Making sure your family is set up for financial success after your passing is an admirable goal. Opting for cremation rather than a traditional burial is a great way to save money on your end-of-life expenses. However, just like traditional burials, cremation costs are rising. Ensure your family’s finances are covered with cremation insurance.
Cremation insurance is directly linked to final expense insurance, and no one knows final expense better than our expert agents at Final Expense Benefits.
Call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Check our free online quoting tool for a personalized pricing estimate.
What is Cremation Insurance?
Cremation insurance is often referred to as final expense insurance or burial insurance. The main difference between these types is the value of the tax-free benefit payout and what you and your beneficiaries intend for its use.
Most insurers will allow benefits to be as low as $2,000 and as high as $50,000, though these values can vary by carrier. A cremation policy will typically involve a smaller payout than other life insurance plans.
This is because cremation costs are, on average, over $3,000 less than traditional funerals in the United States.
Whether you or your insurer refers to your policy as cremation insurance, final expense insurance, or burial insurance, they’re all whole life insurance policies. This means coverage lasts your entire life after you’re approved for the policy, as long as you pay your monthly premiums.
All whole life plans accrue cash value over time, taking a small portion of your paid premiums and placing it in a savings account that will gain interest over the policy’s lifetime. Some policies may add additional insurance riders for extra bits of coverage, at no cost or a small monthly fee.
Rates and additional coverage depend on your provider – that’s another way Final Expense Benefits can help you. We can connect you with the policy that best fits your needs and gets you the extra coverage you need.
How Much Does Cremation Cost?
Per data from the National Funeral Directors Association (NFDA), a full funeral with a viewing and cremation costs $6,280 on average. This is up from averages of $5,810 in 2021 and $5,150 in 2019.
While this still pales compared to the average traditional funeral rate, which is climbing well past $10,000, cremation costs are expected to continue to rise. The NFDA also expects the U.S. cremation rate to increase. Over 60% of Americans currently opt for cremation and that percentage is expected to continue to rise.
If you intend to be cremated, get ahead of the costs with a thorough end-of-life plan and ensure your family is covered with a quality cremation insurance policy.
What Does Cremation Insurance Cover?
Cremation insurance can cover a wide range of end-of-life expenses. Your beneficiaries can choose to cover cremation costs or other expenses. This includes medical bills, government fees, extra taxes, estate fees, or any other major end-of-life expense. It’s important to note that the beneficiaries can use the death benefit payout on any desired purchase, not just expenses.
Below are estimates for cremation costs, per the NFDA:
Remember that these are just estimates. Factors such as location, economic condition, and more will affect cremation costs.
Cremation Insurance Eligibility
Insurers assess your cremation policy eligibility through a process called underwriting. This will be affected by your age and health status. Some underwriting processes require a medical examination to determine eligibility; many require a medical questionnaire at the very least.
If you are in good health, you’re typically eligible for most policies without a waiting period. You also likely qualify for your policy’s best possible rates.
If you have some more serious health concerns, you might only qualify for a cremation policy with a waiting period. Most cremation insurance waiting periods are about two years long. If you die within that period, your beneficiaries may either have to wait for the death benefit payout or may not get it at all, only receiving the paid premiums plus a small amount of interest in return.
If your health is particularly dire, you may only qualify for guaranteed-issue life insurance or a modified cremation policy. These plans always have a waiting period of at least two years, though some carriers may require a longer one. The good news is that unless you are in poor health, you likely still qualify for a policy with no waiting period.
Contact Final Expense Benefits at (866) 786-0725, and we will help you find the best cremation insurance that fits your health and needs.
How Much Does Cremation Insurance Cost?
Cremation insurance doesn’t have to be expensive. You’re largely in control of the cost and can fine-tune the payout to fit your needs.
The premium rate is calculated when your policy is approved. It’s determined by your age and health status and the policy’s benefit payout value.
Below are sample rates for a cremation insurance policy with a $10,000 payout, which is plenty of coverage for most cremations, even those with a full viewing and funeral.
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
Recommended Cremation Insurance Providers
The best part of working with a cremation insurance brokerage like Final Expense Benefits is that we work with many of the top life insurance providers and offer several great options. We can help you shop around and guide you toward the policy with rates, payouts, and extra benefits that work best for you.
Below are some of our suggestions for the best cremation insurance:
1
Mutual of Omaha
Mutual of Omaha is one of our highest-rated providers, with competitive rates, stellar coverage, and standout final expense insurance add-ons.
2
Aetna Accendo
Accendo life insurance has the financial backing of the Aetna-CVS corporation and has the resources to offer best-in-category customer service and competitive rates.
3
Corebridge
Corebridge, formerly known as AIG, offers a few cremation insurance products at great rates and provides highly-rated customer service.
These are just some of the outstanding life insurance providers we have partnered with to give you the best cremation insurance.
Call us at (866) 786-0725 and we will help connect you to a policy that fits your needs and meets your budget.
Cremation Insurance Providers to Avoid
We want to help you find the best cremation insurance for your needs. As part of that goal, Final Expense Benefits also intends to help you avoid traps in the life insurance market. Some providers advertise benefits that seem too good to be true.
Here are some providers who, in our opinion, promise a lot and deliver little:
1
AARP
AARP is a well-known senior life insurance carrier with many insurance products. However, their high prices, lacking customer service, and limited insurance benefits make AARP hard for us to recommend.
2
Globe Life
Globe Life is another carrier well-known thanks to their marketing efforts. Unfortunately, we can’t recommend them for similar reasons to AARP: poor customer service ratings, many customer complaints, and misleading advertising about their rates.
3
Colonial Penn
Yet another carrier whose advertising may mislead people, Colonial Penn touts their “$9.95 per month” life insurance in their many advertisements. Unfortunately, this plan provides limited coverage. Due to many customer complaints and the limited 995 plan, we cannot recommend Colonial Penn.
Conclusion
Cremation insurance is a great choice to help cover your loved ones’ finances after you’re gone. The right cremation insurance policy can ensure your end-of-life expenses are covered when you’re gone.
Final Expense Benefits is here to help you get the coverage you need at a price you can afford. Connect with us to start your journey toward peace of mind with a cremation policy today.
If you’re interested in our cremation insurance options or want to learn more, call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Our free online quoting tool is always available to show you personalized rate estimates.
FAQ
Is cremation insurance worth it?
Final Expense Benefits recommends cremation insurance to anyone who can afford it. It will help your family out with the big bills that come with cremations, funerals, and any other end-of-life expenses.
How much does cremation insurance cost?
Final Expense Benefits’ top-recommended carriers’ cremation insurance rates start as low as $30 for a healthy 50-year-old male and $24 for a healthy 50-year-old female.
Does life insurance cover cremation?
Yes. In fact, as cremation becomes the most popular funeral type in America, most life insurance providers have expanded their cremation insurance options, with coverage better oriented toward covering cremations.