Two Types of Burial Insurance
Two Types of Burial Insurance
When you finally decide to take the plunge and buy burial insurance for yourself, you will have to make a decision. This decision is between two different types of policies. They are called a guaranteed issue and a simplified issue. Let’s look at the similarities and the differences.
On the one hand, you can go with a guaranteed issue burial insurance policy. This is, as it says in its name, guaranteed to be approved for you. There is no medical exam required in order to receive this policy.
How can they accept everyone into this type of burial insurance, you ask? Our actuaries have determined that by raising rates a little bit, we can afford to insure your burial costs even if you don’t proceed through a medical exam. This is only natural, since there is a bit more risk that we take on in insuring you without knowing that much about you. Nevertheless, this has been a very viable option for many people throughout the years.
With a guaranteed issue, you may have to wait a couple years until you’re vested into the death benefits. This is another effect of the increased risk you present in someone insuring your death expenses. It still pays to take this burden off of your family (and yourself).
The other type of burial insurance that you can choose will cost less. This kind is called a simplified policy. This is the ideal type that you would want to get. In order to get it, you’ll just have to go through a medical screening or questioning.
Once we have this information, we will feel very confident in making an offer of insurance to you. And you, in turn, can feel confident that you have done the right thing and removed any burden of your final expenses off of your loved ones.
Whichever way you determine makes the most sense for your family, you can act confidently in that direction. Once you have your policy, you and your family can let go of any associated worries. It is nice to be able to enjoy the later years of working and then retirement knowing that you have truly provided for your family, and will continue to do so in every way possible even beyond your own passing. The later years of your life will be all that much better because you have “taken the bull by the horns” and bought a burial insurance policy.
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What Is Burial Insurance?
As you age, it is important to shore up all of your affairs. No one wants to leave their family and loved ones with a big financial burden, especially not right in the wake of their own death. It is for this reason that burial insurance was invented.
Burial Insurance Policies
Burial insurance is an insurance policy that you pay into in order that at the time of death, the insurer will cover all expenses related to the funeral. Some burial insurance policies, sometimes called final expense life, may go even further and pay off non-funeral related expenses such as credit card debt or a mortgage. All of this is specified in the contract. But it’s good to know there are choices that can be tailored to your individual needs.
Buying a policy such as this has a twofold purpose. On the one hand, it allows you to let go of all worries you may have about the financial impact of your death upon your loved ones. This is great, because it allows each of to “meet our Maker” with a clean slate and a clean conscience.
Another benefit, however, is that buying a burial insurance policy will also make your own family more at ease. Of course, nothing matters more than the love you have for each other. But they will deeply appreciate that you have thought this far ahead – and that you are thinking about them and their needs and desires, whether that be a spouse or your children.
Funeral Costs
A funeral can cost on average around $8,000 or even more. It depends of course on many factors such as how elaborate it will be, and what type of area you live in: rural funerals will tend to cost less than ones in urban areas. Just by simply thinking a little about the future right now you can take that cost away from your remaining family members. This is the ultimate final act of love and selflessness that one can give to their family.
Final Expense Life
Burial insurance or final expense life insurance has also been called or preneed and prepaid burial. All of these terms may have slightly different connotations depending on who is using them and in what way they’re being used. Usually when people talk about pre-need they are referring to a policy where you commit to one funeral home and pay them. The downside to this is that you could become tied to that funeral home, and thus the place where you live possibly for a long time. It is always all about knowing what you require first, and then the answers will become obvious.
FILL OUT THE FORM AT RIGHT to learn what suitable policy might cost you. There is no obligation.
Filed Under burial expense insurance, burial insurance, final expense, Final Expense Insurance, final expense life, final expense life insurance | Leave a Comment
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