Burial Insurance: Some Important Information

Posted by Fanny Millar

September 21, 2009

by Michael Cobbs

Thinking about death is not a cheery prospect, but it something that must be thought about; this is why it pays to have burial insurance. This type of policy, which you may see advertized as funeral or preneed insurance, will provide a cash lump sum in the event of your death. This kind of policy should not be confused with a burial protection policy, which covers funeral expenses only.

You my understandably think that there is relatively little cost involved in a funeral but surprisingly, they can cost a considerable amount of money. Indeed, it is common for the final expense to be in the region of $10,000. Not only are there the casket and the hearse to consider, there is the funeral director’s fees and outstanding medical bills to be settled. If you take out a burial insurance policy the funds will be available to make sure that all final expense is taken care of when a loved one passes away.

These kinds of policies are usually only available to people in the age range of 50 to 80 and you will find that there are two types of burial insurance to choose from. These options are called simplified and guaranteed burial insurance policies. Firstly, the guaranteed policy is designed for those people who are already considered to be of ill health; these people can sometimes find it difficult to get a simplified policy. The premium that has to be paid regularly is generally a minimal amount but some insurers may stipulate that there is a waiting period before any payout will be considered. If you are unfortunate to pass away before the end of this specified timescale, the premiums you have paid will be returned. If you pass on after this timescale has ended, then the full benefit will be released.

The second option, a simplified policy, is available for those people who are considered to be in good health and want to make funeral arrangements whilst they are still able to do so. Premiums will be paid in pretty much the same way as a guaranteed policy; you may find that the premium is slightly less due to the longer life expectancy. Whatever happens after the policy is taken out, the funds will be released upon your death.

Applying for burial insurance is generally an easy and speedy affair which requires you to fill in a small application form. Some of the insurers may wish to follow up the application with a telephone call but it is unlikely that you will have to answer too many health related questions unless a waiting period is likely to be enforced.

In the unfortunate scenario of you dying, the burial insurance policy will release funds to your spouse or to any children you may have. If you have stipulated that the payment be made to you children, it may be worth considering placing the policy in trust; this is because there may be issues that arise in relation to tax. It is possible to take out a joint burial insurance policy for you and your partner. It should be noted that with this option the policy will only payout once for the first death; no other payment will be made when the second person passes on.

The regular premiums that you pay for burial insurance are unlikely to be changed through the course of having the plan. It is also highly likely that the amount you will receive upon death will remain the same and will not decrease. A policy can only be cancelled by an insurer if the premiums are not met or if they have a reason to believe that the policy is fraudulent.

If you are looking for burial insurance, you can contact your local financial advisor who will be able to guide you. Alternatively, you will find a lot of information and companies that are located on the internet who deals with the final expense that is involved after a death.

About the Author:

Be sure to check out FuneralInsuranceCost.com for comprehensive information on graveside services. To find all the advice and insights that you may need about final expense life insurance at your fingertips, Follow the links right now !

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Burial Insurance: Some Important Information

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