Life insurance coverage may be purchased for any number of reasons. These include the replacement of income in case of a bread winner’s death, the payoff of debt such as a mortgage or credit card balances, the payment of high estate taxes so that loved ones are not stuck with a substantial tab, or the payment of final expenses such as one’s funeral and related costs.
Today, the average cost of a funeral can be in excess of $10,000. While that may at first appear to sound like a large figure, the truth is that when you consider all of the expenses such as one’s burial plot, headstone, casket, flowers, transportation, and the memorial service itself – it can really add up.
Because many families just simply do not have $10,000 or more in cash readily available for paying these types of expenses, oftentimes the Loved ones of a decedent must either dip into their savings, sell precious family heirlooms, or put the expense on a credit card.
This is why many people purchase burial insurance. Oftentimes also referred to as funeral insurance or final expenses life insurance, this type of life insurance coverage is designed to pay out quickly to a named beneficiary (or beneficiaries) upon an insured’s passing so that the bills can be paid – leaving loved ones with one less thing to worry about at an already stressful time in their lives.
What to Consider When Purchasing a Burial Insurance Policy
When purchasing burial insurance, there are several criteria to consider. Certainly one factor is to ensure that you will have enough protection to cover all of the expenses that your loved ones will incur.
In order to get a good idea of how much you may need, it is often wise to contact some of the local funeral homes in your area – or in the area in which you intend for your final resting place – to get an estimate of the expense.
There are many people who will also factor in the possibility that they could have additional medical expenses at the end of their lives. Oftentimes, unexpected illnesses or accidents can and do occur. When this happens, there are typically at least some medical costs that are also incurred. Should these not be covered by health insurance, the out-of-pocket costs could be quite substantial. If you don’t want to leave those you love with large and unpaid medical bills, a burial insurance policy can be a good solution for paying off these costs.
In addition to ensuring that you have enough life insurance coverage, you should also ensure that the life insurance company that you will be purchasing the coverage through is strong and stable financially. This is because you will want the insurance carrier to be there with the needed funds when your loved ones require them. One insurance company that has a good reputation for doing so is Gerber Life.
Gerber Life Insurance Company – History and Financial Strength
Gerber Life Insurance Company has been offering life insurance protection since 1967. This company – the same firm that has been offering the famous baby food products for many years – has a goal of ensuring that parents raise happy and healthy children. This is why Gerber focuses on offering life insurance to not only children but life insurance for adults as well. This way, families can have a better opportunity to move towards financial security.
While many people do not like to think about it, there are times that children may need life insurance coverage. Should the unexpected occur, life insurance protection could allow a parent or parents the financial protection of being able to have the funds that are needed to move forward. Even just having this protection allows families peace of mind.
Gerber Life Insurance Company currently has in excess of $45 billion in life insurance coverage in force, and has more than 3.3 million policies in force throughout both the United States and Canada.
The company is considered to be strong and stable from a financial standpoint. It has been given a rating of A (Excellent) by A.M. Best. This refers to the overall status of the company – and it is the third highest possible rating out of thirteen.
Gerber Life offers a number of different types of life insurance protection products. These include Term Life, Whole Life, Guaranteed Life, The College Plan, and the Grow-Up Plan. It also offers the Accident Protection Plan for those who want to offer financial protection to those who are left behind or who are left disabled.
Burial Policies from Gerber Life
The Gerber Guaranteed Life Insurance Plan offers funds for those who may not have enough money to pay for a loved one’s funeral and related costs. Many families who have lost a loved one may not have the funds that it will take to pay for the services and items that are needed to provide a proper memorial service and burial, as well as the related items that are necessary.
Oftentimes, the payment for these items is required at the time of receipt. By having a burial life insurance policy – especially one that pays out the proceeds quickly – you can have the peace of mind in knowing that loved ones will not need to worry about finances.
The Gerber Life Guaranteed Life Insurance Plan provides whole life insurance protection with a face amount of between $5,000 and $20,000 in coverage for those who are between the ages of 50 and 80. There are also no medical exam life insurance policies – therefore, even those applicants who may have various health issues can still be accepted for a plan.
There are also no health questions to answer on the application for coverage. And, with no waiting for any test results, it means that you can have your coverage very soon after application.
In fact, applicants for this particular policy cannot be turned down – provided that the premium is paid, the coverage will remain in force. The spouse of an applicant who is between the age of 50 and 80 years old is also eligible to apply – and can obtain up to $20,000 in whole life insurance protection as well.
Because the Gerber Life Guaranteed Life Insurance Plan is a whole life insurance policy, it will not only provide a death benefit for protection, but it will also build up cash value. This cash value is tax-deferred, meaning that the cash will grow without the policyholder having to pay taxes on the gain each year. In fact, no taxes are due on the gain until the time of withdrawal. This can allow the funds to grow and compound exponentially over time.
Should the policyholder need to use the cash for any need that he or she sees fit such as paying off a mortgage, funding a child or grandchild’s college education, or using as a supplemental retirement income – they can either borrow or withdraw the cash value from the policy. The cash is not required to be paid back.
It is important to note, however, that any amount of unpaid cash will be charged against the amount of the death benefit proceeds that are paid to the policy beneficiary at the time of the insured’s death.
How and Where to Obtain Quotes
If you are seeking quotes for burial insurance policies from Gerber Life Insurance Company – or from any life insurance company – the best way to move forward is to work with an agency or a company that has access to more than just one life insurance carrier. That way, you will be able to directly compare the policies, the benefits, and the premium quotes from several carriers, and to then make the decision as to which of them will work the best for you, and for your budget.
When you are ready to move forward and begin the burial insurance policy comparison process, we can help. We work with many to the top life insurers that offer burial insurance, and we can help you in obtaining the information that you need in order to make an informed decision. If you are ready to being the comparison process, all you need to do now is just simply fill out the form on this page to get started.
Should you find that you have any questions at all about burial insurance policies – or even if you have any questions regarding life insurance in general – our experts are happy to walk you through answering your questions or concerns. We can also help you with obtaining the premium quotes that you are seeking. We can be reached directly, toll-free, by calling 888-836-8676.
We understand that purchasing life insurance is a big decision and that there are lots of factors that you need to consider. So, contact us today – we’re here to help.
Other Company Reviews
Before making your final life insurance purchase decision, we recommend you look into all of your options and know what will work best for you and your family: