Forethought Burial Policy Guide (2025 Update)

Planning for the future inevitably involves considering end-of-life expenses. It’s not the most cheerful topic, but ensuring your loved ones aren’t burdened financially during a difficult time is a profound act of care. You might have heard about various insurance options, including policies historically offered under the Forethought brand, designed specifically for this purpose. Understanding these options is the first step toward securing peace of mind.

This guide provides an updated look at the concept of a Forethought burial policy (now part of Global Atlantic Financial Group) and final expense insurance in general for 2025. More importantly, it emphasizes why comparing options across multiple insurers is crucial for finding the right fit – something we specialize in at Insurance By Heroes.

At Insurance By Heroes, we bring a unique perspective to insurance. Founded by a former first responder and military spouse, our agency is staffed by professionals who often come from backgrounds in public service. We understand the importance of protection, duty, and looking out for others. As an independent agency, we aren’t tied to any single insurance company. Instead, we partner with dozens of top-rated carriers across the nation. This allows us to shop the market extensively on your behalf, comparing different policies, features, and rates to find coverage truly tailored to your individual needs and budget. Whether a plan similar to a Forethought burial policy or an option from another provider is best for you, our goal is to provide clarity and find the optimal solution.

What Exactly is Burial Insurance?

Burial insurance, often called final expense insurance or funeral insurance, is typically a type of whole life insurance policy designed with a specific purpose: to cover the costs associated with your passing. Unlike term life insurance, which covers you for a set period, whole life insurance is designed to last your entire lifetime as long as premiums are paid. It also usually builds cash value over time on a tax-deferred basis.

The primary goal of a burial policy is to alleviate the financial stress on your family by providing funds for:

• Funeral and burial or cremation costs (casket, urn, service fees, cemetery plot, headstone, etc.)
• Outstanding medical bills
• Legal or administrative fees related to settling your estate
• Any remaining debts (credit cards, small loans)
• Travel expenses for family members attending the service

The death benefit is generally paid as a tax-free lump sum to your named beneficiary, who can then use the funds as needed for these expenses. Having this dedicated resource prevents loved ones from having to dip into their own savings, sell assets, or take on debt during an already emotional time.

It’s vital to understand, however, that final expense policies are not all created equal. Coverage amounts, premium costs, eligibility requirements, and specific features can vary significantly from one insurance carrier to another. This variation underscores the importance of working with an independent agency like Insurance By Heroes. We can help you navigate these differences and compare offers from numerous companies, ensuring you don’t overpay or choose a policy that doesn’t fully meet your needs.

Understanding Forethought Life Insurance (Now Global Atlantic)

Forethought Life Insurance Company built a reputation over many years, particularly in the pre-need and final expense insurance markets. They offered products designed to help individuals plan and fund their end-of-life costs. In 2014, Forethought was acquired by Global Atlantic Financial Group, a larger financial services company. While new policies are now issued under the Global Atlantic umbrella or its subsidiaries, many existing Forethought policies remain in force, and the name is still sometimes associated with final expense planning.

When people search for a “Forethought burial policy,” they are typically looking for the type of final expense whole life insurance that Forethought specialized in. These policies aimed to provide a straightforward way to secure funds for funeral and other final costs, often featuring simplified underwriting processes.

Global Atlantic continues to offer insurance products, potentially including final expense plans similar in structure to those previously offered by Forethought. However, it’s crucial to remember that Global Atlantic is just one of many reputable insurance carriers offering these types of policies. Their specific products, pricing, and underwriting criteria may or may not be the most suitable or competitive option for your unique situation.

This is where the value of an independent agency like Insurance By Heroes truly shines. We aren’t limited to promoting products from a single company. We have access to offerings from dozens of carriers, including Global Atlantic and many others known for strong final expense products. Our team can objectively compare the details of a potential Global Atlantic plan against alternatives, ensuring you see the bigger picture and make an informed decision based on comprehensive market shopping, not just one brand’s offerings.

Common Features of Final Expense Policies (Like Forethought’s Historical Offerings)

While specifics vary, final expense or burial insurance policies, including those historically associated with the Forethought brand, generally share several key characteristics. Understanding these features helps you evaluate different options:

• Policy Type: Whole Life Insurance

  Most burial policies are whole life insurance. This means coverage lasts for your entire life, provided you keep paying the premiums. Premiums are typically level – they are designed to stay the same throughout the policy’s duration, which can be beneficial for budget planning, especially for those on a fixed income.

• Coverage Amounts (Face Value)

  These policies offer smaller death benefits compared to traditional life insurance. Coverage amounts usually range from $2,000 up to $40,000 or $50,000. The goal isn’t income replacement but rather covering specific final expenses, making these lower face amounts appropriate for their intended purpose.

• Underwriting: Simplified Issue vs. Guaranteed Issue

  Many final expense policies feature simplified underwriting. This means you’ll likely answer several health questions on the application, but typically no medical exam is required. Approval can often happen quickly, sometimes within days or even minutes.

  Some carriers also offer guaranteed issue (or guaranteed acceptance) policies. These require no health questions and guarantee approval for applicants within a specific age range (usually 50-85). While accessible, guaranteed issue policies often come with:

  • Higher premiums compared to simplified issue policies.
  • Graded Death Benefits: This is a crucial feature to understand. If the insured passes away from non-accidental causes during the first two or three years of the policy (the “graded period”), the beneficiary typically receives only a return of the premiums paid, possibly with some interest, rather than the full face amount. After the graded period, the full death benefit becomes payable for any cause of death. Accidental death is often covered in full from day one.

  The underwriting process and availability of simplified vs. guaranteed issue options differ significantly between insurers. Insurance By Heroes can help determine which type you might qualify for and which company offers the best terms based on your health profile.

• Premium Payments

  As mentioned, premiums are often level for whole life policies. Factors influencing your premium include your age at application, gender, smoking status, the coverage amount you choose, your health (for simplified issue), and any riders you add. Because pricing varies widely across carriers for the exact same coverage, getting quotes from multiple sources is essential for finding the best value. We handle this comparison shopping for you.

• Cash Value Accumulation

  Like other whole life policies, final expense insurance typically builds cash value over time on a tax-deferred basis. A portion of your premium payments contributes to this cash value component. You can potentially borrow against the cash value via policy loans or, in some cases, surrender the policy for its cash value (though this terminates the coverage). Accessing cash value will reduce the death benefit if not repaid.

• Death Benefit Payout

  The death benefit is paid directly to your named beneficiary, typically as a single, tax-free lump sum. Your beneficiary has the freedom to use these funds for any purpose, although the intention is usually to cover funeral costs and other final expenses.

• Policy Riders

  Some policies allow you to add optional riders for enhanced coverage, often at an additional cost. Common riders might include an Accidental Death Benefit (pays an extra amount if death results from a qualifying accident) or perhaps riders for critical illness or child coverage. The availability and cost of riders differ by company.

Remember, while these features describe typical final expense policies, the exact terms, conditions, pricing, and underwriting specifics offered by Global Atlantic (formerly Forethought) or any other carrier can differ substantially. An independent comparison is key. At Insurance By Heroes, we analyze these details across many providers to find the policy structure that aligns perfectly with your needs and health status.

Pros and Cons of Burial Insurance Policies

Burial or final expense insurance serves a valuable purpose, but like any financial product, it has advantages and disadvantages. Considering these can help you decide if it’s the right approach for your situation.

Potential Advantages:

• Peace of Mind: Knowing that funds are specifically set aside for your final expenses can provide significant emotional relief for both you and your family.
• Accessibility: Simplified and guaranteed issue options make this type of insurance accessible even for individuals with significant health conditions who might struggle to qualify for traditional medically underwritten life insurance.
• Fixed Premiums: The level premiums common with whole life burial policies make budgeting easier, especially for seniors on fixed incomes.
• Cash Value Growth: The policy builds a cash value component over time, offering a form of living benefit through potential policy loans.
• Targeted Coverage: The policy is specifically designed to address end-of-life costs, ensuring funds are available for that purpose.
• Speed: Simplified underwriting often leads to quicker policy issuance compared to traditional insurance requiring full medical exams.
• Tax-Free Death Benefit: The payout to beneficiaries is generally income tax-free.

Potential Disadvantages:

• Cost Per Thousand Dollars of Coverage: Compared to term life insurance or larger traditional whole life policies, burial insurance typically has a higher cost per $1,000 of death benefit. You pay a premium for the simplified underwriting and smaller face amounts.
• Limited Coverage Amounts: The maximum death benefit (often $40,000-$50,000) might not be sufficient if you have larger debts or wish to leave a more substantial legacy beyond final expenses.
• Graded Death Benefits: Guaranteed issue policies and some simplified issue policies for certain health conditions come with a 2-3 year graded death benefit period for non-accidental death. This means if you pass away from illness early in the policy term, your beneficiary might only receive returned premiums plus interest, not the full face amount. This is a critical detail to understand.
• Potential for Better Alternatives: Depending on your age, health, and financial goals, other types of insurance (like term life or a larger whole life policy) or financial strategies (like dedicated savings) might be more cost-effective or provide broader benefits.
• Carrier Competitiveness Varies: The insurer that offered the “Forethought burial policy” concept (now Global Atlantic) might not offer the most competitive rates or best policy structure for your specific age and health profile. Rates for identical coverage can vary dramatically between carriers.

This last point is crucial. Relying on information about just one company, whether it’s Global Atlantic or any other single insurer, can lead to paying more than necessary or getting less suitable coverage. Insurance By Heroes mitigates this risk by comparing dozens of carriers side-by-side. Our team, with its foundation in service and protection, prioritizes finding the absolute best value and fit for *you*, leveraging our access to a broad market of insurance solutions.

Who Typically Benefits from a Burial Policy?

Final expense insurance is particularly well-suited for certain individuals and situations:

• Seniors on Fixed Incomes: Predictable, level premiums and guaranteed lifelong coverage make it manageable for those with limited budgets.
• Individuals with Health Issues: Simplified or guaranteed issue underwriting provides access to coverage for those who might be declined for traditional life insurance requiring a medical exam.
• People Without Significant Savings: If you haven’t accumulated enough savings to cover potential funeral costs (which can average $8,000-$12,000 or more), a burial policy ensures these funds will be available.
• Those Wanting to Protect Family: Anyone whose primary goal is to prevent their spouse, children, or other relatives from facing the financial burden of their final expenses.
• Individuals Needing Smaller Coverage Amounts: If your main life insurance need is specifically for final expenses rather than income replacement or large debt coverage, burial insurance is tailored for this purpose.

However, it’s not automatically the best choice for everyone. A younger, healthier individual might find term life insurance significantly more affordable for obtaining a larger death benefit, potentially covering final expenses plus other needs. Someone with ample savings might choose to self-insure these costs.

Determining the *most appropriate* type of policy requires a look at your overall financial picture, health status, age, and specific goals. This is where personalized guidance becomes invaluable. Insurance By Heroes doesn’t just sell policies; we help you assess your needs. Our agents, many with backgrounds serving communities as first responders or military family members, understand the importance of a tailored plan. We can help you decide if a burial policy is the right tool, or if another strategy makes more sense, always comparing options from our extensive network of carriers to ensure you get the best solution.

How Insurance By Heroes Finds Your Best Fit

Navigating the insurance landscape can feel overwhelming. With so many companies, policy types, and features, how do you know you’re making the right choice? This is precisely the problem Insurance By Heroes was created to solve.

Our foundation story shapes our approach. Founded by a former first responder and military spouse, and staffed by professionals often drawn from service-oriented backgrounds, we operate with a core belief in protecting and serving our clients. We understand the peace of mind that comes from knowing you and your loved ones are properly covered.

As an independent insurance agency, our loyalty is to you, the client, not to any single insurance company. Here’s how we leverage that independence to find your best fit:

• Access to Dozens of Carriers: We have established partnerships with a wide array of highly-rated insurance companies across the nation, including those known for competitive final expense products like Global Atlantic (formerly Forethought) and many others.
• Objective, Unbiased Advice: Because we aren’t captive agents pushing one company’s products, we can provide honest assessments of the pros and cons of different policies and carriers based on your specific needs.
• Comprehensive Market Comparison: We do the legwork for you. We gather quotes and policy details from multiple insurers, comparing rates, underwriting requirements (simplified vs. guaranteed issue, health questions), features (cash value growth, rider availability), and company ratings. We can evaluate if a plan similar to a Forethought burial policy or an option from a different carrier offers superior value.
• Personalized Needs Assessment: We take the time to understand your situation – your budget, health history, financial goals, and exactly what you want the insurance to achieve. This allows us to recommend the *right type* and *amount* of coverage.
• Tailored Solutions: Based on our assessment and market comparison, we present you with the options that best match your requirements. We explain the differences clearly, empowering you to make an informed decision. Whether the best fit is a policy from Global Atlantic or another top provider, you can be confident it was chosen through careful, unbiased comparison.

Our commitment goes beyond just finding a low price; it’s about finding the right *value* – the optimal combination of coverage, cost, and carrier strength tailored specifically for you. Let our team put their dedication to service to work for you.

Navigating the Application Process with Confidence

Applying for final expense insurance is generally more straightforward than applying for traditional, fully underwritten life insurance, but it still involves several steps. Working with Insurance By Heroes makes this process smooth and clear:

1. Needs Assessment: We start by discussing your goals. How much coverage do you need to cover estimated final expenses? Who will be your beneficiary? What’s your budget for premiums?
2. Information Gathering: For simplified issue policies, we’ll guide you through the health questions asked on the application. Accuracy is important. For guaranteed issue, this step involves basic identifying information and confirming age eligibility.
3. Quote Comparison: This is where our independence shines. We submit your information (anonymously where possible initially) to multiple carriers to obtain real-time quotes based on your profile. We compare offers for policies like the Forethought burial policy type and alternatives from other leading insurers.
4. Application Submission: Once you’ve chosen the best option, we help you complete and submit the formal application to the insurance company. We ensure all paperwork is accurate and complete.
5. Underwriting Review: The insurance company reviews your application. For simplified issue, this may involve checking prescription history databases (like the MIB, or Medical Information Bureau) and public records to verify your answers. Guaranteed issue involves minimal verification, primarily of age and identity.
6. Policy Decision & Issuance: The insurer makes a decision – approve, decline (less common for final expense, especially guaranteed issue), or perhaps offer a modified policy (e.g., a graded benefit if initially applying for immediate coverage). Upon approval, the policy documents are issued and sent to you.
7. Policy Review: We encourage you to review the policy documents carefully during the “free look” period (usually 10-30 days, depending on the state), during which you can cancel for a full refund if you change your mind. We’re here to answer any questions you have about the fine print.

Throughout this entire process, your Insurance By Heroes agent acts as your advocate, explaining each step, clarifying jargon, and ensuring you feel confident and informed. We handle the complexities so you can focus on securing the protection you need.

Are There Alternatives to Burial Insurance?

While final expense insurance is a popular and effective tool, it’s worth being aware of other ways people plan for end-of-life costs:

• Pre-Paid Funeral Plans: These involve arranging and paying for your funeral directly with a specific funeral home in advance.
  • Pros: Locks in prices for certain services, detailed planning done.
  • Cons: Funds are often tied to a specific funeral home (less flexible if you move), may not cover all costs (e.g., cemetery plot, headstone), funds might not be easily accessible if needed for other emergencies, state regulations vary.
• Savings Accounts/Investments: Earmarking funds in a dedicated savings account, CD, or other investment vehicle.
  • Pros: Funds are accessible and flexible.
  • Cons: Requires discipline to save enough, funds aren’t tax-advantaged like insurance, savings could be depleted by other needs before death, market fluctuations could impact investment value.
• Traditional Term Life Insurance: If you are younger and healthier, you might qualify for a larger term life policy at a lower premium than burial insurance. If you pass away during the term, the death benefit could cover final expenses plus other needs.
  • Pros: Lower cost per thousand, larger death benefits possible.
  • Cons: Coverage is temporary (expires after the term), requires stricter underwriting (medical exam often needed), may not be available or affordable for older individuals or those with health issues.
• Larger Whole Life Policies: If you need significant coverage beyond final expenses and want lifelong protection with cash value growth, a traditional whole life policy might be considered, though premiums will be higher than burial insurance.
  • Pros: Lifelong coverage, larger death benefit, stronger cash value growth potential.
  • Cons: Higher premiums, typically requires more extensive underwriting than final expense policies.

The best approach depends on your individual circumstances. Burial insurance excels at providing accessible, guaranteed funds specifically for final expenses, especially for older individuals or those with health concerns. At Insurance By Heroes, we don’t just push one product. We consider your entire situation and help you understand all relevant options, including evaluating if a final expense policy similar to the historical Forethought burial policy model, or an alternative from another carrier, or even a different strategy altogether, is the most sensible path for you.

Why Place Your Trust in Insurance By Heroes?

Choosing an insurance partner is about more than just policies and premiums; it’s about trust. At Insurance By Heroes, our roots in public service – founded by a first responder and military spouse, employing professionals who share a commitment to community – define who we are and how we operate.

We believe in:

• Service: Our primary mission is to serve your needs, providing expert guidance and unwavering support.
• Integrity: We offer honest, transparent advice, always prioritizing your best interests. As independent agents, we work for you, not an insurance company.
• Protection: We understand the fundamental importance of protecting what matters most – your family and your financial security.
• Dedication: We are dedicated to finding the right coverage at the best possible value by diligently shopping the market across dozens of top-rated carriers.

We simplify the complex world of insurance. We take the time to listen, compare, and explain, ensuring you have the knowledge and confidence to make the right decision. There’s no high-pressure sales tactics, just clear information and personalized recommendations tailored to your unique situation. Let us put our experience and market access to work securing your peace of mind.

Take the Next Step: Secure Your Peace of Mind Today

Planning for final expenses is a responsible and caring step to protect your loved ones from future financial hardship. While understanding options like the type of coverage historically known as a Forethought burial policy is helpful, the key takeaway is that the insurance market is vast, and the best solution is rarely found by looking at only one company.

The most effective way to ensure you get the right coverage at the most competitive rate is to compare multiple options. That’s exactly what we do at Insurance By Heroes. Our independent status allows us to shop the market extensively, comparing plans from Global Atlantic and dozens of other leading carriers to find the perfect match for your specific needs, health profile, and budget.

Ready to secure peace of mind for yourself and your family? Don’t navigate the complex insurance market alone. Let the dedicated team at Insurance By Heroes, founded by service members for everyone, do the shopping for you. Get your free, no-obligation final expense insurance quote today by filling out the simple form on this page. We’ll compare options from numerous carriers to find the ideal fit for your needs and budget. Take control of your final expense planning now.