Burial Insurance Companies
Burial Insurance Topics
Lafayette Life Insurance Company is an Indiana-based firm that has been doing business since 1905. The company is currently licensed in all states except Alaska and New York. It is also licensed in Washington, D.C. While Lafayette Life doesn’t specify final expense or burial insurance plans on its website, it does offer a suite of whole life insurance products that may be used for that purpose. The whole life insurance features guaranteed premiums, guaranteed lifetime coverage, and flexible payment options. You can learn more about using Lafayette Life products for final expenses by contacting the company via the information at the end of this document.
Do I have to use burial insurance benefits on funeral expenses?
Burial insurance payouts may be used on anything the beneficiary desires. Insurance companies typically pay death benefits in cash, so there are no restrictions on usage. Most beneficiaries use all or part of the funds to offset the average cost of funerals in the United States (which is $10,000). The benefit payout may be used for any debt, loan, expense, bill, or purchase.
How do you apply for burial insurance?
Applying for burial insurance is as easy as surfing to the website of your preferred insurance company and requesting a quote. This usually involves providing your personal information and signing up for a website account. Most insurance companies also ask you to fill out a brief health-related questionnaire. The answers to this questionnaire help to qualify you for the insurance as well as determine your maximum benefit and your premium payments. If you’d rather talk to a live individual as opposed to signing up on a website, you can call the toll free phone number listed on the insurance company website, or call your local insurance office and schedule an in-person appointment.
Do burial insurance premiums change?
Most funeral or burial insurance policies come with guaranteed premiums. This means that you payments will remain the same regardless of any changes in your health over the life of the policy. Premiums are determined based on your age, your sex, your health, and various other factors. Once you have accepted a guaranteed premium, though, it will not change for any reason over the life of the policy.
How to get started
If you are already a Lafayette Life insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can connect with an agent on the company’s website. You may also shop for policies using our comparison tool by clicking on the following link.
Financial Strength Ratings
AM Best – A+, Stable outlook
Moody’s – No rating
Standard & Poor – No rating
Company contact info
The Lafayette Life Insurance Co.
Cincinnati, OH 45202-3341