There are many life assurance
companies in the U.S. who offer Burial Insurance. Here we have outlined
some basic information about what burial insurance is, and why it can be
an essential element of planning ahead.
What is Burial Insurance?
Burial insurance, also referred
to as Funeral Insurance or Final Expense Insurance, is a basic issue life
insurance policy that covers people until they reach 100 years old. Burial
insurance is a basic life assurance that offers a way to pay in advance
for your funeral expenses so that your loved ones won't have to pay for
your funeral. Many people looking for burial insurance do not realize that
it is in fact a form of life assurance.
Why Should You Consider Burial
Funeral expenses these days
can be staggering, and can cripple a bereaved family if no provision has
been made. A family death is an extremely upsetting and stressful
time, without concerns about how the costs will amount, who is paying for
them, what can be afforded and what the deceased actually wanted.
A full traditional burial in the U.S. can range from anywhere from around
$4,000 to $18,000, depending on the ancillary costs.
Burial insurance allows you
to pay a small monthly amount in provision for your end-of-life needs.
It provides peace of mind and financial security for you and your family.
Considering the scale of funeral costs, which rate as one of the five largest
expenditures you are likely to make in your lifetime, taking out a burial
insurance policy can be a sound and reassuring way of making a provision.
In these challenging economic
times planning ahead, putting some provision in place can take a burden
from those that are left behind.
Burial insurance can be purchased
from an insurance broker or a funeral director. In either case they
will provide a policy which covers specific services and/or products you
feel are required. This may include covering the casket, funeral service,
visitation/viewing, hearse, digging and filling the grave, the actual cemetery
plot, or burial vault or grave liner, minister, headstone and flowers.
Be sure to check the full
details of any burial insurance with your insurance broker or funeral director.
Characteristics of final expense
(burial insurance) include:
For amounts over $100,000 the
insurance carrier will want full underwriting and more information before
issuing the burial insurance policy.
No medical exam or blood tests
No agent calls (possibly agent
visits!) after initial contact
Usually issue ages 0-80 (depending
on if term or whole life)
Minimum $5,000-$300,000 maximum
burial insurance policy limits
Term burial insurance plans
Many burial insurance plans
have disability waiver of premium rider for ages 20-65
Deal direct with the burial
Yes / no, one page burial insurance
Guaranteed fixed burial insurance
premium and usually no cash accumulation
Saliva test for burial insurance
benefits over $100,000