With all of the types of insurance available on the market today, it’s hard to figure out what you really need. Life insurance, burial insurance, funeral insurance—how do they differ from one another, and why do you need them?
For residents in , who are wondering about what burial insurance is, here are the answers to the most common questions about the matter:
What Is Burial Insurance?
Burial insurance—also known by its other names such as final expense insurance, senior life insurance, and funeral insurance—is a kind of whole life insurance. More often than not, burial insurance is offered to seniors to help cover the cost of burial and other final expenses.
How it works is that, much like with other insurance policies, you pay small amounts of money over time. This will cover large expenses in the future.
Burial insurance is an inexpensive way to protect your loved ones and beneficiaries from being inhibited by unexpected financial liability. Remember that a typical household in 2020 sustains an average debt of $137,063. This can be passed on to your family members.
Why Should I Get Burial Insurance?
Funerals nowadays can be expensive. The average cost of a funeral in the United States can range from $7,000 to $12,000, depending on your location and your needs. In terms of savings, the average American family has a little over $11,000, which isn’t a lot if you think about it. While a family’s savings can cover the funeral, you’ll still have to consider medical and other associated expenses that may come up.
With burial insurance, you’re assuring your family that they won’t experience a sudden wave of debt.
Is Burial Insurance Difficult To Get?
Burial insurance is one of the easiest policies to get. For residents in , and other areas, you can purchase it online or on the phone without having to go through a medical exam.
Applicants are typically asked about their age, whether or not they have certain serious health conditions, and whether or not they use tobacco.
There are two types of burial insurance policies: simplified issue and guaranteed issue. A guaranteed issue policy is as the name implies: acceptance is guaranteed. This might be more expensive, but you can’t be turned down for any reason.
A simplified issue policy might need you to fulfill a short list of yes-no questions. This then goes to underwriting for checking and approval.
What Does Burial Insurance Cover?
Burial insurance covers the costs related to a funeral. Those include your casket, urn, memorial services, flowers, burial plot, and others. Burial insurance can also help cover ancillary expenses that the deceased left behind, such as their outstanding mortgage and unpaid credit card debt.
Will My Premiums Ever Decrease?
For burial insurance, premiums will never increase and benefits will never decrease. Your policy cannot be canceled regardless of any future changes to your age, occupation, and health. This applies as long as you pay your premiums on time.
If you still have questions about getting burial insurance in , https://burialinsurancenetwork.com can help you with anything and everything related to it. Contact us today for more information about our services.