If you’re considering to purchase burial insurance, then feel happy that you’re one step ahead of others. Most of you take retirement insurance plans to make your money last till the end of your life. But many of you have never considered about the money, which will be needed to meet out the final expenses after you’re gone. So if you’re ahead of the game and planning to buy a burial insurance plan, but confused about which policy take, here’s a simple guide to help you make the right decision.
Estimate your final expenses
The first step is to figure out how much you will need to cover up your end-of-life expenses. There are a lot of factors to be considered like medical expenses, legal costs, and others while calculating the final expenses.
Calculate if you will leave enough money
Get the help of a financial advisor to find out whether there will be enough money in your estate to cover your final expenses. Also, decide on the nominee who can have immediate access to the funds after you’re gone.
Decide on the type of insurance
There are different types of policies available in the market today to help you cover your end-of-life expenses. You can choose between guaranteed issue, underwritten policy, whole life policy, term policy, funeral insurance policy and pre-need insurance policy.
Decide how much you can afford
Are you a savvy consumer and do you take pride in finding the best deal? Finding the best insurance policy is a difficult task. The policies and rates differ from policy to policy and from state to state due to various state regulations for burial insurance. Be sure to find the right policy and get a great deal on your insurance policy.
Decide on whom you should buy from
Burial insurance policies can be purchased from agents and funeral service providers. Different sources offer different advantages to you. The advantage of getting a policy from an agency is that it gives you a second source for customer service since you can contact either the agency or the insurance company when you need assistance. Always purchase a policy issued by a top rated insurance company. The different ratings are AAA (Exceptional), AA / AA+ / AA- (Superior) and A / A+ / A- (Excellent).Do not take any policy which is below a BBB (Good) rating.
How it works
This insurance is available to applicants over a specific age, say 45. Medical exams are not required, but the applicant should disclose information regarding their health. The insurance can be denied under certain conditions like cancer or drug addiction or extended hospital says in the recent past. Burial insurance coverage is more costly than the traditional life insurance coverage. This insurance also offers a death benefit that pays a particular amount even in case the policy owner dies without paying the policy in full.
If you’ve been looking for burial insurance, don’t hesitate in calling us directly at (888) 373-4315 for a free quote today!