Burial insurance is a word that evokes a battle in your mind. When you hear burial life insurance, you realize that it is a good way to protect your family from having to bear the burden of your final expenses. However, you also think about how much you will miss the ones you love after you pass away. Although burial insurance is a sensitive subject, I think it is important to explore it deeply in order to cast away any myths associated with this insurance and to make sure that you are prepared for the day that this life comes to an end.
Main Advantages of a Burial Insurance Policy
We should start our discussion by looking at the three best reasons to purchase funeral insurance:
- The life insurance coverage will never be terminated, it is permanent.
- Your final expense insurance premiums will never change.
- Your life insurance policy has liquidity. In other words, it builds up a cash value over time.
Let us look at each one of these points individually.
Your Funeral Insurance Coverage Is Permanent
One of the key advantages to a final expense life insurance policy is that your coverage is there when you really need it. Many life insurance plans have provisions that allow the insurance companies to terminate your coverage. With a final expense policy, you and your family can rest assured that you WILL be covered when the day comes.
Final Expense Premiums Do Not Change
Unlike traditional life insurance, final expense insurance premiums do not change over time. The amount that you agree to the day you sign up for your policy is the same amount you will pay for the rest of your life. This helps to eliminate any uncertainty with respect to your monthly insurance obligations.
Your Burial Life Insurance Has Cash Value
This means that your family does not necessarily have to use all the funds for costs related to your burial. Burial life insurance not only protects your family from the costs related to your passing, but it can even help a family member that is in a troublesome financial situation.
What Is The Average Burial Expense?
While burial expenses can range anywhere from about $100 to $10,000, the average burial will cost around $8,000. As you can see, this is quite a large sum of money to be required to come up with when you are grieving the loss of a loved one. This is what makes funeral insurance so important.
Do You Need a Medical Exam To Get Preneed Insurance?
Final expense policies are classified as “simplified issue”. This means that all that is required is a short application form. NO MEDICAL EXAM is required!
What Are Common Funeral Expenses?
Some common expenses related to burial include (but are not limited to):
- Casket
- Headstone
- Minister
- Hearse
- Funeral Service
- Visitation/Viewing
- Cemetery plot
What Are Some Other Costs Related to Final Expenses?
There are some other costs related to final expenses that are sometimes overlooked:
- Doctor Bills
- Legal costs are the time of death such as taxes or probate
- Debts
- Mortgage, credit cards, and car payments
What Is the Best Final Expense Insurance Policy Provider?
Global Life is known as the leading provider for quality coverage and affordable rates. AARP burial insurance is another very popular option.
Burial Insurance Frequently Asked Questions
1. What steps do I need to take to apply for final expense insurance?
The application process is very easy. All that you need to do is fill out a short form. This form is not used to screen you, but rather to help you choose the policy that best fits your needs.
2. Can my burial policy ever be canceled?
No. The only way your policy would ever been canceled is if you commit fraud or your fail to pay your premium on time.
3. Are my family members required to spend the insurance money on my burial costs only?
No. Whoever receives your insurance policy funds will be able to choose how he/she wants to use the said funds. There are no restrictions.
