Are you looking for a life insurance policy to cover your final expenses in Metro Atlanta or other parts of Georgia? If so, Bering Insurance Partners can help. We work with over 20 life insurance companies in order to provide our clients with a range of options.
What is final expense burial insurance?
Essentially, just about any life insurance policy could be used for final expenses and burial. Generally the term final expense life insurance or burial life insurance (which are used interchangeably) is a specific type of whole life insurance. There are a few things that make a final expense policy different from other whole life policies;
- Limited Coverage Amounts – Most final expense life insurance is offered at smaller amounts than a traditional whole life policy. You will find that a number of companies offer coverage that tops out between $20,000 to $50,000, whereas a traditional whole life policy could offer coverage for several million dollars or more.
- No Medical Exam – These policies are designed to be issued without a medical exam, which means that the application can usually be processed quickly. One of the reasons that a medical exam will usually not be required is because of the point mentioned above, they are limited to smaller coverage amounts.
- Less Strict Health Requirements – You will also find that these burial insurance policies will have less strict health requirements and accept more health conditions than a traditional policy
- Designed for individuals 50 years and older – These policies are typically designed for individuals that are at least 50 years old. However, there are a few companies that will offer final expense coverage for individuals under 50
As a result of these features, you can see how a burial insurance policy could be convenient for someone looking to take care of their final expenses.
What Can Final Expense Insurance Be Used For?
Even though the name implies using these types of policies for burial or other final expenses, they can be used for anything you would like. This includes;
- Burial, cremation, or other final expenses/funeral costs
- Inheritance for family or loved ones
- Paying off outstanding bills or debts after death
- Donating to a charity
Again, burial insurance in Georgia can be used for just about anything that a traditional policy can. Just remember though that these are going to be smaller amount policies, so you will be limited in how much you have to use.
What Burial Insurance Companies are in Georgia?
If you are interested in a burial insurance policy in Metro Atlanta or other parts of Georgia, you are in luck. You will find that there are going to be a number of options to choose from. As an example, here are a few of the life insurance companies that offer burial insurance in Georgia;
- Mutual of Omaha
- Foresters Financial
- Transamerica
- CVS Health/Accendo
- AIG
- Gerber Life
These are just a handful of the companies available. If you are interested in a specific company that is not listed here, let us know and we can check for you.
Best Burial Insurance in Georgia?
Trying to figure out the best burial insurance in Georgia? That’s going to be tough since everyone’s specific situation is going to be different. If you are fairly healthy then the best option for you might be different from someone who suffers from diabetes. The best thing to do is speak with an independent agent, like Bering Insurance Partners, that can check with multiple insurance companies for you.
What about a waiting period?
If you are searching for a burial insurance policy, you may come across options that include a waiting period. Sometimes these policies will be identified as “Guaranteed Issue”, but that may not always be the case. This is a very important distinction because if the policy contains a waiting period, your beneficiaries may not receive the death benefit on the policy if you pass away during the waiting period. What would most likely happen is that they would receive the premiums that have been paid in to date along with a certain percentage on top of that. It’s very important that you make sure you understand if your policy contains a waiting period.
Let us Help!
If you are looking for final expense burial life insurance in Atlanta & Georgia, please feel free to contact one of our agents directly at 404-781-9415, or complete the quote request form to get started. As an independent life insurance agency and broker we can compare quotes from multiple insurance companies for you.