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Deciding to Protect Your Loved Ones with Burial Insurance

Deciding to Protect Your Loved Ones with Burial Insurance

Article by Cindy Marks







Deciding to Protect Your Loved Ones with Burial Insurance

Burial insurance is something that doesn’t go talked about that often and many times, understanding about what exactly it entails is pretty much missing.

As you may be able to reveal from the name, a burial insurance policy is mainly used to safeguard the expense of a funeral after death. For this reason, burial insurance is additionally often referred to as funeral insurance, or otherwise, final expense insurance.

Burial insurance generally refers to a whole life insurance policy. Whole life policies supply guaranteed payments at higher rates, usually with a pay out that ranges from five to twenty five thousand dollars.

As you may be aware, last rites expenses can be intensely expensive. Some of the fees you may pay for involve the casket, cost of cremation, cost of embalming, a headstone, funeral transportation hearses, digging, and cost of the plot. Funeral Resources gives an typical funeral cost of ,000 to ,000; not cheap.

Although burial insurance is somewhat similar to life insurance, sometimes people take out both policies if they don’t want costs of the funeral to be funneled away in the life insurance policy. Having two policies makes things more clear as to how the benefits should be divided after a person has discorporated.

Things to Know

Even though the policy is termed burial insurance, you are in no way mandated to allocate the benefit to only the funeral. Things like house payments or debt reduction could also be done with the policy, making life simpler during an otherwise challenging time.

Also, burial insurance rates for seniors don’t change, meaning that they keep nonfluctuating during the period of the policy. Once given a premium, there’s no need to worry from then on; the price is constant and you should understand what to expect for the life of the policy. The policy also can’t be ended unless you fail to pay premiums or the policy is fraudulent.

Burial Insurance: A Synopsis

Overall, burial insurance is a trustworthy idea if you want to protect your family. It’s very similar to life insurance, but has more relevant naming as compared to life insurance – meaning that intention is generally made to cover the costs of the funeral. But the benefit can be allocated elsewhere, meaning that any way you slice it, burial insurance is a responsible, protective strategy for anyone thinking about their family’s future.

http://www.metlife.com



About the Author

By a senior, for seniors, or anyone who cares about protecting their family in case of accidental or sudden death.