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Arizona Burial Insurance Quote

Over 1,532,223 Baby Boomers in Arizona Need Final Expense Protection

Nearly 23.97% of all of Arizona's 6,392,017 in population is considered a baby boomer. As a baby boomer, you may not be aware of the many options available to you for final expenses. Augmenting your life insurance needs with a burial insurance life policies is affordable for the 799,012 female & 733,211 male baby boomers across Arizona. Create peace of mind for your loved ones by contacting our Living Legacy agents local to your city in Arizona below.

Final Expense Insurance Quote in Arizona

A Beginner’s Guide To Burial Insurance

As you get older, one of the things that may cross your mind is how to pay for your funeral and burial in Arizona. Fortunately, there are a couple of options available to help you do so. One of the most accessible options for Arizona residents is burial insurance. Unfortunately, many people have never heard of burial insurance and are unaware of what it entails.

Below, you’ll find a complete guide regarding everything you need to know about burial insurance. After reading the guide, you should be able to determine whether purchasing burial insurance is in your best interest.

What Is Burial Insurance?

Burial insurance is a type of life insurance designed explicitly to help offset the costs of funerals and burials. Not only could you secure a policy for yourself, but you could also take out a plan for your parents as well if you are worried about them passing. These insurance policies not only allow you to offset the cost of the funeral, but it could also help you pay for:

  • Medical bills or debt
  • Additional expenses like a specific headstone
  • Travel for guests and lodging at the funeral

The cost of funerals in Arizona has increased tremendously, with the average event costing approximately $10,000. Unfortunately, many seniors incur expenses that require them to tap into their retirement savings. For instance, the cost of the average nursing home in America is three times the cost of a retirement payout. Even if your budget for your funeral and burial expenses, there’s a good chance that you still won’t have enough set aside when you pass.

Typically, insurance agents offer burial insurance for those between the ages of 50 and 85. However, agents also have some leeway in the types of policies that they can provide. No matter your age and health, it could be in your best interest to talk with an insurance agent about the potential burial insurance options available.

Burial insurance typically provides a payout ranging between $5,000 and $25,000 depending on a variety of factors. This payout is often in the form of direct cash. The beneficiary could use this cash any which way they choose. If you wish to have burial insurance, you could also elect to have multiple recipients.

Burial Insurance Is Different From Prepaid Funeral Plans

Lately, more and more funeral homes have begun offering prepaid funeral plans. It’s essential that you understand that burial insurance is not the same as a prepaid plan. A prepaid plan is merely a way to set aside funds for your funeral ahead of time. Some funeral homes allow you to transfer funds within a predetermined network.

However, there are a couple of issues associated with prepaid funeral plans. The first is inflation. If you purchase a prepaid funeral plan, there’s a strong chance that the money you put down does not go nearly as far as you expected. Furthermore, the money that you put down can only go toward the costs incurred at the funeral home. Your next-of-kin don’t have any way of moving this money to help offset different costs.

Burial insurance, on the other hand, provides you with much more flexibility. Because your beneficiaries receive a lump-sum payout, they can use the funds any way they’d like. Not only could they use the funds to pay for your funeral, but they could also use the funds to help pay down any medical debt you’ve acquired. Furthermore, if there is any money left over after your beneficiaries receive the payout, they could spend or save this money any way they’d prefer.

Who Pays The Premiums For Burial Insurance?

Many of the people interested in burial insurance wish to purchase the policies for their parents. Naturally, one of the first things they wonder is who pays the premiums for the insurance. When it comes to burial insurance, there is no clear-cut answer. You have a bit of leeway in determining who is responsible for paying the premiums.

For instance, some seniors view burial insurance as a responsible fiscal decision. Instead of putting money in a savings account or toward a prepaid funeral plan, they decide instead to invest in burial insurance. They figure that the amount they pay in premiums is equal to or less what they would pay for a prepaid funeral and that the payout the beneficiaries receive will be quite substantial.

However, if the senior has medical expenses or lives on a tight budget, it’s possible that children or next-of-kin pay for the policy. In these cases, the people paying for the plan would be considered the owners.

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