(Generation X man with son)
A typical funeral today costs $8,333 whether you are a member of Generation X (people born between 1965 and 1984 who are in their mid to late 30’s, 40’s, and early 50’s), a Millennial, a Baby Boomer, etc. It costs on average the same for all of us regardless of generation and regardless of whether you want to be buried or cremated.
So what is Burial and Final Expense Life insurance?
Burial and Final Expense life insurance is a very small life insurance policy designed to take care of your funeral and burial expenses so your family doesn’t have to bear the financial burden of your passing. The typical burial and final expense life insurance policy has a death benefit somewhere between $10,000 to $25,000. With burial and final expense life insurance (as with all life insurance), your loved ones can grieve your passing, instead of worrying about how to pay for your death.
(If you are no longer interested in reading my prose but still need Term Life Insurance Quotes, GET QUOTES HERE from the quoter on the home page or contact me at (615) 525-6165 so I can run qualified life insurance quotes for you. If not, read on!)
While burial and final expense insurance is life insurance designed more for the 65+ age range, it is an option for a Gen Xer in the following situations:
- FINANCES—if you can’t commit to a larger life insurance policy ($100k to $1,000,000) which typically costs my clients between $50 to $100 month, then a small $10,000 to $25,000 burial and final expense life insurance policy is financially doable for you. Burial and Final Expense life insurance policies for Gen Xers typically only cost around $15 month—male or female–if you are a non-smoker in above average health. That’s about what it takes for one person to get a ticket to go see a movie to put it in context. If you don’t have any life insurance in force, but can’t afford a larger life insurance policy, a small burial and final expense policy helps—it’s better to have some life insurance in force then none at all.
- HEALTH ISSUES—if you are a member of Generation X who has serious health issues (i.e. cancer, AIDs, etc.) and you can not qualify for a traditional life insurance policy, then a Guaranteed Issue life insurance policy to cover burial and final expenses is a good option for you. With guaranteed issue life insurance covering burial and final expenses, all you have to do is apply for the policy, pay your premium, and the life insurance policy gets issued. You can not be denied a guaranteed issue life insurance policy because of your health as long as you pay the insurance premiums.
Those are the primary two instances when I believe a Gen Xer should get a small burial and final expense life insurance policy as opposed to looking into a larger life insurance policy ($100,000 to $1,000,000 face amount).
There are three companies that I believe do a great job with Guaranteed Issue Life Insurance designed to meet burial and final expense needs:
- United Home Life Insurance
- Mutual of Omaha
- Gerber Life Insurance (yes, the same company who makes the baby food also sells life insurance)
Here’s the BEST NEWS about burial and final expense life insurance for Generation X—the policies are typically simplified issue which means there is no medical underwriting and no medical exam (no blood test, no urine test, etc.). Burial and final expense life insurance policies are issued within a week or so of the application being submitted because the underwriting is so limited so it’s an easy process.
As I said above, I do think that burial and final expense life insurance is a legitimate option for Generation X if you are hampered by finances, and if you have a serious illness. However, because of the affordability of term life insurance for members of Generation X (i.e. most of my clients pay between $50-$100 for their life insurance needs), larger policies need to be looked at and discussed. Mortgages, Student Loans, Car loans, Credit Cards, your kids’ tuition, the loss of income to your family because of your passing, etc. are ALL expensive so your family needs to be adequately protected if something were to unexpectedly happen to you.
I hope this has been a helpful article on burial and final expense life insurance for Generation X (i.e. those in their middle to late 30’s, 40’s, and early 50’s).
If you need term life insurance quotes, please go to the quoter on the home page of my website—www.weigelinsurance.com—to generate your own life insurance quotes from a number of different companies. The quoting process will take you all of 5 minutes. However, if you want to discuss your term life insurance needs with me, email me at Robert@weigelinsurance.com, call me at (615) 525-6165, or contact me through Linkedin.
Until next time,
Term Life Insurance Agent for Generation X