Final Expense Insurance – Coverage For Parents
Article by Mark Prip
Chances are that our parents will pass on before us. While we do not like to think of death it is important to consider whether we can pay for the costs of their funerals. We want our parents to have a good funeral which can be very expensive these days. With diminished land for cemetery plots and rising costs of goods and services we often do not have the money to provide the funeral they deserve. Final expense insurance for parents can reduce the burden and can often be purchased in addition to any insurance they might already have.
If you decide to go shopping for final expense insurance for parents you should be aware of some things. Burial insurance is a type of whole life insurance that often does not require any medical examination. Like many types of insurance these plans have a cash value which may be borrowed against should the need arise. Unlike term life insurance these plans do not expire as long as the premiums are paid. Benefits from these programs do not decrease while premiums do not increase. The payout on these policies is guaranteed while the client is in good standing as far as premiums go.
Funerals and other final expenses have risen drastically in recent years. Even local and state regulations can increase the cost of the funeral. Final expense insurance plans serve to offset the costs of caskets, grave liners and grave markers. Rental of a hearse and embalming are also things that must be considered when figuring the costs of funerals. Even cremations carry considerable costs. The Federal Trade Commission has mandated funeral homes make available written price lists for their services. While these costs will undoubtedly increase it can give you a good point of reference when look into final expense insurance for parents.
Even at the cemetery costs can be quite high. Digging and refilling the grave is not often included in the price of a plot. State and local laws sometimes have special consideration for how a body is interred. It is important to research these things as well when considering final expense insurance for parents. You should also confirm that there will be at least one statement every year detailing the status of the policy. Some states have “free look” laws that allow you access to the contracts before being forced to decide whether to sign it.
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