If you find yourself thinking about the financial burden that might be left upon your loved ones when you pass away, then you might want to consider purchasing some burial life insurance. It is permanent insurance coverage, also known as whole life insurance. When you have permanent coverage in place, your insurance premiums remain the same and your policy cannot be canceled for any reason, as long as you pay your premiums. You can purchase this type of coverage with a death benefit starting at $2,500 all the way up to $30,000.

A burial life insurance policy is typically designed to cover funeral expenses. As you are probably already aware, the prices for funerals just keeps going up each year, so $7,000 to $10,000 worth of coverage is normally what is needed to have enough to pay for a complete burial. Keep in mind that a cremation costs less, but you may still need $3,000 to $5,000 depending on what kind of service your family chooses. These figures only account for funeral expenses, but you have to also consider that there are other expenses associated with the passing of a loved one. Some examples are small bills that are left, taxes due, the costs of probate hearings, attorney costs, as well as moving and cleaning expenses. You should think about all of the possible situations that your family will come across when you pass before you decide how much coverage is adequate.

This type of coverage is simplified issue, meaning that there is no physical required. You just have to disclose some information about your health history through a questionnaire or phone interview. Your premium is based on the answers to those questions. The majority of companies will also check your medical history records as well as what prescriptions you take in order to determine your eligibility.

If you are concerned about whether or not you can qualify for coverage, then you should know that are hundreds of carriers who specialize in these policies. If your health is great then you’ll easily qualify for low rates, while those with a poor health history can qualify for a guaranteed policy. The policy costs more and the full face amount will not be available until after year two, but you can still feel peace of mind knowing that you have coverage in place.

It is always best to work with an experienced agent to find out which carrier has the most favorable rates, especially if you have some health issues or other challenges. Saving just $5 or $10 per month can really add up over time, especially when you consider that you might be paying on your policy for 10, 20, or 30 years.

To learn more and get a free quote for burial life insurance, then visit Sylvia Hoffman’s site on how to choose the best life insurance for elderly.

Tagged with: • • • •

Filed under: Life Insurance

Like this post? Subscribe to my RSS feed and get loads more!