When planning their future finances, many people will consider the purchase of burial insurance. This is because, even if they already have other life insurance coverage in place, that life insurance protection may already be earmarked for other expenses, such as the payoff of large debts, and / or the ongoing living expenses of their dependents or survivors.
When applying for burial insurance, a life insurance carrier will typically want to know more information about the applicant. These items will usually include the individual’s age and gender, as well as whether or not they are a smoker.
The good news is that you can obtain burial insurance if you smoke. However, the premium price of that policy may be more than that of someone who is a non-smoker. By working with an insurance brokerage that has access to many different insurance carriers, though, you may be able to find a better rate.
What Is Burial Insurance And Why Consider This Type Of Coverage?
Burial insurance is oftentimes also referred to as either funeral insurance or final expense insurance. This is because the focus of this type of coverage is to provide funds for paying an individual’s funeral service, along with the related costs.
These costs will typically include a casket and burial plot or cremation and an urn, as well as the funeral service itself, flowers, embalming of the body, transportation to the grave site or other final interment, and the printing of funeral notices.
In many instances, when all added together, the cost of a person’s final expenses can be somewhere in the range of $8,000 and $10,000. This is an amount that many families and loved ones may not have readily available.
Therefore, in ensuring that loved ones will not be forced into dipping into their savings and / or putting these items on credit, an individual will purchase a burial insurance policy. The proceeds from a burial insurance policy – just like other types of life insurance – will be received free of income taxation to the policy’s beneficiary. Therefore, the beneficiary will be able to use 100 percent of the death benefit to put towards the individual’s funeral and other costs.
The death benefit that are stated in a burial insurance policy may be paid out in differing manners, depending on how the policy is written. For example, in some cases, if the insured dies within the first two years that the policy is in force, the beneficiary may only receive a certain percentage of the stated amount of benefit. This can help the insurance company to reduce its risk, as many of those who apply for this type of coverage are typically considered to be more of a risk. (On these policies, if the insured remains alive for at least two or three years after the initiation of the coverage, then the entire amount of the stated death benefit will be paid out).
In many cases, when applying for a burial insurance policy, the applicant will not be required to undergo a medical examination. This means that he or she will not be required to meet with a paramedical professional and provide a blood and a urine sample.
There are also many types of burial insurance plans that will not even ask any medical questions on the application for coverage. This means that someone who has an adverse health issue can still qualify for the coverage that that they need – as long as the policy’s premium continues to be paid. Yet, there may be one factor that the underwriters of burial insurance will take a closer look at. This is whether or not the applicant for a policy is a smoker.
Can You Get Burial Insurance If You Are A Smoker?
An individual can still obtain burial insurance if he or she is a smoker. However, the amount of the premium that is charged may be more than that of a non-smoker’s policy – with all other factors being equal.
When applying for burial insurance coverage, it is essential to fill out the application for coverage completely and honestly. This means that an applicant should not lie on the application about being a smoker.
One reason for this is because the policy will not accurately reflect the individual’s true risk to the insurance company. Also, if it is later discovered that an individual stated that they are not a smoker, even though they are, then the insurance policy could be altered, or worse yet, canceled altogether.
How Much Does Burial Insurance Cost?
In addition to whether or not you are a smoker, there are also other parameters that go into the premium cost of a burial insurance policy. For example, the insurance company will want to know your age and your gender. This is because policies for those who are younger will typically be priced less than those who are in the older age brackets. Also, because women tend to live longer than men, your gender will also play a key role in how much your life insurance policy will cost.
The type and the amount of insurance coverage that you purchase can also be key factors in a policy’s premium cost. For instance, policies that have a higher amount of benefit will usually be priced higher than those in the lower benefit ranges.
However, just like any other type of product or service that you may purchase, the burial insurance policies that are offered by various life insurance companies can differ from one to another – in some cases, substantially.
With that in mind, it is always important to compare burial insurance policies from several different insurance carriers before you make you final determination on the policy that is right for you.
Going from one single insurance company to another, though, can be extremely time-consuming. That is why it is typically best to work in conjunction with an independent life insurance agency or brokerage that has access to many insurance carriers, all in one convenient place. Doing so will allow you to compare benefits, policies, carriers, and premium cost much more quickly and easily.
Where To Get The Best Premium Rates On Burial Insurance Protection
Even though being a smoker can increase your coverage risk in the eyes of a life insurance company, you are still able to obtain burial insurance if you smoke. This is just one of several factors that are considered when determining the premium rate that will be charged.
If you are seeking a burial insurance policy and you would like to compare insurance companies and their rates, we can help. We work with many of the top burial insurance carriers in the marketplace today, and we can assist you with getting all of the key details that you will need for making a well-informed purchasing decision. When you are ready to move forward, just simply fill out the form on this page.
Should you find that you still have any additional questions or concerns regarding the obtaining of burial insurance as a smoker – or, even if you just have a question about life insurance in general – then please feel free to contact us directly. We can be reached via phone, toll-free, by dialing 888-501-0530.
We understand that the purchase of burial insurance – or any type of life insurance coverage – can be somewhat overwhelming. There are many variables to consider, and you want to be sure that you are getting the proper amount of coverage at a competitive premium rate.
By working with us, we can walk you through the burial insurance policy quote process, as well as answer the questions and concerns that you may have going forward. So, contact us today – we’re here to help.