Finding burial insurance in 2023 doesn’t have to be scary!
In fact, I will make it easy for you.
While there are so many options out there, hundreds if not thousands even, there are a handful that are the best in the business. I am proud to represent those best carriers in the country, and that is most likely why you are here reading this article now!
Above all, when considering burial insurance, you should be looking at the best possible options to put you and your family in the best possible position.
This article will highlight the best burial insurance for 2023, so that you can make the best decision for your family!
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Best Burial Insurance for 2023
There are hundreds if not thousands of options to choose from when it comes to Burial Insurance in 2023.
Several of them you see on television commercials like Colonial Penn and Globe Life.
Although these are heavily advertised, they are not on this list. Check out the individual articles to see my extensive thoughts, but long story short, those products are very misleading, and most of the time when clients buy those plans they have no idea what they are truly getting.
Because of that, there is no way I would let those options make this list.
Here are some options that I consider to be the best in 2023:
Mutual of Omaha
Mutual of Omaha’s burial insurance product, “Living Promise”, is an absolute fantastic product to consider.
Aside from being in business for over 100 years, starting in 1909 in fact, Mutual of Omaha has a phenomenal Financial Rating. They hold an A+ with A.M Best, as well as S+P Global.
The best part is they always pay out.
When you are a policyholder with Mutual of Omaha, and everything is done properly like I do at Arkburialinsurance.com, you can sleep easy at night knowing you are absolutely covered no matter what.
Upon death, Mutual will pay your beneficiaries. Again, as long as things are done correctly as they are with me, you are 100% fine.
The Living Promise product is one of the best priced Final Expense burial insurance programs in the country, many times being the absolute best priced. I say many times because every situation is different. Some people that aren’t as healthy will need another company and get other rates, but my healthy clients enjoy the low premiums and great coverage that Mutual of Omaha has to offer.
Royal Neighbors of America
There are few companies in general, let alone in the insurance space, that have a story like Royal Neighbors of America (RNA).
They were founded in the 1800’s by a group of 9 women! Yes you read that right. 9 women, when women didn’t really do a whole lot due to social restrictions, started a Life Insurance company. How incredible! They started back then, and are still going strong today!
They hold fantastic financial ratings and like Mutual of Omaha, will always pay out.
There are a few things I love about RNA, one of them being how easy the application process is. Once I determine you qualify for their product, we simply get on a three-way call with them and allow them to ask health questions. They will ask basically the same questions you have already answered, but do it for their record.
Once this is done, they will approve or deny you and you are set!
They also have some great living benefits as well. As a client, you have access to a health directive, a free basic will, and more.
While they don’t always have the low rate like Mutual of Omaha, they definitely have their own value that they bring to the table.
I don’t have a single client that has ever said “I regret being a policyholder with Royal Neighbors of America”.
Aetna/CVS is a carrier that I am sure you have heard of. Whenever you drive in town and see the “CVS” pharmacy signs, this is the same company, just the life insurance sector.
They are an industry leader for a few reasons, one main one being the simple application process. I will get to that shortly.
This company has fantastic ratings across the board, and has been around for a very long time. They are steadily becoming a very recognizable name that everyone knows, and rightfully so.
I love using this company for my clients that are healthy, older, and for my clients that have COPD but are not taking oxygen just yet. With CVS, those clients can get day one coverage!
How great is that? No other carriers will allow that as of now, and that makes me extremely proud to represent them.
The signature process as I mentioned before is industry changing. It is the simplest process of all of the carriers, and it is a simple security question. You provide the answer to a security question of your choice, and that is the signature. No interviews, questionnaires, email signatures, or anything like that. Just an answer to a security question, and you are done!
They do have an automatic underwriting tool that some clients qualify for, which means you can potentially get an instant approval on the policy. If not, you will either wait while the underwriting team reviews it, or you will be denied coverage.
Prosperity Life is a fantastic A rated carrier that has an absolute phenomenal Burial Insurance product.
Prosperity’s Vista product is incredible in the fact that the same product has 3 different levels.
These 3 levels are what the client gets based on their health. Healthy clients get the level coverage, clients with issues like COPD with oxygen, diabetic neuropathy, and others will qualify for Graded/Modified.
The level product is Day 1 coverage, meaning you will have coverage before your head hits the pillow that night, while the other two have a 2 year waiting period.
The waiting period is not like others though. Accidental death is covered immediately for the full benefit amount, but natural caused deaths in the first two years result in a percentage of the full benefit paid out to the beneficiary.
This is still better than the Guaranteed Issue plans by far, and is an excellent choice for many of my clients who would have to go the Guarantee Issue route otherwise.
The signature process is simple, it is an E-App (Electronic Application). Don’t worry, I take care of that part, you just have to answer the health questions again from the interviewer! Once that is done, they give an approval or denial. Very straightforward and great to deal with.
They are also fantastic for my clients that don’t have a bank account and only use Direct Xpress. They work closely with SSI to ensure that your money is taken out when it needs to be that way you don’t have to worry about the policy lapsing.
Great Western is arguably the best Guarantee Issue carrier in the nation. Naturally, that is why I have them to offer!
This company is only for my clients that have some major health issues and can’t qualify for level or graded coverage. These policies are great for these amazing clients, and I am proud to offer it to them!
The Guarantee Issue product with Great Western does have a 2 year wait, meaning if you pass away in the first 24 months, your beneficiary will receive 110% of premiums paid on the policy.
This is much better than the alternative, as you can’t gain 10% on anything with today’s markets and banks.
Overall a fantastic carrier for the right situation.
What Makes These Carriers Great?
When I choose what companies I want to represent, I want the best of the best.
That means companies that have been around, that have great financial ratings of A or better, and that have a great history of paying out.
I don’t believe in places that mislead clients into buying products that they don’t truly understand. That is completely wrong and I refuse to take part in it.
The companies that I represent are absolutely transparent, professional, and the best in the business. A model I personally try to replicate, and feel I do a pretty good job at.
Are Rates Increasing in 2023?
Yes, and No.
Let me explain:
In 2023 you will no doubt get older. You will have a birthday and grow a year older, which will cause your rate to go up. It may not be significant, or it might be very significant depending on your age.
Aside from age, yes some companies are adjusting their rates in 2023. That’s why I always preach the time to get your policy is now so you can get locked in at today’s rate and not tomorrow’s.
What are Rates I can Expect?
I always encourage people to get their own quote, but I understand some don’t want to or just don’t have time right now.
For that reason, I made a table of the rates that we have as of February 2023. I will list that here.
These rates are based on healthy individuals, both male and female, smokers and non smokers.
Again, the best thing to do is to get your own personalized quote and you will know for certain what you can expect.
Most importantly, I want everyone to know how important Burial Insurance really is. We are all going to need it one day, and prices only go up as we grow older.
The time to get a quote and get your policy is now, not in a few years. Let’s face it, we have today but are never promised tomorrow.
I hope this article has helped you find the best carriers in the country for 2023! As always leave any questions or comments for me down below. I look forward to serving you and your family.