End-of-life conversations can often involve emotional topics, stress, and painful decisions. The expense—often significant—associated with end-of-life and after-death care simply adds financial stress to an already difficult period of time in a family’s life. Burial insurance can take some of the stings out of this inevitable process by helping to cover some of these expenses. Through some co-operative efforts, you and your loved one can together set up a policy that will contribute to a peaceful and financially secure plan for end-of-life issues. Let’s take a look at the process of applying for and purchasing burial insurance for someone else, such as your sibling, spouse, or parent.
Understanding Who You Can Buy Burial Insurance For
To begin with, note that it is possible for you to initiate coverage on behalf of a family member if you have their consent, and if they approve the choice of policy. There’s no need for the covered individual to take the initiative, as long as they are a consenting participant. You should also know that when you set up a policy for a family member, you will be both the payer and the beneficiary of the policy, by default. You have the option to set up a secondary beneficiary, in the case that you were to predecease the covered individual.
Take These Steps to Purchase Burial Insurance for Someone Else
In order to purchase burial insurance for someone else, you will first need to secure their signature on the application. You’ll also need to supply “proof of insurable interest”. Proof of insurable interest means that you, the beneficiary, will be financially impacted by the death of the insured party. If the insured is a family member—sibling, parent, or spouse—the impact is obvious. Any insurance company will be ready to approve a policy to cover the burial expense of a family member. In other cases, you may need to provide some additional documentation or other indications of financial impact.
The second item on your list is related to the health of the insured individual. A series of questions, answerable only by the insured party (you can’t help out with this one), will determine if they are eligible for a no-wait, low-cost plan. In the case that your family member is unable to answer such questions, or if they have a severe illness or other condition, a “guaranteed acceptance policy” is the option you will need. Here’s a sample list of conditions that might require you to look for a guaranteed acceptance policy:
- Congestive heart failure
- Past transplants
- Currently in a hospital or nursing facility
- AIDS or HIV
- Terminal illness
- Confined to a wheelchair due to a chronic illness/disease
- Cancer within the last 12 months
Even in the event that you purchase a guaranteed acceptance plan, rest assured that you will have the same coverage and benefits once the waiting period is completed. And even within the waiting period, your investment is protected and will be refunded in the event that your loved one passes away.
The USA Life Team Is Here to Help
While the death of a family member will always be a trying time for everyone, it doesn’t have to include debilitating financial stress. With a little bit of forward-thinking and an internet connection, you can begin to put a financial cushion into place to soften the mental and emotional effects of loss and grief. A simple process guided by web forms ensures privacy— no need to discuss any details with a representative unless you specifically wish to. You can submit your info for a free, no-obligation burial insurance quote any time.