Getting a better understanding of how a burial protection policy works will allow you to make the best decision on what is best for taking care of your final expenses.
What is Burial Insurance?
The obvious purpose of these plans is to cover the costs of the funeral / burial costs of the insured. Depending on the face amount of the Burial insurance policy, there may be enough money to cover any small debts of the insured. These policies are designed to last the insured’s lifetime.
The face values are much smaller, usually in the range of $50,000 and under. Age if issue generally starts at age 50. Some carriers will start at a lower age. Maximum age of issue is about 84, but, again, some carriers will go higher while some carriers will only go to age 80.
Here is an overview of these policies:
Issue ages can be from 50-80 some will go up to age 84
Policy amounts can be between $1500 up to $50,000. If you need more you always stack a burial insurance plan
Simplified issue plans – Answer Yes and No to various health questions
No Medical Exam needed
Whole life plans – Designed to last the insured’s lifetime
In force day one on acceptance – not a graded plan
Can be completed over the phone and signed via e-signature
Make sure you get enough coverage to make sure that your loved ones are not burdened with any financial expenses.
Are you looking for a burial insurance plan for your parents?
Here are some ideas to help you in your discussion:
Strategy #1: “Better Now Than Later”
The sooner you have this conversation, the better. Legacy planning much later in life can be difficult (to say the least), so bring it to them by saying, essentially, “This is going to be years from now, but I’d rather have this in place now rather than have to discuss it in a hospital while you’re sick.” Doing this while healthy and not currently facing surgery means you don’t have to deal with it when the time comes.
Strategy #2: “Think About The Family”
Funerals are incredibly emotionally difficult, as anyone who has had a close family member die can attest. And funeral expenses can add to the pain and difficulty: The average cost of a funeral hovers at $6,560 according to the National Funeral Directors Association. That money needs to come from somewhere, like it or not, and it helps the grieving process to not have to pay off the funeral in monthly installments.
Strategy #3: “Help Secure Your Wishes”
The blunt reality of the matter is that, especially if your parents want their body treated a specific way when they pass, you should lock in the funding for that now. Religious obligations can be expensive — not because the church or religious organization overprices its services, but because certain choices are simply more expensive than others. Also, it can restore a level of control over the fear of death to know your body will be treated the way you want it to be.
Strategy #4: “Cut Off Legal Disputes at the Pass”
Unfortunately, with anyone’s passing, legal disputes are common, especially ones over burial location, or disputes over payment of burial expenses. It can tie wills up in probate and drag family members into court. But if the burial is fully covered by a policy, it solves many of those problems before they happen.
Strategy #5: “We’re All Going To Feel Better When This Is Done”
Your parents shouldn’t be pretending that, however distant, the question of their passing isn’t at least somewhat on their mind. It can be a source of free-floating anxiety and trouble for the children as well. So, burial insurance or not, breaking the ice puts a plan in place that means that they (and you) have to think about their passing as little as possible.
Where do I get a Burial Protection Policy?
You can get these plans from a broker, such as myself. I work with over 25 AM Best A Rated carriers and I can give you a clear picture of what is available in the market place and what burial insurance plan will work best for you.
At BurialExpensePlans.net I am an independent agent who is dedicated to helping you find the best burial insurance plan for your needs. If you have any questions or need any help , please give me a call today!
My Toll-Free number is 1-800-530-9134
About Us: The M2 Insurance Group are agents, across the US, who are dedicated to help those looking for Final Expense Insurance Plans. We are not a call center!