As we grow older, it is more important to think about investing in some burial life insurance. Not only does it make sense to alleviate the burden of those you leave behind in terms of costs but it will give you peace of mind for the rest of your natural born days. This kind of policy is designed to ensure that you have funds after you have passed on to pay for other debts and fees as well as the actual funeral itself.
There are a few different options when it comes to burial life insurance and it pays to make sure what exactly you are buying. The different policies have differing aspects and may have certain rules to adhere to, as stipulated by the insurers. Below is a comprehensive look at the options you have when it comes to burial life insurance.
Some people are led to believe that burial insurance is solely to pay for funeral costs such as those for graveside services. This type of policy is called a "Pre-Need Insurance Plan". This plan will only cover funeral costs and will require you to plan this entire event before it happens. The beneficiaries of these policies are always funeral homes, which ensure that the funds are solely used for the purpose of a burial. You may meet with the director of the home and plan the finer details in advance. Read all the documentation carefully to ensure that there are no hidden costs that may be incurred after you have passed on. This kind of policy has its advantages. You can make sure relatives do not have to fork out cash from another life insurance policy or pay for it themselves; as well as this, the fees that you pay will be set in stone and you can spend the rest of your life without having to worry.
Policies known as Burial Insurance and Final Expense Insurance are actually the same policy, they just have different names. As well as funeral costs, the funds from these plans can be used to pay creditors and any other outstanding debts in your name. The beneficiary does not have to be a funeral home; it could be anyone you choose it to be, unlike the Pre-Need plans. You can discuss the finer points of where you would like the money to go with the beneficiary and they will see that it is done after you pass on. Burial life insurance policies such as these can be bought from specialized insurance agents and providers.
Finally, there is burial life insurance which is deemed to be Insurance with No Physical Required. This is the common option for many older people, usually between the ages of 50 and 80, who have no current medical conditions. The funds from these kinds of policies can also be used for other means apart from graveside services, memorial services or a traditional funeral. Perhaps medical bills and legal fees will need to be settled after your death and the extra funds could be used to clear these off.
If you are in reasonable health you can take out what is known as a simplified policy option. It is typically the case that the insurer will start a policy without asking for you to have a medical examination or answer queries relating to your medical history. The payment amount that you will be asked to make will be small but must be paid on time. In the event of your death the death benefit will be paid out to the beneficiary as soon as possible.
If you do not qualify for a simplified policy because you have a current medical condition, then it is possible to have the alternative. Known as a guaranteed policy, the insurer usually requests that a waiting time is implemented before any payments are made. Generally this period is two to three years. If you should die within this timescale then the premiums that you have paid will be returned. Once the waiting period is over, your death will be paid out in full to the beneficiary.
Investing in any of these kinds of burial life insurance is a sensible practice. Not only will it give you peace of mind, it will prevent relatives from having to pay for traditional funerals and graveside services out of their own pockets. You will find a host of agents and companies, as well as funeral homes that can offer you these different kinds of burial policies, either online or in person.
There are a few different options when it comes to burial life insurance and it pays to make sure what exactly you are buying. The different policies have differing aspects and may have certain rules to adhere to, as stipulated by the insurers. Below is a comprehensive look at the options you have when it comes to burial life insurance.
Some people are led to believe that burial insurance is solely to pay for funeral costs such as those for graveside services. This type of policy is called a "Pre-Need Insurance Plan". This plan will only cover funeral costs and will require you to plan this entire event before it happens. The beneficiaries of these policies are always funeral homes, which ensure that the funds are solely used for the purpose of a burial. You may meet with the director of the home and plan the finer details in advance. Read all the documentation carefully to ensure that there are no hidden costs that may be incurred after you have passed on. This kind of policy has its advantages. You can make sure relatives do not have to fork out cash from another life insurance policy or pay for it themselves; as well as this, the fees that you pay will be set in stone and you can spend the rest of your life without having to worry.
Policies known as Burial Insurance and Final Expense Insurance are actually the same policy, they just have different names. As well as funeral costs, the funds from these plans can be used to pay creditors and any other outstanding debts in your name. The beneficiary does not have to be a funeral home; it could be anyone you choose it to be, unlike the Pre-Need plans. You can discuss the finer points of where you would like the money to go with the beneficiary and they will see that it is done after you pass on. Burial life insurance policies such as these can be bought from specialized insurance agents and providers.
Finally, there is burial life insurance which is deemed to be Insurance with No Physical Required. This is the common option for many older people, usually between the ages of 50 and 80, who have no current medical conditions. The funds from these kinds of policies can also be used for other means apart from graveside services, memorial services or a traditional funeral. Perhaps medical bills and legal fees will need to be settled after your death and the extra funds could be used to clear these off.
If you are in reasonable health you can take out what is known as a simplified policy option. It is typically the case that the insurer will start a policy without asking for you to have a medical examination or answer queries relating to your medical history. The payment amount that you will be asked to make will be small but must be paid on time. In the event of your death the death benefit will be paid out to the beneficiary as soon as possible.
If you do not qualify for a simplified policy because you have a current medical condition, then it is possible to have the alternative. Known as a guaranteed policy, the insurer usually requests that a waiting time is implemented before any payments are made. Generally this period is two to three years. If you should die within this timescale then the premiums that you have paid will be returned. Once the waiting period is over, your death will be paid out in full to the beneficiary.
Investing in any of these kinds of burial life insurance is a sensible practice. Not only will it give you peace of mind, it will prevent relatives from having to pay for traditional funerals and graveside services out of their own pockets. You will find a host of agents and companies, as well as funeral homes that can offer you these different kinds of burial policies, either online or in person.
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