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Burial Insurance

Burial insurance or final expense insurance plans are ideal for individuals or families who anticipate paying for funeral expenses. It is a common type of life insurance which does not require a medical examination. However, people are required to give some personal information regarding their proper health in order to purchase insurance. Final expense insurance normally covers people until 100 years of age. It is good to buy the policy because everyone is normally approved regardless of present illnesses., whether the concerned person has an illness or not. However, there are some cases where the price of the premium may be higher based off different factors.

According to the investment point of view, burial insurance is a cash policy which keeps on accumulating its cash value over time. However, premiums will remain the same throughout the period. It is a good investment that offers permanent coverage. Some of the important costs covered by the final expense coverage include funeral service, casket, cemetery plot, headstone, funeral procession and other costs. Moreover, the insurance policy can also be used for debts or to pay off mortgages. It can truly be used for any expenses that the beneficiaries deem fit. The costs and expenses incurred on the funeral depend upon the kind of burial a person wants.

With burial insurance, the beneficiaries can decide whether to purchase traditional burials or cremation. A cremation only comprises of the cost of cremation and an urn. The policyholder may decide to bury the urn, have the urn placed in a vault, or the family member can decide to keep it in a safe place.

The fact that burial insurance plans have fixed premium throughout the period makes it even more effective to be held as early as possible. For younger policyholders, the cost will be less. Burial insurance is normally purchased by individuals over 50 years old. As with most insurance companies, they offer different payment terms and options. A traditional burial insurance policy will give the full coverage immediately after purchase. It also depends upon the policyholder to make regular payments. Otherwise, the policy will be cancelled if the policyholder stops paying.

A full value of the policy can be purchased immediately with a lump sum payment. In this way, the beneficiary will have all the funds in hand to arrange the burial, even if the policy was purchased a day earlier than death. Furthermore, there is a graded benefit policy that requires periodic payments, for specified period. It will not give the full coverage unless:

  • the period has ended; or
  • If the policy owner dies within the period of maturity;

The company will pay the amount based on the number of premiums deposited. Burial insurance policy offers monetary protection against immediate death. It is a good investment tool to prevent others from bearing the funeral expenses and miscellaneous final expenses of an untimely death. In the event that you need additional coverage, you can purchase life insurance. Some insurance companies that offer burial insurance may give a multi-policy discount.

If you have questions regarding burial insurance, let Blue Sky Coverage help you find a policy that is suitable for you. Call us today to get a quote.