Burial insurance is a popular form of life insurance coverage that is a great way for applicants to provide coverage, even if something tragic were to happen to you. When you’re getting insurance coverage, it’s vital that you make the perfect decision for your family.
Burial insurance is a unique form of insurance, and there are a lot of questions surrounding these types of plans. It’s vital that you understand what kind of insurance is best for you and all the options that you have for coverage.
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What Are Burial Insurance Plans?
Life insurance is the best safety net that you can ever buy, but everyone has different needs depending on their particular situation. When you’re getting close to retirement, you’re going to need a very different life insurance plan versus what a twenty-year-old is going to need right after they have a child.
If you were to pass away, your family would be left with all of your debts and final expenses. The cost of a funeral has continued to rise, and all of the burial costs can easily equal $10,000, which can leave your family with a financial strain. A burial insurance plan will give your family the money that they need to pay off any bills that you would leave behind.
A burial insurance policy is a life insurance policy that is much smaller than a traditional insurance policy. Most burial insurance plans are around $25,000 or smaller. With a conventional life insurance policy, you can buy coverage for up to several millions of dollars. If you’re at a stage of your life where you no longer need that much coverage, you can purchase a much smaller policy through a burial insurance policy.
What’s Covered Under A Burial Insurance Plan?
With a burial insurance plan, several expenses will be covered by the plan. While you may not realize it, there are dozens of different expenses that your policy will need to cover. Not having enough life insurance coverage is one of the worst things that you can do for your loved ones.
One of the biggest expenses that your family is going to encounter is the casket or urn. The average cost of a casket can be around $2,000. A burial insurance policy will give your family the money that they to buy a casket.
Additionally, your burial insurance policy will need to cover the cost of the headstone, flowers, visitation costs, and any other miscellaneous costs. While your family can use your burial insurance payout for any expenses that you leave behind, it’s vital that your family has the money that they need to pay for your burial and the related costs.
Advantages Of A Burial Insurance Policy
There are several advantages to buying a burial insurance policy versus applying for a traditional plan. The most notable one is that anyone can buy one of these policies. Because they are a much smaller than a normal plan, the insurance company isn’t going to require that you take a medical exam or answer the medical questionnaire. It’s important that your loved ones have the money that they need, and your health shouldn’t prevent you from getting that. These plans are an excellent option for older applicants that may have been declined in the past because of their health.
Another advantage is that you can be approved for coverage much faster than you can with a normal plan. With a traditional life insurance policy, it could take several weeks to be approved. With a burial insurance policy, your application can be approved in a matter of hours.
Some of the most notable drawbacks of these plans are limits on how much coverage that you can buy with one of these burial plans. Most companies will only sell you up to $25,000 worth of coverage. For most applicants, this isn’t going to be enough coverage. Not having enough life insurance is the worst mistake that you could make for your loved ones.
No Medical Exam Plan
If you find that a burial insurance policy doesn’t work for you, don’t worry, there are several options that you can choose from. One popular alternative is to purchase a no medical exam life insurance policy. These life insurance plans will allow you to buy insurance coverage without having to undergo the medical exam beforehand.
One of the advantages of these plans is that you can buy a much larger plan. Most insurance companies will sell you around $250,000, and there are a few companies that will sell more than that. If you still have any significant unpaid expenses like a mortgage, then a no exam policy could be a better option for you.
Because no medical exams skip the exam and offer larger plan sizes, they are going to be more expensive than other options. If you’re looking to get the most affordable coverage, you’ll need to apply for a traditional plan.
Working With An Independent Insurance Broker
Every insurance company is different, and they all have different ways of calculating insurance premiums. If you’re getting a plan that doesn’t require a medical exam, there are even fewer factors that the insurance company will use to determine how much you’ll pay for your plan. It’s easy to see why you should compare dozens of companies before deciding which plan is going to fit your needs the best.
The best way to ensure that you’re getting the most affordable life insurance plan is to work with an independent insurance agent. Unlike a traditional agent, independent brokers work with dozens of highly rated companies, and they can bring all of the lowest premiums directly to you. There are thousands and thousands of different companies on the market, which means that you could spend weeks looking to find the lowest rates for your coverage, or you can let us do all of the work for you.
Another benefit of working with an independent agent is that you don’t have to worry about them trying to sell you below average coverage or trying to sell you additional products that you don’t need.
Burial Insurance Policies
Nobody wants to think about his or her death, but it’s vital that you plan for the worst. You can’t avoid it, and not making the proper plans could leave your family with a massive amount of debt and other unpaid expenses. It can be overwhelming trying to pick the best plan for your family, but we are here to help you.
Our independent insurance agents have years of experience helping all kinds of applicants connect with the best kind of policy for their loved ones. We know which companies are going to offer the best rates based on your particular situation.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family will need. If something tragic were to happen to you, your loved ones could be left with a massive amount of debt. If you have any questions about final expense plans or the different options for insurance coverage, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re making the best choice.