Burial Insurance – Protect Your Loved Ones
Article by Mark Prip
Costs of everything go up over time, it is called inflation. Funeral costs are not exempt from this simple rule. To offset the growing costs of funeral many people have begun to purchase burial insurance plans. These plans can cover the costs of expensive funerals so that your loved ones do not have to. Burial or final expense insurance is a kind of whole life insurance that is designed to handle the high costs of a funeral and burial. It is often available with no medical check and cannot be canceled because of age or infirmity.
The beneficiary of burial insurance plans can use the benefits for anything. Unlike term life policies these policies last for life as long as the premiums continue to be paid. These kinds of policies carry a cash value. If needed, you can borrow against the value of these policies. As long as premiums are paid on these policies they pay out on the event of death. These types of plans have often have premiums that do not increase and benefits that do not decrease. The lack of a medical exam makes it fairly easy to apply for these types of insurance but that does not mean you should apply without spending a lot of time on finding the policy that best fits your needs.
Depending on the type of funeral and even your location funerals cost can vary drastically. It can be important to understand these costs when purchasing burial insurance plans. The costs of caskets can vary greatly depending on the type of casket. Even cremation comes with considerable costs. The Federal Trade Commission requires that funeral homes make available a list of prices for all their services. Checking out this list can give you an idea as to the costs of a funeral. However you should remember that many funeral homes do not guarantee that the price will not increase in the future.
It is also good to familiarize yourself with state and federal laws concerning insurance and funerals when considering burial insurance plans. Many states have “free look” laws that allow perusal of the terms of a contract before you have to decide whether or not to sign it. It is also important to get at least one statement a year detailing the status of your policy. You may also want to examine the cancellation terms of the policy and any other contract with funeral homes or cemeteries.
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