Most people don’t like to think about their mortality, especially when they’re younger, but being prepared for the inevitable or sudden tragedies is always the right approach. This can help your loved ones make the painful transition without compromising their financial well-being.
What is Burial Insurance?
Simply put, burial insurance is an insurance policy which covers the costs of the end-of-life arrangements. It can be included in the so-called “whole-life” insurance policies, but it doesn´t necessarily need to be. It is important to note that just because it is called “burial” insurance, it does not mean that burial is the only thing it covers. It can include other costs as well, depending on the insurance provider.
Can I Get One?
Provided you are not terminally ill, you only have to answer a few questions regarding your health state and lifestyle, and that´s all.
If I Already Pay for Life Insurance, What Do I Need It For?
Short answer – additional money for your family. Long answer – you may not be aware of how much funerals cost, and that ignorance may cost your family significantly. So, to prevent your family from making up the difference for your funeral out of their pocket, you can get the burial insurance policy.
Can I afford Burial Insurance?
Payments are flexible, usually on a weekly or monthly basis. Premiums are generally as low as $2 or $3, collected wherever the insured feels the most comfortable. The amount of money received upon death depends on two factors – the amount paid in premiums and the age of the insured. Basically, the older you are, the smaller amount of money will be paid.
Who will benefit from it?
The person you as the insured specify in your insurance policy contract. It is usually someone with what the insurance houses call “ insurable interest,” or the interest in keeping you alive for as long as possible, like a family member. If for whatever reason, you want to change the beneficiary once the insurance is in effect, you can do that easily as well.
How Do I Decide on the Best Policy?
The process may seem daunting with so many insurance houses offering seemingly amazing deals. However, not every offer will suit your needs. You should take your time and plan out your funeral style and its cost, then consider the amount of money your life insurance offers to your family in case of your death. Finally, figure out how much you wish to pay as your premium, and then filter your research results until you are left with only one, perfect offer. Start your research today and be unburdened!