How to find best burial insurance plan can be tricky. Burial insurance is a policy that pays the expenses associating with your funeral. Aside from the burial costs, one uses the proceeds of the plan. It is for paying other final expenses such as remaining medical bills, credit card dues, legal costs and other debts.
In many cases, people refer burial insurance as funeral insurance. Sometimes, final expenses insurance or life insurance for seniors.
Other Types of Funeral Insurance
Burial insurance or funeral insurance. All of them can come as a term insurance plan. Or, permanent insurance. The other two are the following:
- Preneed Funeral Insurance. This type of insurance may or may not be linked to a funeral service provider. The payment plans can be 1, 3, 5, 7 or 10 years. The insurance’s coverage continues even after the premium payments end.
- Final Expense Insurance. This insurance plan is cheaper than the other types because it is not contracting with any burial service provider.
If one has an existing life insurance plan, they may include a funeral coverage. Such as:
- Term life insurance. Its coverage is specific in nature such as 5, 10, 15, 20, 25 or 30 year term. This policy only covers death benefits.
- Permanent insurance. One can purchase this either life policy or universal life plan. It entails higher costs than the term policy. Well, its coverage is lifetime. Also, it includes cash value accumulation benefit.
A burial insurance policy is either term or permanent life insurance. However, it usually comes as a term life insurance. Wherein, the beneficiary receives lower death benefits. They may use this in any manner.
This insurance can also come as a permanent policy. It is a coverage which is dependent upon the payment of the premium. The coverage continues if the scheduled contributions don’t stop. However, its cash benefit compensates for its higher premium. It can build tax deferred savings and the holder can borrow. Or, withdraw the funds. But, the remaining unpaid loans will be deducted from the death benefit.
Who Should Consider a Burial Insurance Plan?
People aging 50 to 85 qualify for a burial insurance plan regardless of medical condition. Although, most seniors qualify for this type of insurance policy.
These plans are affordable. Also, most of those with no life insurance choose this plan. Burial insurance is something to consider if: (1) one qualifies, (2) has limited savings, (3) feel that they cannot afford funeral expenses and (4) don’t want to burden their family after their passing. This policy provides as a financial protection for your loved ones.
How To Find Best Burial Insurance Plan
How to find best burial insurance plan involves the following factors:
- Monetary considerations. For one’s final moment, they either want cremation or buried. Also, they may desire a special funeral. One can start estimating their final expenses. So, they can check if they can afford the amount of coverage. One may also want to leave their beneficiaries with money. Also, this insurance gives an affordable monthly payment. Just like any other insurance, this policy stops if they stop paying premiums. Therefore, it is a must that one has the budget to pay premiums. They may enhance their insurance benefits. Especially if their financial status changes in the future.
- Preferred type of policy. One must contact a broker. This helps them decide which insurance policy is best. Also, brokers provide multiple funeral insurance quotes. These quotes come from various insurance companies. Further, they ask what kind of coverage a senior wants. And, checking one’s financial ability.
- Choosing the right insurance provider. It is essential to get an insurance from the right broker and carrier. A company with outstanding financial track record can assure protection one needs. Providers with C or D ratings with financial issues can put one on the risk of not getting paid. Especially, whenever they need to honor their obligation. One should also consider being cost effective.
The right insurance policy protects one right away. Also, they don’t let seniors wait for years before they can claim their benefits. Experiences from other insurance holders can greatly help one choose the right insurance policy and provider.
How to find best insurance plan is not a “one size fits all” approach. Everyone has different needs. They can be satisfied only by a specific policy.
Working with a broker will make shopping easy. With their years of experience, a broker may provide help in shopping. Consider yourself lucky working with an agent. This way, the task will be easier.
Some people enlist the help of an independent final expense insurance agency. Because, they are not committed to any insurance company. They offer the best options. Also, they know which companies accept health issues and situation. They know which offers the best coverage for one’s needs. Consider a broker that focuses on the type of insurance one needs.
Your family will appreciate the way you take care of your future. When you leave, your parting will not add more stress on them because they know that you have taken care of everything. They will feel financial relief in a time of loss. Contact inzur.com to find the best insurance policy for you.