Great Western Burial Insurance – Policy Details + FAQs

Are you a senior over the age of 50 looking for an affordable and reliable insurance plan? Great Western Burial Insurance might be able to provide you with just that.

Should you buy a Great Western burial insurance policy?

Possibly.

Here, we will cover policy details, such as sample rates for males and females, how to buy, frequently asked questions and more, so that you can make an informed decision on your burial insurance purchase.

Table of Contents

1. What is Great Western Burial Insurance?
2. Benefits of Great Western Burial Insurance
3. Sample Rates for Males and Females
4. How to Buy Great Western Burial Insurance
   1. Choosing Your Coverage Amount
   2. Payment Options
   3. Benefits of Having Life Insurance Coverage
5. Frequently Asked Questions
6. Next Steps

What is Great Western Burial Insurance?

Great Western Burial Insurance is a type of life insurance policy designed to provide financial protection for seniors over the age of 50.

It pays out a lump sum upon death, which can be used to cover funeral costs and other expenses associated with end-of-life arrangements.

The amount of coverage available depends on the individual’s age and health status at the time they apply for coverage. Generally speaking, burial insurance policies are offered in increments ranging from $2,000 up to $40,000 or more depending on the plan selected.

Three Great Western burial insurance plans are available:

Great Assurance Plan

Great Western’s Great Assurance plan is best for those who are in good health.

Plan details:

• Immediate benefit.
• First-day coverage.
• Permanent coverage.
• Available to ages 50 – 85.
• Must be in good health.
• Cash value feature.
• Accelerated Death benefit.
• Optional Accidental Death benefit.
• Optional Child/Grandchild rider.

Graded Benefit Plan

The Graded Benefit plan by Great Western is great for those who have some health complications, but are not experiencing drastic medical conditions.

Plan details:

• Benefit pays according to how long you have owned the policy.
• Year 1 = 30% face amount pay out.
• Year 2 = 70% face amount pay out.
• Year 3 and beyond = 100% face amount pay out.
• Permanent coverage.
• Accidental deaths pay full face amount regardless of policy year.
• Available to ages 50 – 85.
• Several health conditions are okay.
• Cash value feature.
• Optional Child/Grandchild rider.

Guaranteed Assurance Plan

Great Western’s Guaranteed Assurance plan is their guaranteed issue product, meaning that everyone qualifies, regardless of health or lifestyle choices.

Plan details:

• Two year waiting period before death benefit is paid.
• Accidental deaths pay full face amount regardless of policy year.
• Permanent coverage.
• Available to ages 40 – 80.
• No medical screening.
• No health questions.
• Cash value feature.
• Optional Child/Grandchild rider.

The type of Great Western policy you select depends primarily on your health status. If you can qualify, the Great Assurance plan has the lowest premium rates.

Note – Great Western burial insurance is not available in Washington or Alaska. And, California only offers the Guaranteed Assurance plan.

The potential benefits of Great Western Burial Insurance include providing peace of mind that your loved ones will not have to worry about covering your final expenses if something happens to you.

However, you will want to work with an expert agent to compare and contrast Great Western’s life insurance policy with other top-rated burial insurance carriers to verify you are getting the most out of your hard-earned money.

This type of policy also helps protect against inflation by locking in rates today so that future costs won’t be as much of an issue when it comes time for burial services down the road.

In addition, Great Western Burial Insurance offers flexible payment options such as monthly payments or one-time premiums so that you can choose what works best for your budget and lifestyle needs.

Policies are also permanent, meaning they cannot be cancelled due to changes in health or age – unless premium payments are missed altogether or there is fraud involved with obtaining coverage initially.

When considering purchasing a life insurance policy specifically tailored towards seniors aged 50+, choosing one from a reputable company provides assurance knowing quality service standards will always remain high no matter what situation arises during ownership duration.

Whether it be filing claims related issues or questions, you will want to verify that the carrier you decide to work with, whether it’s Great Western or not, has a reputation of quality customer service.

Key Takeaway: Great Western Burial Insurance is a popular life insurance policy for seniors aged 50 and older, as it offers flexible payment options, permanent coverage regardless of health changes and coverage amounts up to $40,000.

Benefits of Great Western Burial Insurance

One of the main benefits of Great Western burial insurance is ability to offer guaranteed acceptance regardless of health status.

This means that no medical exams are required and you can be approved without any additional questions or paperwork. Additionally, there are flexible payment options available so you can choose a plan that fits within your budget.

When it comes to rates, Great Western sometimes offers competitive prices for both males and females depending on their age group and policy type chosen. However, depending on the plan chosen, rates are pricey compared to other carriers.

For example, a healthy 65-year-old male could get $25,000 in coverage with monthly premiums at about $225 per month while a healthy 75-year-old female could get up to $15,000 in coverage with premiums starting at only $200 per month.

Many carriers, such as Mutual of Omaha, offer lower, more competitive premium rates.

Their guaranteed issue product, Great Assurance, does offer high-quality coverage with reasonable premiums, however, compared to other guaranteed issue life insurance plans on the market.

Finally, buying Great Western Burial Insurance is easy. Simply contact one of our agents who will help guide you through the process step by step until you find the perfect plan for yourself or someone else in need.

Sample Rates for Males and Females

You will want to compare and contrast Great Western burial insurance rates carefully for both males and females. Often, more competitive premiums can be found through other carriers.

For example, a healthy male aged 50 may pay $60 per month for a $10,000 policy while a healthy female aged 50 may pay $50 per month for the same coverage amount.

Other carriers, depending on your health class, offer a similar policy for the same amount with premiums starting around $30 for males and $25 for females.

These rates are just one of many factors to consider when selecting an insurance plan. It is important to research all available options in order to make an informed decision about which plan best meets your needs and budget.

Just know that your individual circumstances will determine the specific rate you are charged. It’s best to partner with an expert agent to compare your options. Start by using the free quoting system found on this page.

Again, no matter what type of policy you choose, it’s important to compare rates among providers before making a final decision on which plan is right for you.

Rates vary based on age, gender, location and other factors so it pays off to shop around before settling on any particular provider or plan.

When researching potential policies online or through an agent/broker, it is also important to read through each company’s terms and conditions carefully in order to understand exactly what services are included in each plan and how much coverage will be provided.

Doing this due diligence upfront can save time later when filing claims against these policies should they become necessary down the road.

Key Takeaway: When selecting a burial insurance plan, it is important to compare rates among providers and read through each company’s terms and conditions carefully.

How to Buy Great Western Burial Insurance

Purchasing Great Western Burial Insurance is an easy and straightforward process. Whether you choose to apply online or by phone, the application process only takes a few minutes.

Often, you will receive an instant decision on your application so you can start making payments right away and begin enjoying the peace of mind that comes with having life insurance coverage in place.

Choosing Your Coverage Amount

When selecting your coverage amount, it’s important to consider how much money your loved ones would need for the price of your funeral, burial costs, medical bills, outstanding debts or other financial obligations upon your passing.

Generally speaking, most people select a policy that covers at least $10,000 in final expense costs but there are also policies available up to $40,000 depending on age and health status.

Payment Options

Great Western offers flexible payment options including monthly installments as well as annual payments if preferred. The premiums are guaranteed not to increase over time which makes budgeting easier for seniors who may be living on fixed incomes.

There is no medical exam required when applying for Great Western Burial Insurance so approval times are usually very quick compared to traditional life insurance policies that require physical exams and lab tests prior to issuing a policy.

Benefits of Having Life Insurance Coverage

Having life insurance provides peace of mind knowing that those left behind will have one less thing to worry about financially after losing a loved one. Burial insurance is worth it, in most cases.

It can help cover any remaining debts such as credit cards or mortgages while providing funds for funeral expenses without placing additional burden on family members during an already difficult time emotionally and financially following the death of someone close to them.

Additionally, the plans offer modest cash value accumulation which allows seniors access their money should they need it while they are still alive – something not offered with term life insurance policies.

Great Western burial insurance can provide seniors with peace of mind and financial security, so they can rest easy knowing that their loved ones will be taken care of after they are gone. Just be sure to evaluate other carriers, as well, before moving forward with a purchase.

Key Takeaway: Buying Great Western burial insurance is an easy and straightforward process with no medical exam required for approval. You may need answer a few health questions, however, depending on the policy you apply for.

FAQs in Relation to Great Western Burial Insurance

What kind of insurance covers burial?

Burial insurance, also known as final expense insurance, is a type of life insurance policy designed to cover the costs associated with the price of a funeral and burial.

It typically pays out a lump sum death benefit that can be used to pay for funeral services, cremation costs or other related expenses.

Burial insurance policies are usually available to seniors over the age of 50 and may provide coverage regardless of pre-existing health conditions.

Is burial insurance a good deal?

Burial insurance can be a good deal for seniors over the age of 50. It is designed to provide financial protection against the costs associated with funeral and burial expenses, which can be expensive.

The coverage provided by burial insurance is typically much less than that of traditional life insurance policies, making it more affordable for seniors on a fixed income.

Additionally, some policies may offer additional benefits such as living expense payments or cash value to help cover medical bills during an illness. Ultimately, whether or not burial insurance is a good deal depends on individual needs and circumstances.

How much does a burial policy cost?

The cost of a burial policy varies depending on the type of coverage you select. Generally, final expense policies are less expensive than other types of insurance.

The amount you pay for your policy will depend on factors like age, gender, and any pre-existing conditions.

It is important to compare different providers to find the best rate for your needs. Really, the cost of a burial policy can range from just a few dollars per month up to several hundred dollars per month depending on the level of coverage chosen.

Is there a difference between life insurance and burial insurance?

In a sense, there is a difference between life insurance and burial insurance. Burial insurance is a specific type of life insurance.

Life insurance is designed to provide financial protection for your family in the event of your death. It pays out a lump sum or regular payments to beneficiaries upon your passing.

Burial insurance, also known as final expense insurance, provides coverage specifically for funeral costs and other related expenses such as medical bills or debt repayment.

It typically pays out much less than life insurance policies but can still be an important part of estate planning for seniors who want to ensure their families are not burdened with these costs after they pass away.

Next Steps

In conclusion, Great Western Burial Insurance is an option worth considering for seniors over the age of 50 who are looking for a reliable and affordable way to cover their final expenses.

Just be sure to evaluate multiple carriers to find competitive rates for both males and females.

When you do your homework with the help of an expert agent, you can fully assess Great Western burial insurance along with others, and be sure that you’re making the right decision when it comes to protecting yourself and your loved ones.

Are you a senior who is looking for an insurance product that provides coverage for final expenses, Medicare, health and cancer plans? Look no further than iSeniorBenefits.

Our products are designed specifically to meet the needs of seniors in today’s ever-changing market. With our comprehensive packages, you can rest assured knowing that your financial future is secure and protected. Contact us now to find out more about how we can help you get the most out of life.