The burial insurance, known as final expense insurance, the market is set to increase by 3.6% by 2030.
This shows that more people are becoming concerned with having their end-of-life insurance in place. Then, the process can become less stressful for family members who are left behind.
Burial insurance covers funeral arrangements, burial expenses, and associated medical bills. Are you covered for final expense life insurance?
If not, we’re here to tell you about the different insurance policies you can take. That way, you can choose the one that’s right for you.
Read on to learn more.
Types of Final Expenses Life Insurance
There are four main types of burial insurance that you can take out. Here we’ll tell you what they are and explain them to you. These include:
- No waiting period insurance
- Simplified issue insurance
- Guaranteed issue insurance
- Pre-need insurance
No Waiting Period Insurance
You can get your final expenses paid outright with zero waiting time. However, you don’t have to use it immediately, and it’s down to you when you want to spend it on your funeral costs.
No waiting period insurance is given, with no medical bills, costs, or physical assessments needing to be carried out.
Simplified Issue Insurance
Health gets examined based on your medical history. Are you a smoker? Do you have any health-related issues?
These are taken into account and may affect the cost of your insurance. In fact, you may even receive a complete refusal depending on your circumstances.
Guaranteed Issue Insurance
No medical tests are needed here. But it comes with a risk and can drive up the payment for your insurance. Also, you can’t touch the full death benefit for your life insurance final expenses until you’ve reached a specific time limit, generally between two and a half years.
If you do happen to die and no health-related issues are present before this time, your beneficiaries will only receive a partial cut of the payment. However, full payment is generally provided when death is due to an accident.
You need an agreement in place here with your funeral provider. This includes particular products and services you’ve got with your provider.
The payout goes directly to you rather than any heirs or beneficiaries with whom you’ve contracted.
Book Us for Your Final Expense Insurance Today
Final expense insurance is needed so your family can be duly paid in case you pass away. These costs are then put towards funeral and burial expenses. Here, we’ve looked at the four main types of burial insurance available.
No waiting period insurance may be the best choice due to the benefits of not waiting for your payment, which can place added anxiety on you when your family member passes away.
You shouldn’t wait any longer and get on board with us today for your final expense insurance. Get in touch with us, and we’ll get you sorted with your insurance immediately.