Only about 54% of all Americans have life insurance, and, of those people, only about half of them have enough coverage for their needs.
When you think of burial insurance, you might think of the high costs associated with ensuring your family’s future financial security.
However, burial insurance doesn’t have to be expensive—and today, we’re going to tell you how. Here are five simple steps you can take to get low-cost burial insurance.
1. Lose Weight
While weight may not initially occur to you as something you should consider when shopping for burial insurance, it factors into an insurance company’s decision to approve or reject your application.
Most insurance companies view being overweight as a health risk, which makes them reluctant to insure overweight individuals.
Obesity can lead to serious health complications, including:
While weight may not initially occur to you as something you should consider when shopping for burial insurance, it factors into an insurance company’s decision to approve or reject your application.
Most insurance companies view being overweight as a health risk, which makes them reluctant to insure overweight individuals.
Obesity can lead to serious health complications, including:
When an insurance company sees that an individual is at higher risk for these conditions, they may refuse to cover them.
For example, Mutual of Omaha burial insurance considers your height and weight when deciding whether to insure you.
Companies also account for weight-related health issues that may arise during your policy’s waiting period.
You can find burial insurance with no waiting period and insurance companies that do not use weight as a qualifier.
However, if you are overweight, you may consider losing weight to reduce your burial insurance cost and increase the likelihood of your approval.
If you plan to take steps to lose weight, consult with a doctor to determine the best course of action. Your doctor can advise you on how to do so safely.
They can also recommend changes to your diet or activity level that could lower your risk of adverse health effects related to obesity.
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2. Stop Smoking
If you smoke, you may pay up to 50% more for your burial insurance than a non-smoker.
While many companies will still insure you, you may find it more challenging to get low-cost burial insurance
Smoking leads to many severe and long-term health problems, including:
Many insurance companies will ask you if you have smoked in the past 12 months when you go through screening for burial insurance.
If you tell them you have—regardless of how often—they will consider you a smoker and raise your premium.
When you stop smoking, your risk for related health effects begins to return to normal, even if you used to smoke regularly.
In turn, insurance companies are more likely to consider you for low-cost burial insurance, as long as you quit 12 months before you apply.
Some insurance companies won’t make you pay a higher premium if you’re a smoker, such as AARP burial insurance.
However, if you want to maximize your chances of getting a low rate regardless of which company you choose, it’s best to quit smoking.
3. Shop Around
When it’s time to purchase burial insurance, don’t buy the first policy you see.
Instead, shop around and ask different insurance companies about their rates and policies. Before you buy a plan, consider your needs.
If you have chronic or long-term health problems, consider which companies will offer you coverage and at what cost.
For example, Metlife burial insurance generally costs almost double what you’ll see from Mutual of Omaha, whether you have health problems or not.
You should also consider your age as you search for the right policy. AARP offers some of the best coverage when it comes to low-cost burial insurance for seniors over 70.
Knowing the cost of insurance for your age group will allow you to get the best premium.
You can check rates from different insurance companies online or call them for a quote before you buy.
If you know someone who already has burial insurance and feels comfortable talking with you about it, ask them about their experience with a specific company.
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">4. Pay Via Bank Draft
Some burial insurance companies offer discounts if you pay for your policy via bank draft.
That means that instead of making a manual monthly payment, you allow the company to take your premium payment from your bank account automatically each month.
These automatic payments ensure that your premiums get paid on time, eliminating the possibility of late fees and, in the worst cases, loss of policy coverage.
Bank drafts offer insurance companies guaranteed payments from your bank. They also ensure that you have enough money in your account to cover your monthly payments.
Some insurance companies will give you a small discount if you set up bank draft payments as paying this way offers more security when it comes to keeping up with regular payments.
5. Pay Annually
As with other types of insurance, like home and auto, some insurance companies lower your burial insurance costs when you pay an annual premium as opposed to a monthly one.
Others, like Colonial Penn, give you one month of free coverage when you sign up and pay annually.
If you choose to pay your burial insurance annually, make sure you can afford to do so.
It’s vital to understand your own budgeting needs and spending habits to ensure that you won’t suddenly find yourself short on funds when that payment comes.
Ideally, you can find low-cost burial insurance from a provider without any additional charges based on your health or age.
If you can find burial insurance at an already affordable premium, paying annually can lower your payments even further.
THE SIMPLY INSURANCE WAY
Life Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
Taking Action
Did you find these tips useful? If you take these small steps before purchasing burial insurance, you have a better chance of paying less and getting low-cost burial insurance that works for you.
We’d love to hear your experience with burial insurance providers in the comments. You can also ask any questions you may have.
There is no time to waste, you can click here to get instant burial insurance quotes and coverage.