Burial Insurance – An Insurance Policy You Are Guaranteed to Get
Article by Wendy Moyer
If there were a way that you could take care of your final expenses simply by paying a premium would that be of any interest to you? If your answer is “yes” then you will want to read this article and learn how easy it is to get burial insurance.
Burial insurance is sometimes called “final expense” insurance because this is one type of insurance policy that you could custom design to take care of all of the expenses involved when you are “put to rest.” This alternative type of insurance has become quite popular in recent years.
People who purchase burial insurance can pre-select whatever they want at their funeral. It can include the type of casket, the number of cars, any service accessories, and more. Once a person has made his or her selections the funeral director will add up all the costs. And often the person who purchases final expense insurance will get a guarantee that the costs will not go beyond the face value of their policy.
When you purchase the policy, you will not be required to have either a medical, health, or physical exam. Once this insurance is in place it can take care of your final expenses so that your family will not have to deal with them. And the benefits will go directly to the funeral home as well.
Another type of burial insurance is also available. If you choose to buy this type of policy you will simply choose a face value for your funeral. This would be a cost that you do not want exceeded. Then, when you pass on, the benefit first goes to the funeral director. However, if the face value is greater than the cost of the funeral, any money that is left over will go to a contingent beneficiary.
If you would like this type of policy you will have to ask about it because most funeral directors will assume that they will get the entire face amount regardless of the cost. In order to have the option of a beneficiary receiving any excess funds you will have to have that option written into your policy.
The reason burial insurance is usually easy to get is because the underwriting guidelines are considerably more lenient than for term insurance or whole life insurance policies. None-the-less, you will still be asked some questions.
Then, if your health will not permit you to get whole life burial insurance then you will still be able to get a graded benefit life policy. However, with the graded benefit you will have to live at least two years before the total of the face amount would be paid.
If you should pass away within those two years then your beneficiary will receive the premium you paid plus interest – unless you have died as a result of an accident. If that’s the case your beneficiary will receive the entire face value of the policy.
Graded benefit policies are “guaranteed issue” insurance policies. You cannot be turned down. Although they are a bit more expensive than a regular final expense insurance policy they are still less expensive than traditional life insurance policies.
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