Buying Burial Insurance Online: A Simple Guide

LuminaryLifePosted in Guides last updated on September 19, 2024

These days, more and more people are opting to handle important tasks online—from grocery shopping to managing their finances. So, it’s no surprise that buying burial insurance online is also gaining popularity. This approach offers a convenient way to find a plan that provides for your family and honors your final wishes, all from the comfort of your home. But with so many options available, it can feel overwhelming to even know where to start when buying a burial insurance policy online.

Understanding Burial Insurance and Why You Might Need It

Before we get into the specifics of buying burial insurance online, let’s clarify what it is and why it’s crucial. Burial insurance, also known as final expense insurance, is a type of whole life insurance policy. It’s designed to cover end-of-life expenses.

These expenses can include funeral costs, cremation services, medical bills, and even outstanding debts. Without burial insurance, these financial burdens can fall on your loved ones during an already challenging time. This is especially important if you don’t have a large life insurance policy or savings account to cover these costs.

The Benefits of Buying Burial Insurance Online

While you can certainly purchase burial insurance through a traditional insurance agent, there are distinct advantages to exploring your options and buying burial insurance online.

Convenience and Flexibility

Buying burial insurance online means you can research and compare quotes from various insurance companies any time, day or night. You also have more payment options, like using a credit card.

There’s no need to schedule appointments or play phone tag with agents. Plus, you have the freedom to review policies at your own pace and make decisions on your own time.

Greater Transparency

The internet puts a wealth of information at your fingertips. When you buy burial insurance online, you can easily compare different policy features, coverage amounts, and premium costs side-by-side.

This empowers you to make an informed decision that best aligns with your needs and budget. You can also easily research the insurance company and read customer service reviews.

Competitive Pricing

Because online insurers often have lower overhead costs than traditional brick-and-mortar companies, they can sometimes offer more competitive pricing for their insurance products. You might also get lower insurance rates if you’re healthy.

When buying burial insurance online, you might find that you’re eligible for more affordable rates. It’s a good idea to compare burial insurance costs between a few different providers to see which offers the best value for your circumstances.

Buying Burial Insurance Online: A Step-by-Step Guide

Ready to explore your options? Here’s a practical guide to buying burial insurance online:

1. Determine Your Coverage Needs

Consider your final expenses. Factor in funeral costs, cremation fees (if applicable), potential medical bills, and any outstanding debts you’d like to cover. You may even want to factor in lawyer fees or probate costs.

Having a realistic estimate of your needs ensures you get adequate coverage. Consider how much your family will need to cover these expenses. The average cost of a funeral is over $7,000, so make sure you get enough coverage, or your family might have to cover the rest.

2. Gather Your Personal Information

Before applying for coverage, gather the necessary personal information, including your birth date, health history (including any pre-existing conditions), and lifestyle habits. You may also want to get an idea of your credit score, since that can sometimes affect your rates.

This information will be used to determine your eligibility and calculate your premium rates. Some online life insurance companies allow you to view estimated quotes with just a few pieces of personal information, without needing to provide a phone number or email address.

3. Compare Quotes Online

One of the most significant benefits of buying burial insurance online is the ability to compare quotes from multiple insurers quickly and easily. Use reputable online platforms or aggregators that specialize in burial insurance. Make sure you’re comfortable with the insurance provider before moving forward.

Remember to review each policy’s features, benefits, and exclusions carefully before making a choice. Think about which features are most important to you and prioritize those.

4. Review Policy Exclusions

Pay close attention to policy exclusions. Burial insurance policies may have specific circumstances under which they won’t provide coverage, such as accidental death or death within a certain time frame after policy inception.

Understanding these exclusions is essential to ensure your coverage meets your expectations. Common exclusions to watch out for include death from drug overdose, suicide within the first two years of the policy, and death from participating in dangerous activities.

5. Consult with an Insurance Professional

While online resources are incredibly helpful, it can be beneficial to consult with a qualified insurance advisor or agent if you have questions or concerns. They can offer personalized guidance based on your individual needs and circumstances, helping you make the best choice for your final arrangements.

For example, if you have a pre-existing health condition, it can be beneficial to talk with an insurance professional who is familiar with guaranteed issue burial insurance, which doesn’t require health questions. Not all insurance companies offer guaranteed issue burial insurance, so you’ll want to make sure they do before applying.

6. Complete the Application Process

Once you’ve chosen a policy and insurer, you’ll typically need to complete a simple application form online. Be honest and accurate when providing your personal information and medical history.

In some cases, you may need to undergo a brief medical exam, particularly for larger coverage amounts. This usually isn’t required if you’re applying for a smaller death benefit.

7. Review and Sign Your Policy

After your application is reviewed and approved, carefully review the policy documents sent to you by the insurer. Make sure all the details align with your expectations and that you understand the terms and conditions, including payment schedules and any applicable grace periods.

Conclusion

Buying burial insurance online provides convenience, competitive pricing, and increased transparency, simplifying the process of securing your final wishes. By investing a bit of time in research and comparison, you can find a policy that provides peace of mind knowing that your loved ones won’t face undue financial stress during an already challenging period. Remember to consider your needs, compare quotes, understand policy exclusions, and seek professional advice when buying burial insurance online.