If you are looking for burial insurance in New York, then look no further. Burial Insurance coverage is available to New York residents at affordable rates.
However, before we go any further, let’s understand what burial insurance in New York is and what you are actually buying when you get a policy.
Now burial insurance is a common name used among some New Yorkers to refer to a specific type of life insurance. Here’s the thing, there is no such thing as “burial insurance.” The proper name for the insurance is actually final expense life insurance.
Final expense life insurance is sometimes referred to as burial insurance or funeral insurance because it is intended to cover the cost of your funeral, burial, or cremation services.
Other uses of final expense life insurance include paying off credit card debt or medical debt.
Now that we know the real name of burial insurance in New York, let’s discuss further how this type of insurance works.
What Is Burial Insurance In New York?
Burial Insurance in New York, properly called “final expense life insurance,” is a small whole life insurance policy with coverage amounts between $2,500-$35,000 in coverage. These policies offer low-cost affordable rates and are great for folks on a fixed income!
From my experience, I generally see folks buying on average $10,000 worth of coverage.
Now what makes this final expense insurance unique is the simplified issue underwriting and the no medical exams applications.
Simplified issue underwriting is when the application asks minimal health questions and there is no medical exam or collection of fluids.
This is great for individuals who may have health conditions. It makes it easier for your application to get approved.
In addition, with simplified issue underwriting, your application can be approved as soon as the next day. Insurance companies can even let you know if you have been approved immediately.
There are also guaranteed issue applications as well. Guaranteed issue products will guarantee your approval for final expense insurance coverage based on your age. Applicants are generally not denied coverage due to their health.
However, with guaranteed issue products, there is typically a waiting period. Guaranteed issue products may make you wait 2 years before you can receive full benefits. If you pass within the first 2 years of your policy being issued, they will typically give your beneficiaries a refund of the premiums you have paid.
Also guaranteed issue policies typically offer less coverage than a simplified issue final expense insurance policy. A guaranteed issue policy generally offers up to $25,000 in coverage whereas a simplified issue policy may offer up to $50,000 in coverage.
Therefore, if you can are healthy enough and you are willing to answer a few health questions, it is better to go with a simplified issue final expense insurance policy over a guaranteed issue policy.
Now that we understand how burial insurance in New York or final expense insurance works, let’s talk about health conditions that may be approved with these policies.
Health Conditions That Are Accepted For Burial Insurance In New York
As we stated earlier, burial or final expense insurance in New York is typically geared towards folks who are older, may be on a fixed income, or has a few health conditions.
Final expense insurance is definitely your go too product if you need burial insurance coverage in New York and you are suffering from a few health issues.
When you apply coverage for example, you may find questions like “have you had cancer in the last five years?” These types of questions are great because if you are a cancer survivor for over five years, you can qualify for coverage.
Hopefully, this gives you an idea of the type of leniency offered in this type of insurance.
Final expense insurance also tends to be a little more lenient in their height and weight build charts. That means if you may be overweight, you can still be approved for coverage.
That being said, let’s look below at some of the health conditions that may be accepted if you apply for final expense insurance:
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, there are many conditions on this list. Please keep in mind however, that there are still other factors to be considered. For example, when you may have had your condition or how long you had a condition can play a role in the approval process.
Nevertheless however, being able to qualify coverage for despite having a health issue now or in the past is good.
Tobacco users may also qualify for coverage as well. However, tobacco users may pay a higher rate for the same level of coverage compared to someone who never uses tobacco or nicotine products.
Also, you may find with burial insurance in New York that they will conduct a prescription background check.
A prescription background check helps the final expense insurance company determine what medications use or may have used in the past.
This helps the final expense insurance company to better underwrite your application.
So, now that we have covered health conditions that may be approved for coverage, let’s talk about you best burial insurance product in New York.
Best Burial Insurance In New York – Columbian Mutual
Unfortunately for New Yorkers, there are very very little final expense products in the state. Nevertheless however, there is one company that I would suggest. That company is Columbian Mutual Life Insurance Company.
Columbian Mutual Life Insurance company offers one of the best final expense insurance products in New York. Their product named “Dignified Choice Final Expense” is one of the best options for New Yorkers on the market.
Now Columbian Mutual Life Insurance Company has been serving New Yorkers for the last 140 years. In addition, as of 2022, the Columbian Financial Group of companies has pays more than $200 million dollars to beneficiaries each year.
Therefore, Columbian Mutual is not a fly-by-night company. They meet the claims of the policies they issue.
Now the average approval time for a final expense insurance application is 2-5 business days. This is pretty good especially if you are familiar with the approval process for some forms of life insurance.
Now that we know which company to go to if we are considering burial insurance in New York or final expense insurance, let’s talk about the average cost of a funeral in New York.
Average Cost of a Funeral in New York State
New York is one of the highest cost of living states in the country. As a matter of fact, New York ranks 4th in states with the highest cost of living. The only other states where the cost of living is higher are Hawaii, Massachusetts, and California. This is true according to the Council of Community & Economic Research.
With such a high cost of living, you can imagine a funeral is not cheap here in New York. The average cost of a funeral in New York is $10,355. This is based on a stud conducted by GoBankingRates.com. As you can see, it is pretty costly.
This why burial insurance or final expense insurance in New York is so important. Let’s say a 60 year old male and female, for example, wanted an insurance policy that can cover the cost of the funeral. It would cost that male $50 a month for coverage and the female $38 a month for coverage.
Those are good rates to get quality final expense insurance to cover the average cost of a funeral in New York!
This is good for someone on a fixed income who cannot pay the upfront cost of a funeral in New York. This also helps ensure that your loved ones are not stuck with burden of paying for your burial and funeral expenses.
Let’s go further and look at the cost of final expense insurance for different age groups.
Cost of Burial Insurance In New York
Well, if you would like to know sample rates for burial insurance coverage in New York state, look no further. Below are some sample rates for coverage amounts of $5,000, $10,000, $15,000, and $25,000. These are non-tobacco male and female rates. Let’s take a look below:
Sample Burial Insurance Rates
As you can see, final expense coverage can be very affordable. It can be affordable even if you are on a fixed income. Now not every age is covered in the table. However, if you would look like a more personalized quote, you can get a FREE personalized quote below.
You can even start the application process for a policy today! Get started by getting your free personal quote now!
Conclusion – Get A FREE Quote & Apply For Burial Insurance In New York Now!
Get your free personal burial insurance quote by filling out the form below. You may also start your quote by calling (800) 498-3955. I am a licensed insurance agent in the state of New York and I am more than happy to assist you.
The application process is quite easy and simple. All you have to do is answer a few short questions over the phone. There is no medical exam. That’s it!
You can get a quote for burial insurance in New York and apply for coverage all in one phone call!
I can even assist you with getting burial insurance for your loved ones such as burial insurance for a spouse or burial insurance your parents.
So start below by filling out the form now or calling (800) 498-3955. I look forward to speaking with you!