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There are very few things in life that you can be sure of, but one of those is death. It’s not exactly a happy thought, but you’re going to die eventually, it’s inevitable. Because you can’t avoid death, you’ll need to plan for it. Not making plans ahead of time can put additional emotional stress on your loved ones while they have to make difficult decisions. It can also give them some financial burdens, which will make the already difficult situation a thousand times worse.
While many people may not realize it, funerals can be extremely expensive. In fact, the average funeral can cost around $7,000 or easily reach up to $10,000. For a grieving family, these funeral bills can make the situation extremely difficult.
What is Burial Insurance?
To put it simply, a burial insurance policy is a small whole life insurance policy that is typically used to pay off the expenses of a funeral after you pass away. These plans can range in value, anywhere from $5,000 to $25,000. Just like a traditional life insurance plan, these burial policies are sold through private insurance companies, and they are an excellent way to protect your loved ones from having to pay out thousands of dollars for your funeral expenses which could leave them with empty pockets during an already difficult time.
In most cases, they are no exam plans, which means that you’ll only have to answer a few simple questions about yourself and provide financial information, and then you’ll be accepted for coverage from the company.
One you have coverage, your family will have the financial protection they need if you were to pass away. Typically these plans pay out very quickly compared to a traditional life insurance. Most insurance companies understand the need for having money for a funeral quickly, and they will make the process quick and straightforward.
Getting Burial Insurance with a Pre-Existing Condition
One of the most commons questions regarding burial insurance is if an applicant still get coverage if they have a severe health complication like diabetes, cardiovascular issues, or cancer. The answer is yes, you can still get affordable burial insurance, even with a severe pre-existing condition. There is a chance that certain pre-existing conditions could cause your premiums to go up, but those are rare, and you’ll still be qualified for coverage.
With the majority of burial insurance plans, also called final expense insurance, are guaranteed issue, which means that you won’t be required to go through the medical exam to be accepted for coverage. For anyone that is looking for a simple way to pay off the funeral, these plans are a great way to do that without having to go through medical underwriting or pay the expensive premiums of a traditional life insurance plan.
The Advantages of Burial Insurance
There are several benefits to purchasing a burial insurance plan, versus going with one of the alternatives for funding your funeral. The first is that these policies are very affordable. Unlike some of the other options like preneed or a traditional whole life policy, a burial insurance plan isn’t going to break your bank, regardless of your age or health.
Another benefit to these plans is that they are incredibly easy to purchase. The insurance agent can walk you through the whole process, and it won’t take long to get the coverage that your loved ones need if you passed away. Because there is no medical exam, you won’t have to wait as long to be accepted as you would with a traditional life insurance policy.
Unlike a preneed insurance plan that you purchase through a funeral home, you won’t be restricted to where you use the money from the burial insurance plan. With the preneed plans, the money is used by the funeral home to pay off the exact amount of the funeral and all of the burial expenses. But with these plans, there could be a little money left over after the funeral to pay for any additional expenses that could have cropped up that weren’t planned for.
One of the best advantages to these plans is that they are whole life plans, which means that as long as you continue to pay the premiums, you’ll have insurance coverage. You won’t have to reapply for coverage like you would with a term life insurance plan.
Getting the Best Rates
If you’re looking to get the most affordable burial insurance policy available, there are several things that you can do to save money on your coverage. The first is to compare the rates from dozens of different insurance companies before you choose one the one that works best for you. Each company is different, and they all have different ways of calculating the premiums for the policy. You could receive drastically different rates from two companies.
It’s easy to see why you should get rates from dozens of companies before choosing the most affordable plan, but that you take weeks to call all of the companies, or you can let us do all of the work for you. Unlike traditional insurance agents, our agents represent dozens of highly rated companies across the United States.
Don’t waste your time talking on the phone to different agents and answering the same questions over and over again. Instead, let us do all of that work for you and bring all of the best rates directly to you.
Burial Insurance, a Summary
Death is one of the few things that you can’t avoid. It’s better to prepare for the worst and protect your family from the expenses bills that they would be left with after you pass away. Losing a loved one is never easy, but the funeral expenses can make the difficult situation much harder for a grieving family to get through. A burial insurance is one of the best ways to give your family the resources they need to get through this period without straining their budget.
One aspect that you should take note of is that most burial policies have a two-year waiting period on the face value payout that you purchases. Which means that if you were to pass away within the first two years, you wouldn’t get the money from the insurance plan. The company would refund your premiums to your family, but that would be it.
If you have any questions about burial insurance policies, please contact one of our agents today. We would be happy to answer those questions and ensure that your family and loved ones are getting the insurance protection that they need.