In Arkansas, many people are on a fixed income so when planning for funeral arrangements, they need to know how to find affordable burial insurance in Arkansas. It is difficult to make room in a tight budget but one of the biggest gifts you can give your family is the peace of mind knowing your final expenses will be paid for. Usually family members are put under financial strain when paying burial costs for their parents if there isn’t a burial insurance plan in place. Thankfully, Assurance Life has many options for affordable burial insurance in Arkansas so let us help you rest assured knowing your funeral arrangements will be paid for.
How much insurance do you need?
As you think about getting affordable burial insurance in Arkansas, the first question to answer is how much whole life insurance you need. It is a good idea to come up with a few numbers to compare. You can total the most coverage you would need, the bare minimum to pay for funeral cost, and something in between and see which fits best into your budget. Some of the final expenses to include are funeral costs, remaining debts to be paid, and when possible, monies you would like to leave for family members. These categories can help you come up with the three insurance amounts to compare. At the very least, you want the whole life insurance policy to pay for burial expenses. That is why it is commonly called burial insurance or funeral insurance. This type of life insurance policy that is purchased between the empty nest stage and retirement years is intended to pay for final expenses and help protect families from financial burden. The middle ground for the burial insurance is when it can include the cost of the funeral PLUS allow monies to pay off debts such as a car or mortgage so that the surviving family is able to keep the home or vehicle. The greatest amount of coverage would not only pay for the funeral and debts but also include extra money for family that might be used or a college fund or home down payment for child. For those on a fixed income, it is less common to be able to include all three but it is always worth comparing because it can be surprising how affordable burial insurance in Arkansas can be. Three common amounts of burial insurance to compare are $8000 (pays for funeral alone), $10,000, and $15-20,000 which really allows some extra funds for the family.
How to get started
Once you decide on how much insurance you would like, the application process is very simple. Assurance Life works with many, many companies which means we can get the most coverage at the lowest monthly premium. We work for YOU, not the insurance company and we will find you the right fit. In Arkansas, heart disease, cancer, stroke, and respiratory problems are the leading causes of death which means many residents have current medical issues that will affect the approval and monthly premium. Assurance Life knows the insurance companies and which ones don’t penalize for certain health conditions. For instance, one company might bump up the rates for taking a certain heart medication but another company does not consider that a problem. It is important to work with an expert who knows the ins and outs of how the approval process works. Thankfully your part is quick an easy- an application that takes about 10 minutes with yes and no questions to help place you with the right company. Once the quotes are available, we can compare which plan fits your budget. About 90% of the time, the burial insurance policy begins on DAY ONE as soon as the monthly payments are made.
What about the 10%?
It is reassuring to know that 90% of the time, Arkansas residents are approved for DAY ONE coverage for burial insurance. This means the death benefit would be paid out immediately once the monthly payments have stared. But what about the other 10%? Usually, people who aren’t approved for preferred coverage that starts right away have some type of health condition causing their approval to be qualified with some type of waiting period or transitional time. There are two other types of approvals for those with health problems. One type is graded approval. For this person, their policy goes into effect on DAY ONE but if they die within the first two years, the death benefit is paid out as a percentage rather than in full. One example is that in year one, 40% of the death benefit would be paid and in year two, 75% of the benefit would be paid but after two years the death benefit is paid at 100%. The exception is if death is accidental. In that case, 100% of the benefit is paid even in the first two years. The last type of approval is GUARANTEED ISSUE. This type of policy is very good news for people with serious health problems. With guaranteed issue, you are automatically approved, regardless of health. The catch is that there is a two year waiting period before the insurance company would pay out the death benefit. Some people are concerned that this means their monthly premiums paid in the first two years are wasted if they die during that time. The good news that a hidden benefit of the guaranteed issue plan is that if you die in the first two years, 100% of the premiums paid are returned to your beneficiary WITH INTEREST! So there isn’t a risk taking out the guaranteed issue plan because your money is protected.
Whatever prompted you to read about affordable burial insurance in Arkansas, let this warning push you to ACT NOW! Rates and approval are based on age and health and noone is getting any younger and most people aren’t getting any healthier so the most coverage at the lowest rates is available today. Give your family peace of mind to know that there will not be a financial burden when you pass on. If affordability is a problem, have an open talk with your family because they will save a lot of money in the long run by helping you pay for a small monthly expense now instead of a huge chunk of money later. Assurance Life can find you a burial insurance plan that fits your budget. Call us at 800-517-0810.