Burial Expense Insurance
Burial expense insurance can give you and your loved ones peace of mind about your future needs. Although a conventional term life insurance plan can cover your final expenses while providing a benefit for your survivors, standard life policies are not the best option for everyone. Some insurance applicants do not qualify for life coverage because of a serious medical condition. Others prefer to insure their funeral and burial separately, or to provide for their loved ones financially using other resources.
The benefits from an affordable burial expense insurance policy can cover a range of needs. Whether your final costs include a modest graveside service with a simple casket or a full service funeral with a viewing, a hearse, a procession and flowers, a burial policy ensures that your last wishes are carried out as you intended. Because burial expense insurance is available for a low face value, ranging from several thousand to tens of thousands of dollars, you can purchase as much or as little protection as you need to commemorate your life.
Applying for Insurance
Burial expense insurance is widely available for applicants of almost any age. You can apply for final expense coverage by calling an insurance agent on the phone, by mail or online. Searching for burial expense coverage online lets you quickly evaluate the costs and features of several policies from the leading providers. In the comfortable atmosphere of your home, you and your loved ones can discuss the final services you need and determine the total expense of the funeral and burial you truly want.
Applying for a final expense policy is similar to applying for life insurance in certain ways. You may be asked to provide information about your age, gender, your beneficiaries and other details. However, many providers do not require that you complete a medical questionnaire when you apply for burial expense insurance, and a health screening exam is rarely requested. Most policies are issued on a simplified basis, requiring only very basic health information, or on a guaranteed basis, ensuring acceptance regardless of your health condition.
Burial expense insurance may be offered as a term policy, meaning that coverage expires at a certain age. Many term policies expire when the policyholder reaches the age of 80. Most burial expense insurance policies are level term policies, meaning that the face value, or death benefit, remains the same for the length of your coverage. Alternatively, you can purchase a whole life policy, which will cover you for your entire lifetime, or until age 100. Some whole life policies cover the policyholder until age 120.
Guaranteed issue policies final expense policies may pay out a full benefit upon your death from the time you're approved. Other policies offer a graded death benefit, which pays out an increasingly higher percentage of your benefits over time. During the first year, the payout might be 10 percent of the total benefit. the second year, the payout might be 25 percent, and the third year, 100 percent of your benefits would be paid out. Accident death is often covered at 100 percent, no matter how long you've participated.
Comparing Insurance Costs
The cost of insuring your burial and funeral depends largely on the extent of the services you wish to have. As you're planning your estate, talk with one or more funeral directors in your community to review your options and determine how much the products and services you want will cost. Although most mortuaries offer standard packages, ranging from direct burial plans to full service funerals, you should be given the opportunity to customize your final services by selecting only the options that you and your loved ones want.
The costs of a cemetery plot, a headstone, flowers and certain procedures involved with preparing the body are generally not included in a standard package. When you're calculating how much burial expense insurance you need, make sure you consider all of the products and services you'll require. In addition to paying benefits for your funeral, some policies will cover your mortgage and other unpaid debts.
By comparing estimates from several insurers, you can find a policy that suits your needs at premiums you can afford. Comparison shopping is one of the most effective ways to secure protection that offers you the most value for the least expense. You may also receive a discount through membership with a credit union, bank or professional association.
Preparing for our final services isn't a task that most of us look forward to. However, once you've made these important arrangements, you can rest assured that your loved ones will have the resources they need to celebrate your life the way you deserve. Find the reliable burial expense insurance you need by limiting your search to trusted insurers.