Purchasing a burial plan is pretty straight forward: Run and compare some burial insurance quotes, Find the plan that best suites your needs, and then apply.
The application underwriting decision takes about a week to ten days to complete.
It’s as easy at that.
Why Do I Need A Burial Insurance Plan?
The purpose of burial insurance is obvious, to pay the expenses of a burial. But a lot of people don’t realize just how great the need for burial insurance is. The average funeral costs around $10,000, which can be a hard bill for some families to swallow. Why add extra stress to an already stressful time in your family’s lives? Burial insurance can give your family the money they need to pay for all funeral expenses and any other expenses left behind.
Who Needs A Burial Policy?
One of the most common questions about burial insurance is, “do I need a burial insurance policy?” There are a lot of people that can benefit from having a burial insurance plan. Anyone that can’t get a life insurance policy from a traditional life insurance plan can secure a policy through burial insurance. Having a burial insurance plan is much better than having no policy at all.
Similarly, anyone with a choric health condition or disease can save a lot of money by purchasing a burial insurance plan instead of a traditional plan. For anyone with a disease or serious health complication, a life insurance plan can cost a fortune to purchase, but because burial insurance plans don’t have health exams, they could save you thousands of dollars.
Aside from applicants in poor health, older applicants can also benefit from burial insurance policies. One of the main factors that decide life insurance premiums is age. The older a person gets, the more they’ll have to pay for life insurance. If you no longer have children that rely on your income, then a burial insurance plan might make more sense.
What Are These Plans And What Are The Issue Ages?
Burial insurance / Final Expense plans are small whole life plans designed for the Senior Market. While most carriers offer plans for those 50+ some will offer plans for those 45+. These plans are designed to care of someones final expense costs.
Plans are generally smaller face amounts of $50K and below. Since they are Whole Life plans, they will last the insureds lifetime.
Also, these plans, because they are Whole Life plans, do acquire a small cash value amount. That cash value can be borrowed against, I would not recommend this unless you need to make a payment on your plan.
Do I Need A Medical Exam?
Burial insurance plans do not require a medical exam. The application has ” Yes and No” questions that need to be answered. As a general rule, if you can accurately answer No to each health question, you will probably qualify for the plan.
If you get a Yes answer then I would have to get more information about the health impairment and we can look at other plans.
The carriers will also run a Prescription drug check to make sure that there are no prescriptions that were not disclosed. They will also run a MIB ( Medical Information Bureau) report to see if there has been any other life insurance declines etc. This is sort of your “Credit Report” about your health.
There are a lot of different health problems that could cause you to be considered a high-risk applicant, which can make getting life insurance difficult. There are a lot of people with health problems that have been denied for life insurance coverage, or have been given very high rates that they can’t afford.
Because every insurance company is different, all of them are going to look at different health problems through a different underwriting system. Depending on your health problem, there will more than likely be an insurance company that specializes in insuring applicants with similar health. The more experience a company has with your specific condition, the more likely they are to approve you for life insurance and give you affordable rates.
One of the most common questions that life insurance agents receive is about getting life insurance when having health complications. There really is no easy answer, we would have to discuss your health issue and find the appropriate plan, such as a no medical exam policy or a guaranteed issue policy. Each carriers is slightly different. There is no ” Once Size” fits all plan. This is why it is mandatory that we discuss your current situation.
This all depends on the amount you need. Also, the younger in age you are the lower the cost will be. Your health , tobacco use etc, will also affect the cost.Because there are so many different things that go into calculating your monthly insurance premiums, it’s difficult to say how much you would pay for your insurance coverage. Some of the biggest factors that are going to be used are your age and tobacco usage. If you’re a smoker, you can expect to pay twice as much as everyone else for insurance coverage.
The best way to save money on your life insurance premiums is to eliminate any tobacco usage in your life. This can help cut your rates in half.
I would be prepared to spend anywhere between $35 – $75 a month if you are around 50, don’t use tobacco, good health and looking at $10K – $25K a month in coverage.
At Burial Insurance Plans we use over 25 AM Best A Rated carriers. You can always know you are getting a full picture of what is available on the marketplace. Working with one of our agents is one of the best ways to get life insurance coverage at an affordable price for you and your family.
That’s about it. The next step is to contact me to start the process. My toll free number is 1-888-389-8676.