Burial insurance is ideal for people aged 50 to 85 years old. However, there are now a lot of insurers who offer burial insurance plans for people as young as 30 years old. So what is burial insurance?
Burial insurance is also referred to as funeral insurance, which is used to pay for one’s funeral, memorial service, urn, and other final expenses. The insurance policy works like a life insurance policy, but it comes with a smaller benefit compared to traditional life insurance. Still, the family of the deceased may also use the coverage to pay for the deceased person’s debts, such as medical bills, credit card bills, mortgage loans, and personal loans.
How Does Burial Insurance Work?
Burial insurance does not require a medical exam, but you may be asked a few questions beforehand. The rates of the policy will be based on age and gender.
Just like with all insurance coverages, burial insurance comes with a downside as well. If you pass away within two or three years after you purchase the policy, your beneficiaries will receive only a refund of the premiums you paid plus interest or a small percentage of the policy’s coverage amount.
On the other hand, accidental deaths are often covered in full from the beginning of the policy.
Types Of Burial Insurance
There are two basic types of burial insurance:
- Standard – This is offered by life insurance companies as a whole life policy. It is paid out to beneficiaries upon the death of a loved one to pay for final arrangements.
- Pre-Need – This is offered by life insurance companies and some funeral homes. However, the funds from this policy are given directly to the funeral home instead of a beneficiary. They are paid out almost immediately.
How To Choose The Right Burial Insurance Plan
Every individual in , has unique needs; therefore, choosing a burial insurance policy may be a bit overwhelming. Here are some of the things you need to look into so you can get the right plan:
- The amount of coverage you need
- Support services offered by the insurer
- Average cost of a funeral in your area
When shopping for burial insurance in , you will find that every policy has the same basic features. However, the finer details will separate one policy from another. That’s why it’s essential that you read the fine print before you make a decision.
Most importantly, choose a policy that will support the main reason you decided to insure yourself. Talk to a reliable insurance provider that will help you understand all the details of the burial insurance. Having a reliable insurer to work with can make a big difference, especially when you haven’t decided yet whether you should opt for a burial insurance plan or not.
Now that you know the basics of burial insurance, it’s time you look for a reputable insurer that can help you select the right policy for your circumstances. Burial insurance will ensure that your loved ones will not be financially burdened with funeral costs and related expenses. Talk to an expert today and get a free quote by visiting https://burialinsurancenetwork.com.