If you are concerned about the costs that your family will have to deal with upon your death, then you should take a closer look at burial life insurance. This is whole life insurance, which means that it is permanent coverage with level premiums for life. These types of policies are small with face values ranging from $2,000 to $30,000.
A burial life insurance policy is typically designed to cover funeral expenses. As you are probably already aware, the prices for funerals just keeps going up each year, so $7,000 to $10,000 worth of coverage is normally what is needed to have enough to pay for a complete burial. Keep in mind that a cremation costs less, but you may still need $3,000 to $5,000 depending on what kind of service your family chooses. These figures only account for funeral expenses, but you have to also consider that there are other expenses associated with the passing of a loved one. Some examples are small bills that are left, taxes due, the costs of probate hearings, attorney costs, as well as moving and cleaning expenses. You should think about all of the possible situations that your family will come across when you pass before you decide how much coverage is adequate.
This type of coverage is simplified issue, meaning that there is no physical required. You just have to disclose some information about your health history through a questionnaire or phone interview. Your premium is based on the answers to those questions. The majority of companies will also check your medical history records as well as what prescriptions you take in order to determine your eligibility.
If you are worried about getting approved for a burial life insurance policy, then you can rest assured that there is a policy for everyone. Yes I said everyone. While those with average to above average health will qualify for prime rates and day one coverage, even if you have major health issues, you could qualify for a a guaranteed issue policy. The rate will be higher and the benefits will be graded, which means the full death benefit is not paid out until year two. If you were to pass away within the first two years, your beneficiaries would receive whatever premiums were paid into the policy and maybe even interest.
One of the most important things to remember when deciding on life insurance coverage is to work with a knowledgeable agent. He or she can guide you toward the company with the best rates for your particular situation, which is very important if your health is not so good. The monthly savings can be huge depending on which carrier you go with.
To learn more and get a free quote for burial life insurance, then visit Sylvia Hoffman’s site on how to choose the best life insurance for elderly.
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