Obstructive Pulmonary Disease (COPD)
Chronic Respiratory Disorder
Drug Abuse/ Dependency
Peripheral Artery Disease
Peripheral Vascular Disease
Procedure For Brain Circulation
Transient Ischemic Attack
As you can see, this list is pretty exhaustive. According to the CDC (Centers For Disease Control and Prevention), the leading causes of health-related deaths in New Jersey are heart disease, cancer, and strokes.
Those conditions are on the list. Therefore, if you have survived any of these conditions in the past, final expense insurance may be within reach!
In addition to this, burial insurance is also very favorable when it comes to your build. If you are a person with a high body mass index (height to weight ratio) you may still be approved for these policies.
If you are a tobacco user (nicotine, cigars, chewing tobacco, etc.) you may also be approved for a burial insurance policy. The only difference is your rates may be a little higher if you are using tobacco. Nevertheless, you may still be able to get a policy!
Now let’s discuss your burial insurance options in New Jersey.
Best Burial Insurance In New Jersey
Again, burial insurance is also properly called final expense life insurance. Now there are many companies that offer burial insurance in New Jersey. Three companies worth considering for final expense insurance or burial insurance in New Jersey are:
- Mutual of Omaha
- Aetna &
- Guaranteed Trust Life Insurance Company
These three companies offer great products for your burial insurance needs.
Mutual of Omaha has great brand recognition. They’re burial insurance product called “Living Promise” is known for its low-cost affordable rates. Mutual of Omaha also has a very strong financial rating of “A+” (Superior) from AM Best. Mutual of Omaha as company dates back to 1909 so they have a long history of selling insurance!
Aetna (CVS Health) is not only a familiar name, but they are also a financially strong company. They have an “A” (Excellent) rating from AM Best. Aetna has been in business since 1853. Therefore we know they are not a fly-by-night company. Their final expense product is very affordable and is available in most states!
Last but not least is Guaranteed Trust Life Insurance Company. Guaranteed Trust Life Insurance Company has been in business since 1936. They have a product called “Life Select” that is really nice. It offers final expense coverage AND access for home care coverage in one policy. That’s a really fantastic if you may ever need long-term care. They also have a solid financial rating of “A-” with AM Best!
Now with all of these companies, the average approval process after applying for their burial insurance policies takes about 2-5 business days. That means there is no long waiting to know whether or not you have been approved for a policy.
So once again, all of the above three companies offer great burial insurance in New Jersey. If you are in need of coverage, those are the three companies I would recommend.
Now your needs will help determine which is the right company for you. That is why it is best to work with an experienced agents such as myself so I may guide you through the process.
Now, let’s talk about funeral costs in New Jersey and burial insurance rates.
Example – Cost of Burial Insurance To Cover Funeral Expenses In New Jersey
New Jersey ranks 44th on the lowest cost of living states in the united States. This is according to the Council for Community and Economic Research. That means the cost of living in New Jersey is not that great. This definitely will play a part on the cost of services such as a funeral.
That being said, the average cost of a funeral in New Jersey is $9,154 – this is based on data from “GoBankingRates.”
When individuals are looking to get burial insurance coverage, they usually choose a policy that offers somewhere between $5,000 – $15,000 in coverage.
Let’s say for example, a 60 year old male and a 60 year old female were looking for a final expense policy to cover the average cost of a funeral in New Jersey.
The rates for the final expense insurance policy would be $41 per month for the male and $31 per month for the female.
Those are really low-cost affordable rates for a 60 year old!
That being said let’s discuss rates for different individuals across the board.
Sample Rates For Burial Insurance In New Jersey
If you are looking final expense rates or burial insurance rates in New Jersey, here are the rates from one of our most popular final expense companies:
Sample Burial Insurance Rates In New Jersey
Now that you know how much burial insurance in New Jersey may cost you, you’re next step is to get a FREE personalized quote and apply for your policy today!
Get A Burial Insurance Policy In New Jersey Today!
Getting a burial insurance policy in New Jersey is easier than you think. All you need to do is get a quote and get on a call with an agent like myself to walk you through the process!
The process is very smooth and simple to apply when you work with someone with my experience. I can get you quote, answer your questions, and help you apply. Also there is no pressure to buy. You get the policy that is right for you.
Also, if you were looking to get burial insurance coverage for your parents, I can help with that as well! So again, don’t wait.
Start by getting your Free burial insurance in New Jersey quote! You may also call me at (800) 498-3955. I look forward to speaking with you!