The idea of being prepared for the unexpected is one that we all understand. But what happens when a major provider, like MetLife, no longer offers burial insurance?
This can leave many seniors in a difficult position as they search for other options to cover their final expenses.
In this article, we’ll explore why MetLife burial insurance is no longer available and provide you with helpful information about other ways to secure coverage through alternative providers so you don’t have to worry about your family’s financial security after you’re gone.
We’ll also explain where to buy burial insurance and discuss some of its key benefits. So if MetLife burial insurance is no longer an option for your future planning needs, read on.
Table of Contents
- What is Burial Insurance?
- Why MetLife Burial Insurance is no longer available
- Other Options for Burial Insurance
- Where to Buy Burial Insurance
- Benefits of Buying Burial Insurance
- Frequently Asked Questions
- Next Steps
What is Burial Insurance?
Burial insurance is a type of life insurance policy that provides coverage for funeral and burial expenses. It is designed to help families cover the costs associated with end-of-life arrangements, such as funeral services, cremation, and burial plots.
Burial insurance policies are typically purchased by seniors over the age of 50 who want to ensure their loved ones are not burdened with costly funeral expenses when they pass away.
Burial insurance policies vary in terms of coverage amounts and premiums but generally provide death benefits ranging from $2,000 to $25,000 or more depending on the policyholder’s age and health status at the time of purchase.
The cost of burial insurance can range from as little as a few dollars per month up to several hundred dollars per month depending on the amount of coverage desired.
Most burial insurance policies do not require medical exams or tests before approval; however some may have certain requirements such as answering health questions or providing proof of good health in order to qualify for lower rates.
Additionally, most burial insurance plans do not have any cash value which means if you cancel your policy there will be no refund issued for unused premiums paid into it.
When considering purchasing a burial insurance policy it is important to compare different companies and plans in order to find one that best meets your needs both financially and medically speaking.
Make sure you understand all aspects of each plan including what types of death benefits are provided (such as immediate vs deferred payouts), how long it takes for benefits to become available after death has occurred (if applicable), whether there are any restrictions.
Additionally, make sure you read through all paperwork carefully so that you fully understand what rights you have under the plan should something unexpected happen during its term such as cancellation due nonpayment etc.
Burial insurance is a type of life insurance policy that can help cover the costs associated with funeral and burial expenses. However, MetLife Burial Insurance is no longer available, so it’s important to understand other options you have.
Key Takeaway: Burial insurance policies are designed to help families cover the costs associated with end-of-life arrangements, such as funeral services, cremation, and burial plots.
Why MetLife Burial Insurance is no longer available
MetLife recently announced that it will no longer offer burial insurance policies in the United States. The company cited changes in the industry and customer preferences as reasons for discontinuing the product line.
Burial insurance is a type of life insurance policy designed to provide financial assistance for funeral expenses, such as casket costs, cremation services, cemetery plot fees, and other related costs associated with death.
Clearly, knowing that MetLife burial insurance is no longer an option is crucial so that you can look elsewhere for coverage that your loved ones need.
The decision to stop offering burial insurance was made after MetLife conducted an extensive review of its products and services offered in this space.
After analyzing customer feedback, they determined that there were better options available on the market that could meet customers’ needs more effectively than their own product offerings.
In addition to changing consumer preferences, MetLife also noted that increased competition from other insurers has put pressure on pricing models which have led to reduced profitability across all types of life insurance products including burial policies.
This decrease in profits has forced many companies like MetLife out of this sector altogether as they can no longer justify providing these services at current prices due to low returns on investment.
When shopping around for a new policy it’s important to compare different plans side-by-side so you can find one that meets your specific needs while also staying within budget constraints if necessary.
Additionally, make sure you understand any exclusions or limitations associated with each plan before signing up so you know exactly what kind of protection you’re getting for your money should something happen unexpectedly down the road..
Buying burial insurance now rather than later can help ensure peace of mind knowing that when the time comes, your family won’t be burdened with expensive funeral costs or have difficulty covering them financially due to lack of planning.
Although MetLife Burial Insurance is no longer available, there are still other options for seniors to consider when looking for burial insurance coverage. Let’s take a look at some of these alternatives in the next section.
Key Takeaway: MetLife’s decision to discontinue its burial insurance policies highlights the importance of shopping around for a policy that meets your needs and budget.
Other Options for Burial Insurance
It can be an important part of planning ahead to ensure your loved ones are not burdened with the costs associated with your death.
MetLife was one of the largest providers of burial insurance in the United States, but they stopped offering this product in 2017. Fortunately, there are still many other options available for those looking for burial insurance coverage. Companies such as Corebridge, Prudential, and New York Life all offer burial insurance policies with varying levels of coverage and premiums.
Fortunately for consumers who are still interested in purchasing burial insurance coverage, there are several alternatives available from other providers such as:
- American Amicable burial insurance
- SBLI burial insurance
- CICA Life burial insurance
- Corebridge guaranteed issue
- Guarantee Trust Life burial insurance
These companies specialize in providing affordable coverage plans tailored specifically towards senior citizens aged 50+.
American Amicable offers several different types of policies including term life and whole life plans. Their Whole Life Burial Insurance plan provides up to $50,000 in coverage at competitive rates depending on age and health status.
The SBLI burial insurance plan is designed specifically for seniors over 50 years old who want protection against final expenses like funeral costs without having to undergo medical exams. This plan offers up to $35,000 in coverage at competitive rates based on age and gender only – no medical exam required!
CICA Life now offers a product called Superior Choice. With no medical exam required, you can purchase up to $30,000 in coverage. The application is simple and you will not be asked about your height, weight or tobacco use. Applicants between the ages of 0 – 85 years can qualify.
Corebridge guaranteed issue whole life insurance, formerly called AIG GIWL, is another option that does not require any medical underwriting when applying for a policy, making it ideal for seniors who may have difficulty qualifying due to pre-existing conditions.
This plan offers up to $25,000 in guaranteed acceptance coverage.
When shopping around for burial insurance, it is important to compare quotes from multiple companies so you can find the best rate possible while still getting adequate protection against final expenses like funeral costs should something happen unexpectedly during retirement years ahead.
You should also consider any additional riders offered by each company such as living benefits (accelerated death benefit), which allow you access to some or all of your benefits if diagnosed with a terminal illness prior to passing away due to unforeseen circumstances.
Although MetLife Burial Insurance is no longer available, there are still burial insurance options for the elderly to consider. In the next section, we’ll look at where you can buy burial insurance and what types of policies are available.
Key Takeaway: Burial insurance is an important part of planning ahead for your loved ones. While MetLife no longer offers this product, there are still many options available from other companies.
Where to Buy Burial Insurance
Burial insurance be purchased from a variety of sources, including online brokers, independent agents, or directly from an insurer’s website or office location.
We highly recommend working with an independent agent.
When shopping for burial insurance it is important to compare different policies to find the best fit for your needs and budget. When comparing policies you should consider factors such as premiums, death benefits, eligibility requirements, and any additional riders that may be available.
Online brokers are one option when looking to purchase burial insurance. These websites provide consumers with access to multiple insurers in one place making it easier to compare prices and features side-by-side.
Independent agents are another source when looking for burial insurance coverage. They have access to multiple carriers which allows them to shop around on behalf of their clients in order to get the best rate possible based on individual needs and circumstances.
Independent agents also have knowledge about state regulations regarding life insurance which can help ensure customers get the right plan at the right price without any surprises down the road.
Finally, some insurers will allow customers to purchase directly from their website or office location depending on where they live in the country. However, by going directly to a carrier, you are limited to that one specific life insurance company’s products.
It is important for seniors over 50 to understand all their options when evaluating the cost burial of insurance so they can make an informed decision that meets both their financial goals and provides peace of mind knowing they are covered no matter what happens in life.
With burial insurance no longer available through MetLife, it is important to understand the other options for purchasing burial insurance and the benefits that come with buying this type of policy. Let’s look at the advantages of investing in a burial insurance policy next.
Key Takeaway: Seniors over 50 should consider all their options when purchasing burial insurance, including online brokers, independent agents, and direct purchases from insurers.
Benefits of Buying Burial Insurance
It helps to cover the costs associated with funeral expenses, such as cremation costs, as well as any other outstanding debts or medical bills.
One of the main benefits of buying burial insurance is that it can provide peace of mind knowing that your family will not be burdened with financial stress in the event of your death.
This type of policy typically has low premiums and does not require a physical exam, and sometimes you can skip the health questions – making it an ideal option for seniors over 50 who may have pre-existing conditions or limited income.
Another benefit is that some policies offer cash value accumulation which means you can build up savings over time while still receiving coverage in case something happens to you before reaching retirement age.
Additionally, some policies also offer living benefits if you become disabled or ill before passing away so your family can receive additional funds to help pay for medical care and other related expenses.
Finally, purchasing a burial insurance policy allows you to customize the amount of coverage based on what best fits your needs and budget.
Key Takeaway: Burial insurance is an ideal option for seniors over 50 who may have pre-existing conditions or limited income.
FAQs in Relation to “MetLife Burial Insurance No Longer Available”
Does MetLife insurance still exist?
Yes, MetLife insurance still exists.
It is one of the largest life insurers in the world and offers a wide range of products to its customers. These include traditional life insurance policies, annuities, long-term care coverage, disability income protection plans and more.
Who took over MetLife life insurance?
In April 2022, Brighthouse Financial, Inc. acquired MetLife’s U.S. Retail Life Insurance business and became the new provider of MetLife’s life insurance products for customers in the United States.
Brighthouse Financial is a leading provider of annuities and life insurance that helps people protect their futures and achieve financial security through solutions designed to meet their needs today and over time.
The acquisition was part of an agreement between MetLife and Brighthouse Financial to transfer ownership of its U.S.-based retail life insurance business from MetLife to Brighthouse Financial on April 1, 2022.
Is burial insurance the same product as funeral insurance?
Yes, burial insurance and funeral insurance describe the same policy and the names can be used interchangeably.
They are a type of life insurance policy that pays out a lump sum upon death to cover funeral costs and other related expenses.
What happens after term life insurance ends?
After term life insurance ends, the policyholder is no longer covered by the insurance. The death benefit will not be paid out and any premiums that have been paid into the policy are forfeited.
Depending on their age and health status, seniors may still be able to purchase other types of life insurance such as permanent or whole life policies which provide coverage for their entire lifetime.
Often seniors buy burial insurance so that they do not need to worry about outliving their policy.
Burial insurance is an important product for seniors over the age of 50 to consider.
Even though MetLife burial insurance is no longer available, there are other options out there that can provide similar coverage and benefits.
It’s important to do your research and compare different policies before making a decision on which one is right for you.
Ultimately, having burial insurance in place will give you peace of mind knowing that your final expenses are taken care of and your loved ones won’t have to worry about them when the time comes.
iSeniorBenefits specializes in helping seniors find the coverage they need for peace of mind. Don’t hesitate, reach out today for your insurance needs.