What is a Burial Insurance Policy? A Burial insurance policy serves a different purpose than a traditional life insurance policy. With a traditional term or permanent life insurance policy; the value of your policy is proportionate to your earned income now and for the rest of your life. These policies usually are put in place to protect a family’s standard of living in the event a wage earner’s premature death. The objective is ensuring the mortgage, college education and household debt. With funeral or burial insurance, the value of your policy reflects the expense of your final wishes and funeral costs. This is why these final expense policies have much smaller face amounts. Most of these final expense policies accommodate face amounts of around $20,000 or so. A burial insurance policy serves a completely different purpose than a traditional term policy.
Do You Need Final Expense Insurance? The answer really depends. If you already have term or whole life insurance, your family can certainly use your existing policy to cover your final expenses. Be sure to consider that it’s likely that you will outlive the term length of the term policy. So, if you have term life insurance and you outlive the term length term; you might want to think about a burial policy. These type of funeral policies are whole life policies which provides permanent coverage. This gives you peace of mind knowing that you will not outlive the coverage.
Is a Final Expense Insurance Policy Costly? Like any life insurance policy, premiums are largely determined by age. The older you are, the higher your premiums will be. If you buy a burial insurance policy at your 55, you’ll pay far less for your premium than if you purchased at your age 75.
Is a Medical Exam Necessary to Qualify? The good news is that these polices do not require a medical exam. The policies are designed specifically for seniors needing only a small amount of coverage to meet the demand of their funeral costs. So the insurance companies have tailored their underwriting to make these polices easily obtainable. Some policies can be secured without any medical questions being asked. These (Guaranteed Issue) policies are more expensive but for some, they are just what is needed.
Where Can These Funeral Polices be Purchased? Most of these final expense policies can be purchased online. Here at buyburialinsranceonline.com you can generate an instant quote from top insurance companies. With real time quote results, you can compare pricing from different companies. Applying for a burial policy is very easy. The application can be taken over the phone. This makes the buying process very convenient. Since there is no medical exam, the approval for the policies occur very quickly. Often the policies are approved and placed in a matter of a few days. Start the process here, by running your instant quotes. With those instant results, compare pricing to help you determine the right policy for your need. Get a Quote.