Death is one of the most challenging times for families and friends.
You can’t save them from the grief of your loss, but you can save them from your funeral expenses. Opt for a policy like Gerber Burial Insurance to help your family take the financial burden of your funeral. A final expense policy is meant to cover your burial or cremation costs. Some know this by the name of the burial insurance policy.
A final expense policy is not designed for bigger obligations, such as paying for your kid’s school, settling your mortgage, or any income replacement for your family. It is a policy that helps people who can’t afford to have other life insurance policies or are not in good health.
The policy amount is useful for managing the funeral costs. It helps in reducing the financial burden of your funeral on your family.
How Does Final Expense Insurance Work?
The final expense policies are most simple to obtain as there no questions will be asked about your health. Once you apply for it, an insurance company representative will come with all the details to you.
The rates can differ from policy to policy. It also depends on the age and gender of the applicant in many cases. Like if you plan it at a young age, you will have to pay a lower premium. You will have to name the beneficiary of the policy who will get the amount after you die.
What Are the Eligibilities for Buying A Final Expense Policy?
There are none. Anyone can apply for a final expense policy. It doesn’t matter what age you are or what comorbidities you have. The purpose of the final expense is clear: to help you take care of your funeral expenses.
As there are no medical exams or any background check of previous medical history, the approvals are done quickly. Many policy providers like Gerber Burial Insurance offer it without asking any health-related questionṣ. Even people with serious ailments can apply for a final expense policy.
Is There Any Waiting Period?
The waiting period depends on the policy to policy. Some final expense insurance policies have a waiting period of two to three years. This applies to old and healthy people as well as people who have serious illnesses. So, you will only get your policy’s benefits if you have paid the premium for at least that period.
But, some policies have no waiting period. No waiting period means if you take the policy today and die in a few months, you will still get the full benefits. The benefits start when your premiums start.
When Will Be the Pay Out time?
Most companies pay out death claims within 24 hours once the claim is approved. However, if a claim is contested, it can take a while. You can name any of your friends, family, or even a funeral service provider as the beneficiary. However, there can be legal considerations if your beneficiary is a minor or the name of a trust.
Decide about the policy once you have read all the benefits they offer. Ask for an appointment with the insurance provider and get all the details from the representative.
If you don’t have this visit, you can rely on independent insurance agents dealing with multiple providers. They can offer an unbiased opinion depending on your requirements, as these agents aren’t tied to any one insurance company. You can ask your questions and clear all doubts about burial insurance from specialized independent agents.
You need to go through all the terms and conditions carefully and the policy’s legalities before making any decision about it.