Burial insurance is an essential part of your retirement planning. It helps you pay for final expenses, including funeral and burial costs.
Burial insurance can also help pay off the debt if you die before your spouse or family members do. If you want to know more about burial insurance, here are 13 companies that offer it.
Mutual of Omaha is a life insurance company that has been in business since 1887, and the company headquarters is located in Omaha, Nebraska.
This insurer has over 4 million policyholders from all 50 states and Puerto Rico. Mutual of Omaha is also a National Association of Insurance Commissioners (NAIC) member.
Many people who purchase burial insurance have policies through employers or unions, but if you’re looking for something more independent, this might be a good option.
2. Foresters Financial
Foresters Financial is a subsidiary of Foresters Financial Services, founded in 1868. The company’s headquarters are located in Springfield, MA.
The company has over $1.6 billion assets and more than 1,700 workers. It also has more than 1,000 agents serving clients across the country.
AIG is an American multinational insurance corporation with operations in 130 countries and territories and over 71 million customers.
AIG is one of the largest insurance companies in the world, both in terms of assets and market capitalization.
It was founded in 1887 by John A. Lewis and has been around for over 130 years. Globe Life is a life insurance company that offers individuals and businesses health, long-term care, annuities, and life insurance products.
The company is based out of Lincoln Mutual Building in Lincoln City, Oregon, with additional offices throughout the United States (including Texas).
They are also members of various organizations, including the National Association of Insurance Commissioners (NAIC), the National Association of Insurance and Financial Advisors (NAIFA), and trade groups such as Independent Agents & Brokers Of America (IABA) and many others.
Gerber Life Insurance Company was founded in 1912 by Theodore Gerber. It is a Nationwide Mutual Insurance Company subsidiary, which owns the other 12 companies listed on this list.
Gerber Life Insurance Company is a mutual life insurance company that offers term life insurance, whole life insurance, and universal life insurance.
New York Life Insurance Company is one of the largest life insurance providers in the United States, focusing on providing clients with independent advice.
They aim to “help people live better lives by improving their financial security and health, supporting their dreams, and enriching our communities.”
The following sections detail what makes New York Life an excellent choice for your burial insurance needs:
- Company Overview
- Company Products
- Company History
- Company Culture
- Company Values
- Benefits (Direct Deposit)
- Contact Information
7. State Farm Life Insurance Company
State Farm Life Insurance Company is a State Farm Mutual Automobile Insurance Company subsidiary. The company has been in business since 1922 and is headquartered in Bloomington, Illinois.
State Farm Life Insurance Company offers life insurance, annuities, and supplemental insurance products through its subsidiaries, such as State Farm Guaranty Association (SUGA) and State Farm Mutual Automobile Insurance Company.
Live in California and want to know more about burial insurance. You’ll be glad that Transamerica offers a range of life insurance policies, including whole and term life insurance.
They are rated A+ by A.M. Best, which means they have a favorable outlook on the company’s financial standing, prospects, and ability to meet its debt obligations.
They are also rated A+ by Fitch Ratings, whose analysts believe there is little chance the company will default on its debts or fail as a going concern within five years of their ratings report being published.
S&P rates Transamerica at A with a stable outlook; this means the agency believes there is little risk that it will default on its debts or fail as a going concern within five years of its ratings report being published (as opposed to about 15% for other companies).
Finally, Moody’s gives them an A rating with a stable outlook as well – again, meaning there is little chance they’ll go under within five years of their ratings report being published (which happens around 10% of the time).
In addition to burial insurance, Americo offers other insurance products such as life insurance. They have been in business since 1934 and are a subsidiary of AIG (American International Group).
Americo offers a variety of burial insurance plans that can be customized with features like guaranteed lifetime protection and death benefits. The company is headquartered in Chicago, Illinois, with regional offices throughout the country.
Banner Life Insurance Company (Legal & General America) is a subsidiary of British insurer Legal & General Group.
Banner Life Insurance Company (Legal & General America) provides life insurance and annuities to individuals and businesses.
11. United Home Life Insurance Company LLC (United of Omaha)
United of Omaha offers a variety of burial insurance policies, including whole life and term life. The full-life policy provides coverage for your family and continues to pay out benefits to them after your death until the policy expires.
The term life policy only provides temporary coverage that stops after a specified period has passed or reaches an age limit. Suppose you decide not to purchase another policy from the same provider.
In that case, your beneficiary may have difficulty finding a new contract in the future because many companies don’t offer such short-term agreements anymore.
You’ll also need to make sure that any money left over after paying off debt (such as mortgages) will be used first on funeral costs instead of being distributed evenly among beneficiaries unless otherwise stated on these plans;
otherwise, there may not be enough money available in other accounts when someone dies unexpectedly without adequate funds than what was initially estimated by their financial advisor/insurance agent before purchasing this type of plan years ago.
Resulting in unexpected debts due immediately upon death without warning, even though they started saving early enough so there’d be plenty of time.
Bankers Fidelity Life Insurance Company is a subsidiary of Bankers Fidelity Corporation. -This means that Bankers Fidelity Corporation owns all shares in the company and therefore has a controlling interest in it.
Founded in 1853, BFC provides life insurance products and services through its subsidiaries, including Bankers Fidelity Life Insurance Company and Bankers Fidelity Investment Services Inc., which was established in 2001 as a wholly owned subsidiary of BFC’s parent company.
13. Colonial Penn Life Insurance Company
If you’re looking for burial insurance that works well with your existing life insurance policy, Colonial Penn is a good option. With approaches ranging from $10,000 to $100,000 (and even higher), you can choose the right amount for your family.
In addition to their standard burial policies for adults and children, they also offer a unique pet burial plan.
Burial insurance is something that most people don’t think about until they need it, but the reality is that you never know when you’ll be unexpectedly gone—and you may want to plan a little bit more than just your funeral.
The good news is that burial insurance has no waiting period. Some plans can be purchased immediately, so there’s no reason to put them off any longer.
Burial insurance for parents, including pre-need and term plans
Burial insurance is life insurance that helps you pay for funeral costs. It can also cover other final expenses like medical bills, estate taxes, or the cost of traveling to the funeral. Depending on what you want to cover with your policy, burial insurance can be either a pre-need or a term plan.
Pre-Need Burial Insurance
A pre-need burial insurance policy pays out at some point in the future when you die, provided you have already paid for your funeral in advance. You can pay for your funeral with a lump sum payment or make monthly payments until it’s all paid off.
Pre-need burial insurance policies are sold by funeral homes and are sometimes referred to as Funeral Policies.
They are generally more expensive than term policies and don’t offer as much flexibility when choosing how much coverage to get or how long you want your policy to last.
The upside of pre-need plans is that they take care of all the planning for you, but there’s a lot to consider before making this commitment.
Term Burial Insurance
A term burial policy is a life insurance plan that will only pay out if you die.
What is the most reliable life insurance company?
Haven Life is a digital insurance agency that offers two term life insurance options, Haven Term and Haven Simple. Haven Term is a term policy with durations of between 10 and 30 years and coverage of up to $3 million.
Haven Simple is also a term-based policy but has lower coverage amounts and shorter offered durations of between five and 20 years. The upside for some people may be that it doesn’t require a medical exam for coverage. In addition, both policies can be applied online without the aid of an agent.
It should be noted that Haven Life doesn’t issue the policies it sells. Instead, the guidelines are issued by MassMutual, which also made our rating or one of its subsidiaries.
Who is the top five insurance company?
Allstate, Berkshire Hathaway, Liberty Mutual, Farmers Insurance Group of Companies, and State Farm are the top five insurance companies.
Who owns USAA?
On July 26, 2019, the Charles Schwab Corporation announced it would acquire USAA’s investment management and brokerage accounts for $1.8 billion.
What is the oldest insurance company in the United States?
1710 Charles Povey formed the Sun, the oldest insurance company still conducting business under its name.
It is the forerunner of the Royal & Sun Alliance Group. 1735 The Friendly Society, the first insurance company in the United States, was established in Charleston, South Carolina.
Where is the insurance capital of the world?
During the 19th century, many insurance companies established their headquarters in Hartford, earning it the “Insurance Capital of the World.”
As time went on, the presence of insurance giants became vital to the capital city’s social, economic, and political fabric.
Which city has the most insurance companies?
According to the Bureau of Labor Statistics, New York tops the list for employment of insurance sales agents at 15,440 as of May 2015.
One of the best burial insurance companies is Mutual of Omaha. It provides a variety of coverage options, including burial insurance. It also offers a range of insurance products, such as life, home, auto, and more.
To find out if you qualify for their policies or to learn more about their services, call 800-826-9808 or visit their website.
Mutual of Omaha has been around for over 100 years and has an excellent reputation for both its product offerings and customer service;
when you contact them with questions about your policy or any other aspect of your experience with them as an insured party (or even a prospective one), they’ll treat you like family—which is precisely what people want from someone who insures them.
We hope this article has helped you find the right burial insurance company for your needs.