Life insurance is one of the most important purchase that you’ll ever make for your loved ones. It’s one of the only ways that you can ensure that your family as the resources that they need, regardless of what happens to you. When you’re shopping for life insurance, there are dozens of different factors that the insurance company is going to look at and different factors that you should consider to ensure that you’re getting the perfect plan to meet your needs.
When it comes to acquire life insurance coverage, there are many different options to choose from. This ranges from the various types of actual insurance protection that are available, as well as the ways in which the coverage can be used. It’s important that you purchase the perfect kind of life insurance to meet your needs. It can be confusing when you’re trying to decide which plan is best for you, but we are here to help decide.
For example, the two main forms of life insurance include term and permanent. Term life insurance is considered to be the most basic type of protection. This is because it offers a death benefit, without any cash value or investment build up. Permanent coverage, on the other hand, provides both a death benefit, as well as cash value that is allowed to grow on a tax deferred basis. This means that the cash inside the policy can grow without being taxed until the time of withdrawal. Over time, these funds can essentially build – allowing the policyholder to either borrow or withdraw the money for needs such as college funding, mortgage payoff, or any other need that they see fit.
There are also life insurance plans that policyholders purchase for more specialized types of needs, such as mortgage payoff, final expense, or burial insurance plans. When purchasing these policies, the named beneficiary on the policy knows that they can use the stated proceeds to pay off certain expenses when the time comes that the insured passes away.
While most life insurance policies work in a similar manner, not all policies will cost the same premium price. That is why it is so important for applicants to make a comparison of several different policies – often from different insurers – prior to making their final purchase decision.
Every insurance company is different and they all have different medical underwriting process or ways for calculating monthly premiums. It’s vital that you receive dozens of quotes for your burial insurance plan before you pick the one that works best for you. Finding the best plan could save you hundreds of dollars on your insurance coverage.
What Is Burial Insurance And How Does It Work?
While they are not all alike, most burial insurance plans – also referred to as final expense life insurance – will have death benefits that range anywhere from $1,000 up to $100,000. These policies will typically have easy underwriting to qualify for – and many do not require a medical exam by the applicant.
Typically, once a person qualifies for the coverage, the amount of premium charged will not increase, nor will the amount of the benefit decrease. Therefore, your loved ones and survivors can always count on a certain amount of proceeds.
Burial insurance plans are an excellent option for a lot of applicants. Although these plans aren’t as mainstream as traditional life insurance plans, you should always consider all of your options when you’re looking to get protection for your family. There are several groups of people that should take advantage of a burial insurance plan. The most common group is seniors that no longer have a need for a large life insurance plan because of the stage of life that they are in. If they no longer have massive debts or children that rely on their paycheck, they can consider getting a burial insurance plan that will give them less coverage but will save them money in premiums.
How To Compare Policies
When comparing plans such as burial insurance, there are several criteria that you will need to keep in mind to ensure that you are getting an accurate “apples to apples” policy comparison.
First, it will be key to get a good solid estimate of how much a funeral costs in your local area (or the area in which you plan to have your final resting place). Today, on average, a funeral and its related expenses can often cost in excess of $10,000. This is especially the case when factoring in costs such as one’s casket, burial plot, headstone, memorial service, flowers, and transportation. Therefore, it will be important to have at least enough coverage in the policy to cover such expenses as many families do not have the money that is needed to cover these costs directly – even though the bills are oftentimes due at the time of receipt.
In addition to covering their funeral-related expenses, many people will also include the possibility that they may have final medical expenses, too. While no one knows exactly what their final days will entail, unexpected illness and accidents can – and often do – occur, and along with them come high medical costs. If these expenses are not covered by health insurance, a burial insurance plan could help to pay these high expenses and keep your loved ones from undue financial hardship.
Once you have an accurate figure on the face amount for your burial insurance policy, you can move forward with a comparison of plans and premium rates. Here, you will want to make a comparison of face amounts, as well as the insurers that will be backing up the coverage. This is because you will want to be sure that the insurance company will be there to pay out the claim when your survivors need them.
Researching the financial strength and stability of insurance companies online is easy to do. This can typically be accomplished by checking the ratings that are given to insurers by the rating agencies such as A.M. Best, Standard & Poor’s, Moody’s, Fitch Ratings, and TheStreet.com. Going directly to the insurers’ website is one way to check the ratings that have been given. You can also go to your state’s Department of Insurance website, which will typically provide this information as well.
How To Save Money On Your Plan
When purchasing any life insurance, it is always helpful to save money on your premiums. There are certain tips for saving on your premium when purchasing burial insurance plans. For example, many people consider the purchase of term coverage. This is because there is no cash value build up with this type of protection. This tends to keep the coverage cheaper. This is especially the case if the insured is in good health at the time of application.
If the applicant is in good health, it is also a good idea not to purchase policies such as “guaranteed issue” or “no medical exam” coverage. While these plans are easy to qualify for, they are usually sold to those who have the most health issues – and they are therefore the most expensive. In fact, it is estimated that these plans can cost as much as two to three times as much as a traditionally underwritten life insurance policy. If you are healthy and can otherwise qualify for a medically underwritten plan, you will be paying far too much for a guaranteed issue or a simplified issue policy.
Another way of keeping your funeral life insurance coverage premiums down is to purchase only the amount of coverage that you need. While you may wish to provide those whom you love with a large amount of money to get them by, doing so will cost you more in premium. Therefore, be sure to provide them with what they need to pay off your final expenses – as well as possibly any additional medical debt that may be incurred. Otherwise, purchasing too much in coverage could end up to be costly.
The way in which you pay for your life insurance coverage can also have an effect on the amount of premium that you pay. For example, paying your premium annually will cost you less than paying it monthly. This is because there is an administrative charge tacked on each and every time that your payment needs to be processed. Therefore, the least amount of times that your payment needs to be handled, the cheaper your premium will be. Consider it this way, the least amount of times that you pay each year will tend to avoid “fractional premium charges” to you – and over time, this can add up.
One of the very best ways to save money on a burial life insurance plan is to do your research online prior to moving forward with a purchase. Doing so will allow you to get a good idea of what these plans can cost given your age, your health, and for the amount of coverage that you are looking for. It can also prepare you for the amount of additional premium that you may be required to pay if you are a smoker.
One of the best ways to get lower insurance premiums is to eliminate any tobacco that you use. If you’re listed as a smoker on your insurance application, you can expect to pay much higher premiums for your coverage. Smoking cigarettes drastically increases your chances of being diagnosed with severe health complications later in life, which means you’ll be more of a risk to the insurance company.
How And Where To Obtain The Quotes
When you are checking burial insurance quotes online, it is often best to work with an agency or a company that has access to more than just one life insurance company. By going that route, you will be better able to obtain non-biased information on policies, benefits, and premium prices.
Purchasing one of these burial plans is simple. It’s just as easy as buying any other kind of insurance policy. After you contact an agent, they can walk you through the application process and answer any questions that you have.
If you are ready to proceed, we can help. We work with many of the best life insurance carriers in the marketplace today, and we can assist you with obtaining all of the pertinent information that you need to make an informed buying decision on burial insurance. We can do so quickly and conveniently, directly from your computer. When you are ready to move forward, all that is necessary is to fill out the form on this page to get your initial quotes.
Should you determine that you have any additional questions regarding how to compare burial insurance plans online, our experts will be happy to help. We can walk you through obtaining premium quotes, as well as with getting more detailed information about specific plans. We can be reached directly via phone, toll-free, by calling 888-389-8676.
We understand that the purchase of burial insurance may seem a bit overwhelming. There are many variables to contend with – and with making your purchase online, there are no agents that you can turn to get your questions answered. So, please feel free to contact us today – we are here to help.
The search for life insurance can be a long and difficult process, but we are here to help. We can help walk you through the decision-making process and help connect you with the perfect insurance plan for you. Our independent insurance agents don’t only work with one single company. Instead, we work with dozens of highly rated companies across the nation. That means that we can bring all of the best rates without the hassle of calling all of those companies yourself.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. It’s our mission to ensure that your family has the life insurance that they will need if something were to happen to you. Please contact one of our agents and we would be happy to connect you with the best plan.