Final Expense Insurance – Find The Right Plan
Article by Mark Prip
One thing that is clear over time is inflation. Goods and services become more costly over time. Even the costs of funerals have seen sharp increases in recent years. To protect loved ones from high costs many people consider some type of insurance like final expense insurance plans. These kinds of insurance can cover the costs of a funeral leaving those you left behind free from the burden. Final expense or burial insurance is a type of whole life insurance created to take this burden away from the bereaved. Since they cannot be canceled because of age it is guaranteed to be there as long as premiums are paid.
Funeral costs vary drastically depending on many factors. Location can make funerals more expensive because of local ordinances or state regulations. Finite resources like land can increase the cost of cemetery plots. Caskets and grave markers are often a lot more expensive than people realize. A quick visit to a nearby funeral home can give you an idea as to what these costs might come out to. Funeral directors can provide you with written lists of prices for their services. These costs are important to consider when shopping for final expense insurance plans.
Unlike term life policies these policies have no built in expiration date. Like many types of whole life insurance, final expense insurance plans carry a cash value which can be borrowed against should it become necessary. The beneficiary of these plans is free to use it on any type of expense. Premiums on most burial insurance do not increase while benefits do not decrease. Since they rarely involve medical exams they are not difficult to apply for. However the ease of application should not be an excuse not to research the plans available carefully.
You should learn as much as you can with state and federal laws concerning insurance and burials before purchasing final expense insurance plans. If your state has some type of “free look” law then you should take advantage of it and examine the contracts thoroughly before deciding whether that particular policy is right for you and your family. You should make sure that you will get statements at least once a year that give you the details of your policy. Cancellation terms are another thing to examine when signing any type of contract be it with a funeral home, cemetery or your insurance company.
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