Buying The Best Burial Insurance New Jersey In 2024
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Searching for reliable burial insurance in New Jersey? You’re in the right spot.
Many folks see life insurance as a safety net for their family’s financial future after they’re gone. Yet, have you considered the immediate expenses of a funeral and burial?
In New Jersey, these costs can quickly reach thousands, putting a burden on your loved ones.
That’s where NJ burial insurance plans with InsuranceForBurial.com steps in. This specialized insurance offers a payout after passing to help manage those direct funeral and burial costs.
To get the best value, it’s smart to look at several New Jersey final expense insurance options.
And don’t forget, New Jersey’s funeral consumer protection program and InsuranceForBurial.com is an excellent resource to help find the right coverage for you.
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What Is Burial Insurance in New Jersey?
Burial Insurance in New Jersey is like any other life insurance policy:
It pays out a death benefit to your beneficiaries upon passing. You can use the death benefit to cover the costs of your funeral and burial expenses and any other final expenses you may have.
It can be an essential part of your financial planning. As it can help your loved ones cover the costs of your funeral and burial expenses.
In New Jersey, burial insurance is regulated by the state’s Department of Banking and Insurance. There are a few things to remember when shopping for burial insurance in New Jersey:
- The policy must be clearly labeled as “burial insurance.”
- The policy must have a face value of at least $1,500.
- The policy must be issued by an insurance company licensed to do business in New Jersey.
If you’re considering buying burial insurance in New Jersey, be sure to shop around and compare policies before you make a decision.
And remember, burial insurance is not the same as health insurance. It will not cover the costs of your medical care unless the beneficiary chooses to.
We offer final expense insurance New Jersey ages 50 to age 90.
What Does New Jersey Burial Insurance Cover?
Burial insurance is a type of life insurance that covers the cost of your funeral. Burial insurance is usually purchased as a rider on your life insurance policy.
It will be added to your existing policy, increasing its coverage.
Burial insurance can help pay for the burial costs associated with your death, including:
- The cost of a casket and grave plot
- The cost of memorial services
- Funeral expenses such as flowers, transportation, and other services
- Burial costs are tax-free when you die without leaving a will or trust behind.
However, if you have a will or trust in place, the amount paid out by the plan would be taxable income.
What Does Burial Insurance New Jersey Cost
Here are some real rates based on age for females and males. We offer coverage from $1,500 to $50,000, but these rates are based on the most common.
Burial Insurance Cost For Females
| Age of Applicant | $5,000 | $10,000 | $15,000 |
|---|---|---|---|
| 50 | $12.86 | $23.06 | $33.08 |
| 55 | $14.97 | $26.94 | $38.90 |
| 60 | $18.04 | $32.87 | $47.70 |
| 65 | $22.11 | $41.01 | $59.91 |
| 70 | $28.07 | $53.12 | $78.18 |
| 75 | $37.81 | $72.41 | $107.01 |
| 80 | $50.82 | $98.43 | $146.05 |
| 85 | $69.55 | $135.90 | $202.25 |
| 90 | $149.69 | $296.41 | NA |
Burial Insurance Cost For Males
| Age of Applicant | $5,000 | $10,000 | $15,000 |
|---|---|---|---|
| 50 | $15.37 | $27.73 | $40.08 |
| 55 | $18.72 | $34.43 | $50.13 |
| 60 | $22.72 | $42.42 | $62.13 |
| 65 | $28.41 | $53.82 | $79.22 |
| 70 | $36.47 | $69.93 | $103.38 |
| 75 | $50.22 | $97.43 | $144.64 |
| 80 | $71.44 | $139.73 | $207.99 |
| 85 | $97.97 | $192.74 | $287.51 |
| 90 | $176.59 | $350.21 | NA |
NJ’s leading causes of death
According to the National Center for Health Statistics, New Jersey’s leading causes of death are listed below.
These are the most common causes of death in New Jersey and are most likely to be covered by burial insurance.
- Heart Disease
- Accidents
- Cancer
- Stroke
- Alzheimer’s Disease
- Chronic Lower Respiratory Disease
- Septicemia
- Diabetes
- Flu/Pneumonia
- Kidney Disease
New Jersey “Free Look Period”
The Tennessee Life Insurance Act provides ten days for any purchaser of life insurance to cancel the contract without penalty and receive a full refund.
If this is a life insurance purchase, the purchaser has ten days; if it is a replacement policy, the purchaser has 20 days.
Don’t forget: A life insurance policy can still be canceled even after the free look period ends. It is possible to cancel a life insurance policy at any time.
There is no time limit on when you can withdraw. No insurer can lock you into a contract for an extended period.
What Are the Benefits of Burial Insurance in New Jersey
Burial insurance can be a valuable benefit for your loved ones and is essential to making your final wishes known.
The following are some of the reasons why you should consider burial insurance in New Jersey:
Financial protection for loved ones.
If a person dies without a will, without sufficient life insurance, or without enough savings, their family will not be able to pay for the funeral expenses. Burial insurance can provide financial relief for families who have lost someone close to them.
Cover other expenses:
In addition to the costs of a funeral, You can also use burial insurance to cover other expenses related to the death. It also includes transportation and accommodation costs for family members who must travel for the funeral.
Peace of mind for survivors.
Burial insurance can help survivors deal with the loss of a loved one and make arrangements for the future. It may also relieve some financial stress when life is otherwise difficult.
Covering medical expenses.
Burial insurance helps pay for medical expenses such as hospital stays, doctor’s visits, and even funeral costs if necessary. It is especially beneficial when paying off debts such as loans or mortgages since many lenders require applicants to have enough cash to pay these bills if they fall into arrears.
It is tax-free income for the survivors:
Under the federal tax code, the death benefit from a life insurance policy is not considered taxable income to the beneficiaries. It can provide much-needed financial assistance to your loved ones when they are grieving and may be unable to think about financial matters.
Unique Features Of New Jersey Burial Insurance
Final expense life insurance is a simple and easy-to-understand policy. It comes with several benefits, which include the following.
- You will never have to increase your monthly payments.
- You are guaranteed to receive this certificate for as long as you live, no matter how old you become.
- You can purchase a cremation policy for as little as $1,000, making it the perfect option for cremated people as they do not require a lot of coverage.
- There is no way to decrease the death benefit under any circumstances.
- It is unbelievably easy for anyone to qualify for a policy even if they suffer from severe health conditions since underwriting is so relaxed.
How To Choose The Best Final Expense Policy
It would help if you kept a few things in mind to keep it relatively short.
- It is more cost-effective to purchase life insurance through an agent than directly from the insurance company. You are not likely to save money by buying now from a carrier. The cost of using an agency or agent is free, and the monthly cost of your insurance is not increased because there is a middleman involved.
- Life insurance companies in the USA are reliable, but you might not have heard of them. They aren’t advertised on a mass scale, so you don’t know them. But that doesn’t mean they aren’t trustworthy or credible. They sell through agencies like us instead of advertising millions of dollars. They also offer competitive pricing and underwriting. You have a good chance of getting the best policy if you choose one of these companies.
- Also, keep these things in mind: To make the best choice, you need to find a cheap policy that protects you as soon as possible and is provided by a responsible insurer. Online articles recommend picking a company solely based on revenue or notoriety should be heeded. Price and coverage are just as important as these factors, but You should not fool yourself.
It would help if you worked with an independent insurance agency representing at least ten insurance companies to get the lowest final expense insurance policy.
As a result, they can do comparison shopping on your behalf to find the best insurance company for you.
DIRECT CREMATION
| Area | Average | High | Low | Rank |
|---|---|---|---|---|
| New Jersey (State) | $2,505 | $5,810 | $786 | 14 (of 50 states) |
| National | $2,185 | $9,800 | $275 |
AFFORDABLE BURIAL
| Area | Average | High | Low | Rank |
|---|---|---|---|---|
| New Jersey (State) | $5,381 | $8,400 | $3,250 | 12 (of 50 states) |
| National | $5,113 | $11,800 | $2,830 |
FULL SERVICE CREMATION
| Area | Average | High | Low | Rank |
|---|---|---|---|---|
| New Jersey (State) | $6,865 | $12,465 | $3,205 | 6 (of 50 states) |
| National | $6,219 | $19,300 | $2,555 |
TRADITIONAL FULL SERVICE BURIAL
| Area | Average | High | Low | Rank |
|---|---|---|---|---|
| New Jersey (State) | $9,436 | $15,395 | $5,720 | 4 (of 50 states) |
| National | $8,554 | $21,475 | $4,850 |
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FAQ: Burial Insurance in New Jersey
Q1: What is burial insurance in New Jersey?
A: Burial insurance in New Jersey is a specialized type of life insurance that offers a payout after one’s passing to cover direct funeral and burial costs, ensuring loved ones aren’t burdened with these expenses.
Q2: How is burial insurance different from traditional life insurance?
A: While traditional life insurance is designed to provide financial security to beneficiaries for various needs after the policyholder’s death, burial insurance specifically covers the costs of funeral and burial services.
Q3: Can funeral expenses in New Jersey really be that expensive?
A: Yes, funeral and burial costs in New Jersey can quickly accumulate to thousands of dollars, making it challenging for many families to afford without assistance.
Q4: How can I find the best burial insurance plan in NJ?
A: To secure the best value, it’s recommended to compare several New Jersey final expense insurance options. Utilizing tools like the New Jersey funeral consumer protection program can also assist in finding suitable coverage.
Q5: Are there age limits for purchasing burial insurance in New Jersey?
A: While burial insurance is often associated with seniors, many providers offer plans to a range of age groups. It’s best to consult individual insurance companies for their specific age requirements.
Q6: How can the New Jersey funeral consumer protection program help me?
A: The program assists consumers by ensuring transparency in funeral service costs, providing resources for comparing prices, and guiding individuals to make informed decisions about funeral and burial insurance in New Jersey.
Q7: Do all burial insurance plans cover both funeral and burial expenses?
A: Most burial insurance plans cover both, but it’s crucial to read the policy details. Some might only cover funeral expenses, while others might focus on burial or cremation costs. Always clarify with your provider.
Q8: Can I decide on specific funeral arrangements with my burial insurance policy?
A: Many burial insurance policies allow you to pre-plan certain aspects of your funeral, ensuring your wishes are respected. However, specifics can vary among providers, so it’s important to discuss these details when considering a policy.
Remember, always consult with a trusted insurance advisor or agent when considering burial insurance to ensure that the plan meets your specific needs and preferences.
Burial Insurance In States Around New Jersey
Conclusion
To sum it up, New Jersey offers a lot of different options when it comes to Burial Insurance.
It is essential to remember that the key to finding the best policy for you is working with an independent insurance agency so they can do comparison shopping on your behalf and find the best company for you that offers the coverage you need at a price you can afford.
If you would like more information about finding the best policy for you, don’t hesitate to contact us; we would be happy to help you.
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