If you are considering burial insurance in Texas, look no further. You can get easy approval and affordable burial insurance in Texas here today! Residents of the Lone Star have options to choose from for burial insurance.
However, before we see what options are available in Texas, let’s discuss what is burial insurance and how it works.
What Is Burial Insurance In Texas?
Burial insurance, properly called final expense life insurance, is a small whole life policy intended to pay for final expenses such as funeral and burial costs. These policies typically offer $2,500 to $50,000 in coverage. There is no medical exam and no requirements for blood or urine samples.
Burial insurance or final expense insurance is very affordable even for folks who may be on a fixed income. These policies are great for older adults who may have some health conditions and are simply looking to cover the cost of a funeral or burial.
Now these policies are known for there simplified underwriting. That means there is no medical exam. All you have to do is answer a few simple health questions to see if you qualify! There are no requests for medical records or blood or urine samples.
This is what makes burial insurance or final expense insurance so special. Whether you are in perfect health or you have health conditions, you may still qualify for coverage due to the simplified underwriting.
Also, when you apply for coverage, it doesn’t take weeks or months to know if you are approved. Many companies today offer same day approval if you qualify for coverage.
Now not all burial insurance in Texas is created equal. You will find that burial insurance can offer three different types of death benefit coverage.
They can offer either a first day coverage death benefit, a graded death benefit, or a 2-year return waiting period with return of premium.
Since the death benefit is so important to your beneficiaries and covering your final expenses, let’s understand what each of these three death benefit coverages mean.
Burial Insurance With A First Day Coverage Death Benefit
Burial Insurance with a first day coverage death benefit will pay 100% of the death benefit so long as the policy is issued and inforce. There is no waiting period so your loved ones can receive the full death benefit at the time of your passing.
A policy that has a waiting period will restrict your benefits. If you pass away during the waiting you will generally receive only a portion of the death benefit or a return of your premium depending on the policy.
Therefore, policies with a first cay coverage death benefit offer the best protection in the event of your untimely passing.
Whenever you consider burial insurance, you should look to see if your policy comes with a first day coverage death benefit.
Burial Insurance With A Graded Death Benefit
Burial insurance with a graded death benefit only pays a partial death benefit if you die in the first 2 years or the waiting period of the policy. If death occurs anytime after the 2 years is over, your beneficiaries will receive the 100% of the death benefit.
Generally, burial insurance with a graded death benefit will only pay the full death benefit in the first 2 years if death occurs due to accident. Otherwise, the policy will pay a partial death benefit.
Now during the 2-year waiting period, the policy’s death benefit will increase.
For example, if death occurs in year 1, the policy will pay 50% of the death benefit and if death occurs year 2, the policy will pay 75%.
The amount each policy pays in year 1 and year 2 will vary depending on the company you choose.
That being said, burial insurance with a graded death benefit is good if you are having difficulties qualifying for a policy with a first day coverage death benefit. They generally ask less health questions than a policy that offers a first day coverage death benefit.
Some companies and agents will offer you burial insurance with a graded death benefit without ever seeing if you can qualify for a policy with first day coverage.
Therefore, it is important for you know the death benefit offered in your policy and to ensure you at least tried to qualify for burial insurance with a first day coverage death benefit.
Burial Insurance With A 2-Year Waiting Period & Return of Premium
Now burial insurance with a 2-year waiting period and return of premium is pretty much a graded death benefit policy. However, instead of paying a partial death benefit in the first 2 years, this policy pays a return of premium plus interest.
For example, this policy may offer a return of premium plus 10% interest in year 1 and year 2. The amount of interest that is paid will vary depending on the policy and company you choose.
You will often find that guaranteed issue products offer a 2-year waiting period and return of premium plus interest.
Guaranteed issue products generally ask no health questions during the application process as your approval is guaranteed.
These products are great if you cannot qualify for burial insurance with a first day coverage death benefit or a graded death benefit.
That being said, let’s look at some of the health conditions that are accepted for burial insurance in Texas.
What Health Conditions Are Accepted For Burial Insurance In Texas?
You can get approved for burial insurance in Texas despite your health conditions. There are multiple health conditions that are accepted for final expense insurance. Let’s at some of these health conditions in our list below:
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 health conditions listed where you may still get approved for burial insurance in Texas.
Now during the application process, you may find that the application will ask if you have had a specific health condition in the last 5 years.
For example, the application may ask “Have you been diagnosed with or treated for cancer in the last 5 years?” If you are a cancer survivor for over 5 years, you may still qualify for a policy!
This is what makes burial insurance in Texas so great and super-easy to qualify for a policy.
Even if you have a health condition, the health questions on the application can still be favorable to you.
In Texas, the leading causes of death according to the CDC (Centers for Disease Control & Prevention) are heart disease, cancer, and accidents.
As you can see, based on our list, a person may have had heart disease or survived cancer and still get approved for burial insurance in Texas.
Now it is important to note that final expense companies will do a prescription drug background check when you apply for a policy. This is used to determine any discrepancies in your application.
Speaking of final expense companies, let’s discuss some of the best options available to you in Texas.
Best Burial Insurance In Texas
As I said at the beginning of the article, there are many options available to you when you are looking for burial insurance in Texas. With so many companies offering final expense insurance, which one is the right to choose.
Well let me help you out. Here are three finale expense companies I would recommend for burial insurance in Texas – Mutual of Omaha, Aetna CVS Health, & Guarantee Trust Life Insurance Company.
Mutual of Omaha has offered insurance for over 100 years. They have an A+ (Superior) rating from AM Best and are worth considering for burial insurance in Texas.
The name of their final expense product is “Living Promise.” Living Promise offers great rates and valuable coverage for your burial insurance needs.
If you are looking for burial insurance in Texas, Mutual of Omaha and their product Living Promise is worth considering for coverage.
Another carrier I would consider is Aetna CVS Health. Aetna is well known for their insurance. As a matter of fact, Aetna has been offering insurance for almost 170 years. That’s a pretty long time!
In addition, Aetna has an “A” (Excellent) rating from AM Best. Now Aetna CVS Health is known for offering a low-cost final expense product. They also have favorable underwriting when it comes to certain health conditions.
Therefore, Aetna is a great option for someone looking for burial insurance in Texas.
Last up on the list of companies I would consider is Guarantee Trust Life Insurance Company.
Guarantee Trust Life offers valuable coverage in their final expense products. One product in particular called “Life Select” offers really nice benefits.
Life Select offers burial insurance and home care coverage all in one policy! If in the event you become chronically ill, you can use your policy to receive home care.
Also, if you never you need home care, the policy will pay a death benefit at the time of your passing. That level flexibility makes Life Select stand out as a burial insurance policy.
Now Guaranteed Trust Life has been in operation since 1936 so they are not a fly-by-night company. They also have an “A-” rating from AM Best.
That being said, I would definitely consider Guarantee Trust Life for my burial insurance in Texas.
Now the final expense you choose should based on your personal needs. With so many great options available, it is in your best interest to speak with an agent like myself to help guide you.
I can help you shop around to get you the right policy, a policy you can afford.
Now that I mention affordability, let’s take a closer look at the cost of burial insurance in Texas by using an example.
Example – Cost of Burial Insurance In Texas To Cover Funeral Expenses
So what we are going to do now is look at the cost of burial insurance to cover funeral expenses. In this example, we will use a male and female couple who are age 60 looking to cover their final expenses.
Now Texas ranks 17th in the states with the lowest cost of living. Therefore, funeral costs may not be as high as the majority of the country. Nevertheless, it is still an expense that needs to be taken care of.
Now the average cost of a funeral in Texas is $7,148. Now if a 60 year old male and female wanted to cover this expense with a burial insurance policy, it would cost the 60 year old male $33 per month and the 60 year old female $25 per month.
Those are fantastic rates! Those rates are affordable even if you are on a fixed income!
If you want to see more sample rates for burial insurance in Texas then look no further.
Sample Rates For Burial Insurance In Texas
Below you will find sample rates from a popular final expense company. These rates are based on your age, you gender, and the coverage amount you are interested in. Take a look at the sample rates below:
Sample Burial Insurance Rates In Oklahoma
Now that you have an idea of what a burial insurance policy may cost you, don’t delay and your burial insurance in Texas now!
The process of obtaining a policy is simple! You can start by getting a FREE personalized quote from several companies. Once you find a plan that meets your needs, you can complete the application over the phone.
It’s that simple! So start today!
Get Burial Insurance In Texas Today!
As I just said, the process of getting your burial insurance policy is so simple! Start by filling out the FREE quote form to get a quote from several companies. Once you find a company that meets your budget, you can complete the application over the phone.
You can also call me at (800) 498-3955 start the application process quicker as well! I look forward to speaking with you!