Life insurance is a smart investment. Depending on the sort of insurance policy you get, you will be able to live a more comfortable life when you retire.
Or, you will not have to worry about the medical fees.
But, among the least popular types are the burial insurance services.
What is this, and how can you benefit from it?
What is Burial Insurance?
Burial insurance is a kind of insurance policy which is specially made to help cover up for funeral expenses.
These, along with other “final expenses,” can help a family focus more on the solemnity of the burial and funeral services instead of stressing where to arrange money for the same.
Final expenses typically include medical bills, housing costs, and legal fees, among others.
These are the unpaid bills that the deceased was not able to process.
You can either get burial insurance services for yourself or a family member.
Some clients are well past their retirement years and hoping to make the burden easier for their living relatives when they pass away.
On the other hand, younger clients sign up to prepare for the future.
Life versus Burial Insurance
Any life insurance can be used to pay for the final expenses and even for burial and funeral services.
But which is the better choice?
With life insurance policies, the sum that the family can get is made to help them live a more comfortable life even after the policy holder’s death.
Meanwhile, burial insurance is specifically to pay off any remaining bills the deceased may have.
Additionally, burial policies are a permanent whole life insurance policy.
“Regular” types of whole life insurance policies exist, but they are much more expensive.
Meanwhile, funeral insurance is issued in lower amounts between $1,000 and $50,000 at most.
Because of that, it is easier to qualify for funeral services.
Since the policy is a whole life policy, it has no expiration and will be available until the insured has died and the premiums fully paid.
It is possible to get both kinds of insurance policies.
In a way, signing up for funeral insurance services guarantees that a person’s life savings and insurance will not be depleted.
Where Can You Get Funeral Insurance?
You can check insurance companies near you and see whether they carry this specific kind of service.
It is also better to check multiple companies and get quotations so you can “shop” for the best deal.
Inquiring with professionals will also aid you greatly in narrowing down your choices for your insuring company.
When applying, you have to answer a few medical-related questions.
Compared to other life insurance policies, signing up for funeral insurance is more straightforward as there is no need for medical exams and such.
The insuring company will then review your application once you have filed it.
You will later receive a notification to let you know whether it was accepted or not.
While it is easier to apply for funeral insurance, there are still chances that you can get rejected.
That is usually the case for people who have a history of smoking.