Cost & Coverage
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Peace of mind for end-of-life costs, without the hassle
Guaranteed life insurance, also called burial insurance, is a kind of whole life insurance for seniors or those who can’t qualify for a traditional life insurance policy. Unlike traditional life insurance, guaranteed life insurance involves no health questions. If you want the security of knowing you can pay for end-of-life expenses such as funeral costs, as well as covering any outstanding debts so they don’t get passed on to your family, guaranteed life insurance is worth considering.
What’s the difference?
Simplified whole life insurance:
Guaranteed life insurance:
Unlike a traditional whole life insurance policy, guaranteed life insurance doesn’t have a “cash value,” or savings component. You simply make monthly payments in exchange for a fixed amount to be paid out upon your passing.
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Since guaranteed life insurance is highly accommodating and covers high-risk people, it’s more expensive than other forms of final expense life insurance including simplified whole life. If you can qualify for a simplified whole life policy, you’re likely to get a higher benefit amount at a lower monthly premium than you will with guaranteed life insurance.
Term life insurance s a type of life insurance meant for younger, healthy adults, usually with dependents. Term life offers coverage for a set period of time and then expires, and pays a death benefit to beneficiaries if the policyholder dies while the policy is in effect. Because the risk of insuring these individuals is lower, term life offers a much higher death benefit payment at a much more affordable monthly premium.
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Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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