In 2021, the insurance market revenue reached $5.3 trillion worldwide. Market research predicts this revenue will grow to $8.3 trillion by 2026 at a compound annual growth rate of 9.1%.
Burial insurance is among the many kinds of insurance coverages you can buy. Burial insurance for seniors has policies to cover your funeral, burial, and other death expenses.
Your burial insurance can cover a wide range of funeral expenses. Read on to learn everything you need about burial insurance and how it can help you.
How Burial Insurance Works
With funeral insurance, you determine the amount of coverage you want to buy. Also, you decide who the beneficiaries will be upon your demise.
Immediately after the insured passes away, the beneficiary should contact the insurance company to start the insurance claim process. You may have to provide identification and the claims form as the beneficiary.
Also, you’ll need to present a certified copy of the death certificate.
What a Burial Insurance Covers
Your final expense insurance policy covers the funeral costs your loved ones will likely encounter after you die. Even so, there are no restrictions on how your loved ones should use the payout.
The beneficiaries might decide to use the seniors insurance payout for funeral planning, viewing, and service. Other uses may include payments for burial or cremation costs, medical bills, legal costs, and clearing outstanding debt.
Planning will make arrangements less bothersome for you and those you leave behind.
The Cost of Burial Insurance Coverage
Typically, burial insurance is among the most pocket-friendly types of life insurance available today. Your final expense insurance rates may start at $53 per month.
With this, you get coverage amounts from $5,000 to $35,000 with eFinancial. Besides, you can pay your premiums every month or annually.
Types of Burial Insurance Coverage
There are three basic types of burial insurance no waiting period policies to expect. These include the simplified issue, guaranteed issue, and pre-need insurance.
Under the simplified issue policy, the insurer evaluates your health based on medical history questions. A medical exam isn’t a necessity under this policy.
Factors like pre-existing conditions and smoking may result in denial of the policy. With the guaranteed issue policy, you don’t need to respond to medical questions or take a medical exam.
Since your insurer bears most of the risk under this policy, you’ll likely pay more for your guaranteed issue policy. Your pre-need insurance policy will involve a contract with your funeral service provider.
This contract includes products and services you choose through your funeral service provider. Further, your insurance payout will go to the funeral service provider rather than the selected individual beneficiaries.
Burial Insurance Coverage
Term life insurance disbursements can cater to various costs. These include your outstanding debts and funeral expenses.
However, your term life insurance expires when you outlive the policy’s term.
Your burial insurance represents a whole life policy that will last until your demise. So, unlike the term life insurance, your burial insurance will ensure your funeral costs get covered when you die.
Contact us to learn more about getting burial insurance for seniors.