A Comprehensive Guide to Burial Life Insurance

Posted by Fanny Millar

August 16, 2009

by Michael Cobbs

As we grow older, it is more important to think about investing in some burial life insurance. Not only does it make sense to alleviate the burden of those you leave behind in terms of costs but it will give you peace of mind for the rest of your natural born days. This kind of policy is designed to ensure that you have funds after you have passed on to pay for other debts and fees as well as the actual funeral itself.

There are a few different options when it comes to burial life insurance and it pays to make sure what exactly you are buying. The different policies have differing aspects and may have certain rules to adhere to, as stipulated by the insurers. Below is a comprehensive look at the options you have when it comes to burial life insurance.

It is a common misconception that they only type of burial insurance you can get is to specifically cover funeral costs for things such as graveside services - and nothing else. There are others, but you can indeed purchase this type of policy which is called a “Pre-Need Insurance Plan”. It will solely only pay for costs associated with your funeral and cannot be used for payments towards anything else. This plan is widely available from funeral homes and the beneficiary can only be a specified funeral home. This way they can ensure that the funds are used for the purpose of the policy. A funeral director can meet with you to arrange the requirements for the actual day and so set your mind at ease. It is recommended that you carefully scan the documents that you are given; it is important to confirm that there will not be any further costs in the instance of your death. The main benefit of this type of plan is that you know that all of the necessary arrangements are in place; friends and relatives can spend the day concentrating on saying goodbye to you.

The policies that are known as Burial Insurance and Final Expense Insurance are actually the same product. These policies differ from the Pre-Needs Insurance in that they offer funds to pay for the funeral itself and to pay any outstanding dues. With these products it is up to you who you decide is the beneficiary; it does not have to be a funeral home, unless that is what you want. You can discuss how the funds will be used with you beneficiary to ensure that the funeral and other debts are paid after you have gone. Insurance companies and agents who specialize in these types of burial life insurance can be found and policies purchased on the internet.

The last option of burial life insurance available is known as Insurance with No Physical Required. This type is generally the first choice of those who range from the ages of 50 to 80, who are in a reasonable state of health. As well as using the money for graveside services, cremations or a traditional funeral, it can be allocated to pay off debts including things such as medical bills and mortgages.

If you are in reasonable heath, it is likely that you will take the simplified policy of the No Physical Required insurance policy type. This means that there is no examination and no medical questions to be answered. The premium you will pay will be an insubstantial regular amount and the death benefit will be payable immediately after you have passed on.

If you do have an existing medical condition, then you could take the guaranteed policy option. This means that the insurer may stipulate a waiting period before any funds are released. If you die before this period has ended then your premiums are returned. If you die after this period has ended, then the death benefit will be paid out as normal. Generally the waiting period totals two or three years and the premium may be slightly higher than that of a simplified policy.

Investing in any of these kinds of burial life insurance is a sensible practice. Not only will it give you peace of mind, it will prevent relatives from having to pay for traditional funerals and graveside services out of their own pockets. You will find a host of agents and companies, as well as funeral homes that can offer you these different kinds of burial policies, either online or in person.

About the Author:

No site but FuneralInsuranceCost.com gives you all the tips and info on final expense and related subjects. Whether you are new to the subject or an expert, make sure to check out funeral costs by following the links above !

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A Comprehensive Guide to Burial Life Insurance

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