Burial Insurance Companies
Burial Insurance Topics
Texas Life is a Waco-based insurance firm that has been in business since 1901. The company is currently licensed in 49 states as well as the District of Columbia. The company offers no information regarding any of its policies on its website. We suggest contacting a Texas Life agent using the information at the end of this document. Once you’ve contacted an agent, you should inquire about the company’s final expense or burial insurance policies.
Why you need burial insurance
The average cost of burial services in the United States is almost $10,000. Did you know that every year, burial service expenses increase on an average of between 5% and 8%? What’s more, these burial cost figures account for only the basic services provided by a funeral home. They do not include additional required expenses like cemetery fees, headstone fees, body transportation, or any optional services like flowers, lost work time compensation, etc.
Burial insurance not only helps you or your loved ones meet rising funeral costs, but it also may benefit surviving family members in additional ways. Burial and funeral insurance pays in cash, which means that the beneficiary may spend the money in any way they choose. Burial and funeral insurance does not bind the beneficiary to any particular location, funeral home, or funeral type.
In summary, you should consider burial insurance if you:
- Have no life insurance coverage
- Have no cash or savings planned for funeral expenses
- You wish to absolve your family of funeral-related debt after you pass
- You prefer a separate final expense policy and life insurance policy
How it works
The cost of your burial insurance policy depends upon a number of factors, including the coverage amount, your age, your health, your location, and of course the company offering the insurance. Burial insurance plans typically feature a monthly premium and a predetermined amount of coverage. As an example, if you’re a 50-year old man in good health who lives in South Carolina, you might expect to pay in the neighborhood of $50.00 per month for $10,000 worth of burial insurance. If you’re a 75-year old woman living in New York, your monthly premium will be significantly higher, both because of your age and the fact that the cost of living in New York is much higher. Keep in mind that these figures are only estimates. In some cases, medical underwriting or answering a simple questionnaire about your health could lead to lower rates.
How to get started
If you are already a Texas Life insurance customer, you should contact your local office and inquire about a Final Expense policy. If you are a prospective customer, you can contact 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, Positive outlook
Moody’s – No rating
Standard & Poor – No rating
Company contact info
PO Box 830
Waco, Texas 76703-0830