People from economically busy and populous states all over America, such as those in or anywhere else in , think of insurance as a perfect hedge for uncertainty in these unprecedented times. This can be in the form of a traditional life insurance policy or something more specific such as a burial insurance plan.
Burial insurance is a type of life insurance. There are several other terms for it, such as final expense insurance, memorial insurance, and pre-need burial insurance. Bought as a term or a permanent life policy, burial insurance can be a viable option for people who want full coverage of the costs of their burial services, reducing costly and time-consuming arrangements for the loved ones they leave behind.
More On Burial Insurance
According to the Insurance Information Institute, burial insurance has a death benefit ranging from $5,000 to $25,000. The coverage includes funeral and burial costs either for oneself or one’s family members. A medical exam for applying for this type of insurance is not required.
Like regular insurance, burial insurance premiums can be paid every week or every month, about $2-3 per week or $8-12 per month at the lowest. The death benefit is determined by the age of the insured. The younger the insured, the higher the death benefit. Often, insurance companies offer burial insurance, but some states also allow funeral homes to sell them.
Burial insurance policyholders in and the rest of America may opt to prepay for their funeral. This allows them to choose a funeral home, the service to be rendered, the casket or cremation option, the burial plot, and more. By paying in advance, they can lock in the costs of their funeral.
Benefits among insurance policies vary greatly depending on their purpose. However, burial insurance benefits are straightforward. A lot of buyers find this type of insurance accessible and cost-effective.
Easy To Acquire
A clear advantage of burial insurance is that it is easy to get. It can be bought online or by phone without any medical exam requirements. Usually, those who apply are asked to give specific information such as their age, prevailing health conditions, and smoking habits. The approval for a burial insurance policy is often quick. As for the payment period, some policies only require a minimum of two years before one’s surviving family members can collect benefits.
As mentioned earlier, the lowest premiums can be as lows as $2 per week. If you are paying for the policy in one go, you only need to spend a minimum of $5,000, although many can be bought for $10,000. Regular life insurance policies have higher minimum coverage, so there is a big difference in cost.
Burial Insurance Versus Funeral Insurance
The main difference is that burial insurance is more affordable than pre-need funeral insurance. Funeral services can stretch your budget thin due to the products and service options available. Another is that when you buy burial insurance, you elect a beneficiary, not a funeral service provider. This prevents you from getting stuck with a particular funeral home.
Choosing insurance policies for specific purposes can be hectic for anyone. However, burial life insurance is a wise option for anyone who wants to ensure that their surviving loved ones won’t have to deal with financial trouble in the future. In addition, the premiums are small and the requirements are fairly easy to handle.
Paying for your burial and funeral costs is only a click away. Visit https://burialinsurancenetwork.com today to learn more about how we can help you.