It’s not unusual for a Texas senior to be concerned about buying burial insurance. In fact, many seniors across the company are even reluctant to shop for burial insurance because of a very tight budget or medical conditions.
The good news is that burial insurance in Texas is easy to shop for no matter how healthy you are and rates can be very affordable if you choose the right company.
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MyBurialInsurancePlan.com can be your go-to resource for advice about burial insurance and which company will offer you a solution you can afford.
What is Burial Insurance?
Burial insurance also referred to as final expense insurance or funeral insurance, is a whole life insurance policy designed to pay for your final expenses when you die. For most seniors, final expenses mean several things:
- Funeral and Burial costs
- Unpaid medical bills
- Nursing home or hospice costs not covered by health insurance
Texas seniors can get peace of mind knowing that their final expenses will not be left to surviving loved ones by purchasing an affordable burial insurance plan.
According to USFuneralsOnline, the average cost of a funeral and burial service in Texas starts at about $7,600 but can get much higher depending on additional services that can be added on while planning a funeral.
Moreover, even though cremation can less expensive than a traditional funeral, many families opt for a memorial service which can drive the costs even higher.
Texas seniors who prefer not to pass these costs onto surviving loved ones are perfect candidates for a burial insurance policy with no medical exam and affordable monthly payments.
What types of Burial Insurance Plans are Available in Texas?
Most life insurance companies that offer burial insurance to seniors are aware that most seniors may be dealing with certain medical conditions that prevent them from qualifying for traditional life insurance and will offer more than one type of burial insurance plans:
Level Benefit Plan – A level benefit plan is the most similar to a traditional life insurance policy and has the lowest rates and no waiting period. This plan is for seniors who are in average health with no severe medical conditions.
Graded Benefit Plan – A graded benefit burial insurance plan is generally offered to senior applicants who cannot medically qualify for a level benefit plan. These plans generally have a two-year waiting period before the full death benefit is paid for death from natural causes.
First Year – If the insured dies from natural causes during the first year of coverage, the insurance company will generally pay a graded benefit of 30% of the full death benefit.
However, if the insured dies because of an accident, the company will pay 100% of the death benefit.
Second Year – If the insured dies from natural causes in the second year of coverage, the insurance company will generally pay 70% of the death benefit. If death was the result of an accident, 100% of the death benefit is paid.
Third Year – If the insured dies for any reason in the third year or later, the insurance company will pay the beneficiary 100% of the death benefit.
Guaranteed Issue Plan – If a senior applicant is unable to medically qualify for the level benefit or graded benefit plan, a guaranteed issue plan is their final option.
A guaranteed issue (guaranteed acceptance) plan does not take medical underwriting into consideration to issue a policy. Virtually any living person who is 50 to 80 years old can purchase guaranteed issue life insurance.
Since the insurance company is agreeing to accept an unknown medical risk, the insurance company will have a two or three-year waiting period during which if the insured dies from natural causes, they will pay the beneficiary the sum of premiums paid to the company plus an additional percentage (typically 10%)
Is Burial Insurance in Texas Affordable?
Texas burial insurance rates are determined primarily by the applicant’s age, health, and death benefit like all other states. Certainly, younger and healthier applicants will qualify for the lowest rates and a level benefit insurance plan.
Here are the actual rates for a $10,000 burial insurance plan for a male and female non-smoker.
$10,000 Texas Burial Insurance for a Male Non-Smoker
|Age||Level Benefit||Graded Benefit||Guaranteed Benefit|
$10,000 Texas Burial Insurance for a Female Non-Smoker
|Age of Applicant||Level Benefit||Graded Benefit||Guaranteed Benefit|
Can I Buy Burial Insurance in Texas Without Medical Questions?
Yes, you can. If you prefer to buy burial insurance without any medical questions being asked, you can apply for a guaranteed issue policy.
As we mentioned earlier in this article, companies that offer guaranteed issue burial insurance policies do not require a medical exam, nor are there any health questions on the application.
Texas seniors should understand, however, that guaranteed issued life insurance is considered a policy of last resort and only purchased if you cannot qualify for a level benefit or graded benefit policy.
Some of the companies that advertise Guaranteed Acceptance burial or funeral insurance on TV are offering guaranteed issue life insurance to seniors who would normally qualify for a level benefit policy which has much lower rates.
How to Buy Burial Insurance in Texas
Texas seniors who are interested in getting the most affordable burial insurance plan should contact an experienced and reputable independent insurance broker like MyBurialInsurancePlan.com.
Interested seniors can easily get a quote using our instant quote form on the right side of the page, or feel free to call us at 844-528-8688 to discuss their individual needs.
About the Author
My name is Loran Marmes and I am the owner of MyBurialInsurancePlan.com. I would like to explain why we are your best option when it comes to Life Insurance. We are an Independent Agency and we contract with all of the top-rated carriers in the country so we can offer you products and pricing tailored to your needs and budget. After a four-year tour of duty, I went into the printing business and enjoyed meeting with clients and helping them solve printing-related business issues. After years of 12-hour days in the printing business, I got my Health and Life Insurance license and decided to specialize in Life Insurance because I have seen first hand what happens to a family when the main breadwinner dies without any coverage. My intentions will always be to put your needs first so that I can deliver solutions that will accommodate your circumstances and your budget.