If you are looking for affordable burial insurance, Assurance Life is able to help. Often people focus on the day to day needs and expenses of everyday life and as a result, looking ahead to the needs and expenses after death are overlooked. Thankfully there are many options for planning how to handle expenses of funerals, memorial services, and other final expenses through affordable burial insurance plans.
Step 1- Determine how much burial insurance you need
The first step in choosing an affordable burial insurance plan is deciding how much insurance you need. Burial insurance is a whole life insurance plan that never expires. This means the plan you choose will be in place until your death as long as monthly payments are made. When choosing an amount for your death benefit, take into consideration the wide range of choices with a burial after death. There are many variables including types of caskets, memorial service options, headstone, and cemetery location. Assurance Life is able to help you with estimated costs of these types of final expenses so you can choose the right amount of burial insurance. Typical plans range from $10,000-20,000, however Assurance Life has burial insurance companies that can offer up to $100,000 of coverage.
Step 2- Choosing a broker or agent
After you have thought through how much insurance you might need, you will choose how to purchase your burial insurance. There are a few options- directly through an insurance company, finding a local agent, or using a licenced burial insurance broker. The only time you would go directly through an insurance company or agent would be if somehow, you are able to determine that that particular company or agent offers the exact burial insurance plan that fits your age and health profile. Limiting yourself to one company by going direct or through an agent means you aren’t able to shop the competitors or in order to do so, you must complete numerous applications or make a lot of phone calls.
This is where a life insurance broker can help. Brokers like those at Assurance Life are able to work with many, many companies simultaneously and thanks to some amazing technology, with a push of a few buttons, we can get you many quotes at a time to compare. Another advantage is that a broker will know which companies specialize in different medical conditions so if you happen to be on a particular medication or have a history of a certain health problem, we can place you with the company that doesn’t penalize for those particulars.
Step 3- Apply for your whole life insurance plan
Technology has made the application process for affordable burial insurance a quick and easy process. Applications for whole life insurance plans have a short information section followed by a simple list of yes or no health questions. Approval is based on age and health and often, different insurance companies will specialize in a particular age range or health niche for their best rates and plans. This is where Assurance Life can help because we work with numerous A-rated insurance companies such as Mutual of Omaha, AIG, and Sentinel Security Life and we can place you with the right company that fits your needs for affordable burial insurance. Applications are often approved instantly or within 24 hours.
Step 4- Choosing your affordable burial insurance plan
Once you apply, Assurance Life will present the options that are best for your funeral plans, financial needs, age, and health profile. Usually there are one or two plans that stand out as the best value, meaning you would get the most coverage at the lowest rates. About 90% of our clients qualify for immediate, Day One coverage, meaning the insurance plan goes into effect upon receipt of the first payment. Sometimes, for clients with more serious health conditions, there is a waiting period, but in these cases it is wise to get a plan into effect because for this small percentage of applicants, the longer you wait, the longer you are also waiting to have your burial insurance plan become active. In the case of having a waiting period, if death should occur during the waiting period, the life insurance company refunds 100% of premiums paid plus interest.
Also, if death is accidental, the death benefit is paid out in full. So even though there is a waiting period, there are benefits to the plan and the actual premiums paid in are guaranteed not to be lost should something happen during that time.
There you have it- finding affordable burial insurance in a nutshell. The biggest obstacle to getting affordable life insurance is letting time go by. Don’t let another minute go by- get things going and get your family protected against the unexpected costs of tomorrow so you can better enjoy today…