What Is Burial Insurance?
In this post you will read about how to get burial insurance, also referred to as Final Expense Life Insurance, Burial LIfe Insurance, is a Whole Life Insurance policy specifically designed for individuals in their senior years who did not purchase life insurance earlier in life. It provides protection for life and assures the insured that his/her final expenses will be covered and that you will leave those who you care about with the financial capability to pay any remaining debts you may have left behind, namely, your final expenses.
With a Final Expense Life Insurance policy you decide how much coverage you need and, if you so desire, leave a little extra for your loved ones.
Another nice thing about Final Expense Life Insurance is that you DO NOT HAVE TO TAKE A MEDICAL EXAM as part of the application process. You simply answer a handful of question, mostly health related. Based on your answers (plus gender, age, etc.) the insurance company will make a decision and then set the premium amount
Types Of Final Expense Policies
There are two types of Final Expense Life Insurance policies, Simplified Issue and Guaranteed Issue. Simplified Issue Final Expense policies require that you answer a few medical questions as part of the application process. Guaranteed Issue Final Expense policies are issued regardless of health, with just a few exceptions. Guaranteed Issue policies tend to be more expensive than Simplified Issue policies and this is due to the fact that the insurance company has less information about the health of the applicant when they issue a Guaranteed Issue policy.
The price of a funeral varies depending on where you live, but most are between $5,000 to $25,000. The most common costs of a burial are the casket, cemetary plot, funeral service, headstone and engraving, wake/visitation, transportation, minister, etc.
If you are in your senior years and have no life insurance, buying a Final Expense Life Insurance policy should be a consideration. Final Expense Life Insurance gives peace of mind by knowing that your family will have enough funds to provide a proper burial. If you are getting into the later years of your life and you are worried about providing enough financial protection for your family at the time of your death, this type of life insurance policy may be right for you.
Final Expense Insurance Offers Financial Protection For Your Loved Ones
As you age, it can be a common thought to wonder what will happen to your spouse and loved ones if you should die before they do. Will they have the money to bury you and provide for a proper funeral? Final Expense Insurance can help you cover those costs. This is an ideal reason to purchase these affordable policies.
Here are some important facts about Final Expense life insurance:
1. Because the face amounts typically do not exceed $30,000, Final Expense Insurance is affordable.
2. The policy pays out the death benefit within 24 hours (in most cases) of your death. There is not a long waiting period.
3. There is no requirement of a medical exam to obtain burial expense insurance. You may not be in perfect health and you could still qualify for this type of insurance protection.
4. The policy is available in a variety of face values so you can select the amount of coverage you need.
5. You can (and should) protect your family from financial difficulty in the event of your untimely death by obtaining this type of policy.
For the average senior citizen, having any form of life insurance is important. Final Expense Life Insurance is a unique policy in how it is structured. It may just be an ideal choice for you and your loved ones. Get it sooner rather than later to ensure you qualify and to get the lowest possible price associated with it.
Final Expense Vs. Fully Underwritten Policies
One of the biggest differences between Final Expense Life Insurance and traditional life insurance is that there is a huge difference in the costs. Specifically, the face value of most final expense policies is much lower than that of traditional life insurance. You may purchase a traditional life insurance plan that amounts to the amount of debt you have, including mortgages, and provides for the living expenses for your family over a long period. However, many of the policies for final expenses insurance only have a face value of $10,000 to $25,000, sometimes even less. The goal of these policies is to pay for your actual funeral expenses.
Also note that this also means that the cost of final expense life insurance is much lower than the cost of a traditional policy to you. It does not pay as much and therefore does not cost as much to you.
You May Need Both
The goal of Final Expense Life Insurance is to protect your family from having to pay for the costs associated with burial and final expenses that they need to have the funds for right away. That is not to say that these funds cannot be in use for other things.
Even if you already have traditional life insurance, it may be important to your family’s financial future to have Final Expense Life Insurance. Consider how this type of policy could provide the protection your family needs from financial devastation. It’s fast payment may be just what they need in a difficult time like this.
Sample Final Expense Questionnaire
Click on the link that appears below which will take you to a page from a real life insurance application for a final expense policy. In it, which, by the way, you can print, you will be able to see that questions being asked as well of the criteria that is applied in connection with the responses to the questions.
Also, please, click HERE for a copy of a Final Expense consumer brochure from
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