Funeral, Burial & Final Expense Life Insurance
The loss of a loved one is usually a very emotionally draining and exhausting experience. When you add the financial burden of preparing and conducting a funeral, the task of giving a descent sendoff becomes even more arduous.
Many senior citizens take out very attractive retirement packages that give them peace of mind in their day to day living. However, they fail to consider end-of-life costs which eventually pass over to the next generation.
Funeral expenses for services such as renting a hearse, officiator fees, flowers, photos, a cemetery plot and headstones among others can easily run into tens of thousands of dollars. Funeral insurance, also called final expenses insurance can help to ease the burden of catering for funeral costs.
The Application Process
Applying for burial insurance coverage is an easy process. No medical tests require to be done and the applicant only has to fill out an application form and basic medical questionnaire which can be filled online. The insurance company will want to know information on applicant’s age, gender, weight, location and lifestyle among others. Premium payment options can be made in the traditional monthly mode or in one-off lump sum. This decision is part of the application process. The entire process can be handled over the phone since the holder only needs to participate at the very last stage.The process of application can be initiated by the holder himself or a beneficiary such as an adult child. The issue of final expenses usually feels like a morbid topic and few people are comfortable talking about their own deaths or those of family members. Increasingly more and more adult children are concerning themselves with getting final expense life insurance for their aging parents. Many elderly folks are relieved to know that their expenses are covered for after they are gone. Adult children can be part of the funeral burial insurance buying process. However, they cannot buy the insurance themselves and you have to participate in the phone interview and application process.
There are typically three levels of funeral insurance benefits:
: this plan pays the full value of the coverage amount as soon as coverage is initiated without demanding a waiting period. Even if you pass away two months into your premiums payment, it can be paid out in full to the beneficiaries. This kind of coverage is for those who have been in relatively good health in the past few years. Minor health impairments that are easily controllable with medication do not disqualify a person from this plan.
: this payout takes medical history into consideration. If you have had a recent major health issue such as heart attack, stroke or cancer, this plan is for you. The insured party is given a waiting period (usually two to three years) after which they qualify for 100 percent payout plus any applicable interest. If they pass away before the waiting period is over, their beneficiaries are given a fraction of the payout.
: under this plan the insurer refunds premiums in case the insured person dies before the waiting period is over premiums in case the insured person dies before the waiting period is over.
What is the Cost of Burial Insurance?
Different insurance companies have different plans and prices which depend on a person’s particular situation. Generally, the price of policies ranges between $2500 and $15,000. The costs generally increase with age. It is advisable to start the process in your early 50’s as the premiums costs at this stage are much lower than for seniors. Basically, the kind of coverage you choose depends on your estimated funeral costs. You will need to consider how you would like to be laid to rest. Do you prefer to be buried or cremated, what type of casket or urn do you prefer and what is your desired resting place? You can get the estimates by talking to a licensed funeral director about the kinds of services they provide. You should pick a policy that covers the costs of the funeral package you want as well as additional costs. Other factors aside from health and age that affect the cost of burial insurance plans include gender, height and weight, tobacco/ alcohol use, occupation, lifestyle, risky hobbies and location. Another important fact to remember is that the price of the premiums remains constant throughout the life of the policy. This is particularly useful to holders who live on a fixed income or are on a budget.
Best Practices when getting Final Expense Life Insurance
Buying a burial insurance should not be done in a hurry. Hastily done decisions could deny you the chance to get the best deal available or lead to errors that void or devalue your cover. It is important that you conduct thorough research in order to familiarize yourself with all the packages that your insurance company offers. At Burial Security, we guide you through all our attractive funeral insurance packages in order to ensure that you pick only the best cover policy. All information regarding our policies is available on our website to enable you to compare burial insurance quotes for you or your loved ones.