Washington National

Washington National currently serves more than one million policyholders and 25,000 employer groups across the United States. The company has been in business since 1911. It offers a variety of whole life policies designed to cover final expenses. Its premiums are guaranteed, meaning that they will never increase as long as they are paid on time. Options include a level benefit that pays a guaranteed amount immediately upon death, and a graded benefit that pays a reduced amount should death occur within the policy’s first two years.

Why you need burial insurance

The average price of burial services in America increases each year. Currently, a modest funeral will run you approximately $10,000, though that figure will likely increase between five and eight percent in 2017. The figure only accounts for basic services from a funeral home. It does not account for cemetery fees, headstone fees, body transportation, floral arrangements, compensation for lost work time, and other services.

Burial insurance, which is usually called final expense insurance by insurance companies, helps you and your loved ones afford the rising costs of funeral services. Burial insurance may also benefit your surviving family in other ways. Insurance companies usually provide the policy beneficiary a lump-sum cash payout. Your family or loved ones may then spend this money on anything they need. Burial insurance doesn’t restrict your family to any particular location, funeral type, or funeral home.

You should consider burial insurance if you:

• Don’t have life insurance
• Don’t have savings set aside for death expenses
• Don’t want your surviving family to pay for your burial
• Want separate burial and life insurance policies

How it works

The price of your final expense policy will vary based on your location, your age, your sex, your health, and the type of policy you desire as well as the payout amount. The price will also vary based on which insurance company you select. Final expense or burial policies typically require a monthly premium payment, though some companies provide annual or other flexible payment options. Paying your premium for a specified time grants you a certain amount of coverage and death benefit payout. For example, if you’re a 50-year old man living in South Carolina, you’ll probably pay around $50.00 per month for a $10,000 death benefit. If you’re a 75-year old woman living in California, you’ll pay a significantly higher premium. These figures are only estimates. Your actual cost will probably be different. In some instances, answering health questionnaires or undergoing a medical exam may lead to lower rates.

How to get started

If you are already a Washington National insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can obtain a quote 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 – Baa1, Not on watch
Standard & Poor – BBB+, Negative outlook

Company contact info

Washington National Insurance
11825 N. Pennsylvania St.
Carmel, IN 46032
(800) 525-7662
Monday – Friday, 8:00 a.m. to 5:45 p.m. Eastern