Burial insurance has many names, and some will also recognize it as “final expense insurance” or even “funeral insurance”. At its core, it’s a form of insurance marketed towards older individuals who don’t want to burden their families with burial costs, and essentially, it allows them to tie up loose ends. However obscure this coverage sounds, it’s actually another phrase used to describe a type of whole life insurance policy. In fact, virtually all insurance companies, big or small, will sell some form of this type of coverage.
Why Is Burial Insurance A Better Option?
Unlike other forms of insurance marketed towards the elderly, funeral or burial insurance is considerably easier to get approved for. In fact, it’s easy to either purchase this insurance policy online or over the phone via a representative. Where burial insurance greatly differs from competing policies is that it requires no medical exam. Some insurers will automatically approve all applicants while others may ask basic screening questions such as tobacco use, age, and potentially serious health conditions.
These guaranteed life insurance plans are ideal for those suffering from a life-threatening illness or condition that prevents them from being approved for traditional policies. The caveat with the coverage, however, is that no actual benefits are paid to the beneficiaries if the policyholder dies within two or three years of taking out the policy. The silver lining is, however, that loved ones will receive a refund on the premiums paid along with interest rates.
Older adults who have never had the ability to amply save for their final expenses will also greatly benefit from this policy. It eliminates the possibility of leaving loved ones in debt after someone has passed on. As a type of insurance, it genuinely offers peace of mind and while it is possible to still retain an original life insurance policy, purchasing this extra one will ensure that beneficiaries receive the full benefits of all policies.
Burial Insurance Is The Most Affordable Coverage!
By nature, funeral insurance allows the policyholder to purchase coverage for smaller amounts such as $5,000 or $10,000. Unlike competing life insurance policies, this makes the premiums highly affordable and adequate for older individuals. However, the only genuine way to ensure that a fair quote is provided is to check several pricing estimates from trustworthy sources.
Another added advantage of opting for this policy is that it doesn’t tap out at a certain age. Whether the policyholder is 100 or 110, the policy still considers them adequately covered as long as the premiums are paid. This also means that the coverage is an expense that individuals can choose to pay monthly or yearly, whichever is more comfortable.
Lastly, funeral insurance doesn’t have an expiration date. It’s a lifelong commitment and an investment that doesn’t mean sacrificing any coverage at a later point in life. It helps eliminate the debt someone leaves behind with their passing while also taking a load off of loved ones as they scramble to make final preparations.