If you find yourself thinking about the financial burden that might be left upon your loved ones when you pass away, then you might want to consider purchasing some burial life insurance. It is permanent insurance coverage, also known as whole life insurance. When you have permanent coverage in place, your insurance premiums remain the same and your policy cannot be canceled for any reason, as long as you pay your premiums. You can purchase this type of coverage with a death benefit starting at $2,500 all the way up to $30,000.
Most people choose to set up a burial life insurance policy so that their funeral costs won’t become a burden on the family. The biggest reason why it can be such a burden is because the cost for a typical funeral seems to go up every year. A $5,000 policy was plenty of coverage 10 years ago, but nowadays $7,000 to $10,000 is really the minimum needed to handle a modest funeral. If your family chooses a cremation, then it may be about half of that, but it is still a large sum of money. Be sure to remember that burial expenses are not the only costs that your loved ones will have to take care. There are almost always other expenses such as leftover bills, cleaning costs, taxes, as well as court costs and attorney’s fees associated with the probate process. These are all of the things that you will need to take into account when deciding on how much burial life insurance you need.
This type of coverage is simplified issue, meaning that there is no physical required. You just have to disclose some information about your health history through a questionnaire or phone interview. Your premium is based on the answers to those questions. The majority of companies will also check your medical history records as well as what prescriptions you take in order to determine your eligibility.
If you are concerned about whether or not you can qualify for coverage, then you should know that are hundreds of carriers who specialize in these policies. If your health is great then you’ll easily qualify for low rates, while those with a poor health history can qualify for a guaranteed policy. The policy costs more and the full face amount will not be available until after year two, but you can still feel peace of mind knowing that you have coverage in place.
It is always best to work with an experienced agent to find out which carrier has the most favorable rates, especially if you have some health issues or other challenges. Saving just $5 or $10 per month can really add up over time, especially when you consider that you might be paying on your policy for 10, 20, or 30 years.
Be sure to thoroughly compare rates for burial life insurance, and learn more about life insurance for elderly.
Tags: burial insurance, funeral insurance, Insurance, life insurance, senior insurance