Last Updated on June 16, 2018 by lifepolicyshopper
For seniors who are considering life insurance for final expenses or just funeral coverage, Life Policy Shopper should be your number one resource for learning about life insurance, shopping for life insurance, or purchasing life insurance.
Your best life insurance solution will depend on your individual circumstances and budget. We get that and that is why we represent the majority of the final expense insurance companies in the marketplace. Here we’ll discuss burial insurance for seniors from United Home Life.
About United Home Life
United Home Life Insurance Company began offering insurance products more than 70 years ago and during that time they’ve been committed to keeping their promises to policyholders. The company’s intentions are to offer insurance products that are easy to understand and will provide financial security for your loved ones.
United Home Life uses a simplified underwriting process on every product in their portfolio which means there is never a requirement for an insurance medical exam or blood and urine tests. They have also cut down on the number of health questions on their application when compared to other companies like Lincoln Heritage or Colonial.
They are committed to providing outstanding customer service to policyholders and claimants and continually encourage their staff and the independent agents who represent them to always put the needs of the customer first and foremost.
Financial Strength
It’s critically important that seniors who are purchasing funeral and burial insurance know that the insurer they select to put their trust in is a highly-rated company that continually demonstrates they will meet the needs of their policyholders, especially when a claim is filed. We believe that the A.M. Best rating for an insurance company is the best indication of how they will perform financially.
When the insurer's companies are combined, they have more than $2 billion in assets and a significant policy count with over $20 billion of life insurance in force across the United States.
Product Portfolio
United Home Life and its sister company United Farm Family, provide a broad selection of simplified issue life insurance products and because they have guaranteed issue insurance as well, virtually no one will be refused life insurance. Most of their insurance products can also be customized to meet the needs of the applicant using various riders that can broaden coverage and provide additional living benefits for the policyholder.
Express Issue Deluxe – Simplified Issue Whole Life
United Home Life’s simplified issue burial insurance for seniors offers the guarantees and benefits of traditional whole life insurance:
- Insurance coverage for life that cannot be canceled as long as premiums are paid.
- Level premiums that cannot be increased by the company; even if your health becomes severely diminished or you have to live in a nursing home or hospice facility.
- Your policy builds cash value over time and earns interest from the carrier. The cash value can be accessed through policy loans, withdrawals, or surrender of the policy.
Underwriting Highlights
- No medical exam required
- Issue ages: 20 to 80-years old
- Face Amounts for ages 20 – 60: $5,000 to $100,000
- Face Amounts for ages 61 – 80: $5,000 to $50,000 (higher than many other carriers)
- Accelerated Death Benefit Rider included
- Additional riders available at an additional charge
Simplified Issue Graded Benefit Whole Life
The simplified issue Graded Benefit Whole Life product is the solution for applicants who do not qualify for level benefit Simplified Issue Whole Life because of serious health issues.
Underwriting Highlights
- Eligible issue ages: 25 to 80-years old
- Face amounts $2,000 to $25,000
- Graded Benefit for 2 years: If the insured dies because of natural causes in the first year the death benefit is 112% of the premiums paid to the company. If the insured dies from natural causes during year two, the death benefit is 124% of the premiums paid.
- Accidental Death: If death is the result of an accidental, the full death benefit will be paid from the first day of coverage
- For policies with a face amount of $10,000 and higher, three additional riders are included in the coverage: identity theft premium waiver, in-patient hospital waiver, and common carrier accidental death benefit.
Actual rates for Burial Insurance for Seniors from United Home Life
The following chart provides actual rates for a $10,000 Simplified Issue Whole Life policy for non-smokers:
For an accurate for your current age, please see our world-class quote engine on the right side of the page.
The following chart provides actual rates for a $10,000 Graded Benefit Whole Life policy for non-smokers:
You've probably noticed that the rates for men are higher than the rates for women. This is because women typically live longer than men and therefore the company can collect premium over a longer time period.
