What is burial expense insurance? How is it different from a regular life insurance? Is it more beneficial and more reasonable? These are some of the questions that will be tackled in this article.
What Is Burial Expense Insurance?
This type of insurance is also a form of life insurance that you are already familiar with. However, burial expense insurance is designed to accommodate those who cannot afford to get the common life insurance. This is why most applicants for this special insurance are coming from the seniors group and those who are not able to work because of illness.
The burial expense insurance is designed for people to have enough to spend during their burial and to be able to pay some of their debts when they pass away.
Contrary to regular life insurance policies which give out hundreds of thousands of dollars for the beneficiaries, burial expense insurance is limited. The limit is $50,000 for the beneficiaries. The least that insurance companies give is $5,000, so you have a lot of options to choose from.
What Is Burial Expense: Determining Your Burial Needs
You have to determine your funeral needs. If you want something that is traditional, you will have to consider the costs for the casket, for having the wake, for the headstone and so on and so forth. Check if the insurance company includes miscellaneous things such as flowers and transportation. Check also for the cost of allowing friends and relatives to view your remains.
What Is Burial Expense Insurance?
This type of insurance is also a form of life insurance that you are already familiar with. However, burial expense insurance is designed to accommodate those who cannot afford to get the common life insurance. This is why most applicants for this special insurance are coming from the seniors group and those who are not able to work because of illness.
The burial expense insurance is designed for people to have enough to spend during their burial and to be able to pay some of their debts when they pass away.
Contrary to regular life insurance policies which give out hundreds of thousands of dollars for the beneficiaries, burial expense insurance is limited. The limit is $50,000 for the beneficiaries. The least that insurance companies give is $5,000, so you have a lot of options to choose from.
What Is Burial Expense: Determining Your Burial Needs
You have to determine your funeral needs. If you want something that is traditional, you will have to consider the costs for the casket, for having the wake, for the headstone and so on and so forth. Check if the insurance company includes miscellaneous things such as flowers and transportation. Check also for the cost of allowing friends and relatives to view your remains.
You may want a less expensive option where your body will just be burned and the ashes be placed inside an urn. This is called cremation and if you want this, you will have less trouble in preparing as it does entail much expense.
Just talk with your family and tell them if you want your ashes to be kept beside your already dead ancestors. You may also choose to have someone in the family take care of the urn.
What Is Burial Expense: How Companies Determine the Price
The prices of burial expense insurance policies are variable, because they consider the age and the medical condition of the applicant. However, companies wouldn ot usually ask about the medical conditions or require clients to present medical records. The more important thing for them is to know the client as age and his capacity to pay the premiums.
Visit the Website of the National Funeral Directors Association.
Yes, this website contains valuable information. Consider the funeral items that are included in their computations. Those computations can also help you in coming up with a decision of which is the best option to choose. Take note that there are separate computations for green burials and cremations, just in case you are considering not undergoing the traditional type of burials.
You can also find in that site information on price increases of burial services through the years and predictions about how much they would cost in the future.
What Is Burial Expense: Can It Be Personalized?
The answer depends on the company you will be dealing with. There is what they call graded variants of the policy. The grading depends on the allotted period within which a policyholder may pass away. If the policyholder as death happens within the prescribed period, the descendants may receive some compensation besides funeral expense benefits.
There is also the option called immediate protection. In this type of burial expense insurance, the policyholder as family is entitled to receiving compensation when death happens soon after the signing of the policy.
In any case, ask a burial director for guidance and insurance companies if it is possible to tailor a deal in accordance to your personal needs. Make sure also that you have exhausted all options before signing up.
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