Do I need burial insurance? How do burial insurance plans work? Those questions cross the minds of many Seniors these days as both good and bad times prompt some pondering about life’s priorities. Many people don’t have the protection in place to take care of their family when the time comes that loved ones will have to make burial arrangements and take care of final expenses on behalf of their parents and grandparents. Savings accounts might not have the power they once did but planning head with an insurance policy can offset the lack of savings that many people face these days. So, you ask- do I need burial insurance? The answer is yes…. So, it’s time to take a look at burial insurance plans and how they can help your family.
Who can help?
Assurance Life can help you understand how burial insurance plans can help you and your family. “In the old days” folks worked for companies for their entire careers, had pension plans and affordable housing, and usually could put some extra money away to leave family upon their passing. Unfortunately, part of the changing times includes less preparation for how to pay for death expenses because people are living longer on less income.
Logically, something that goes by the wayside is having money to pay for funeral costs and leave behind to loved ones to pay other final expenses. On top of that, burial expenses are rising just like all of life’s expenses so people have less money to pay for something that is getting more expensive. The answer to this problem is burial insurance plans that help you take care of your family after your passing.
Burial Insurance Plans
Burial insurance is an insurance plan that will pay for your funeral expenses, memorial service, and remaining final expenses upon your death. Burial insurance plans are a type of whole life insurance policy that protects you and your family for your whole life- just like the type of plan says. Unlike the other costs around you, the monthly cost of your whole life burial insurance NEVER goes up.
It is guaranteed to stay the same as long as payments are being made. It also cannot be cancelled, even if your health declines as you get older. Burial insurance plans protect you for your whole life and give you and your family peace of mind that your final expenses will be covered upon your death.
Helping your family
Family first is the motto of most people we work with. Burial insurance plans are designed to help your family even after you are gone. By planning ahead, making your burial requests known to your loved ones, and providing the financial means for them to carry out your wishes, you will be helping your family through a very difficult time after you have passed. The death benefit for your burial insurance will be paid out to one or more beneficiaries that you name so one of the important steps of obtaining your whole life insurance plan is to choose a trusted beneficiary and be sure they are aware of how to carry out your wishes.
They will be an important part of the plan to take care of your family after you are gone. As part of the process of deciding which of the many burial insurance plans are right for your needs, be sure to consider leaving additional monies to take care of lingering needs such as a grandchild’s college fund or paying off a vehicle to leave to family members.
Do I need burial insurance? Which burial insurance plans are right for my family? Are you still wondering if this need applies to you? Maybe you aren’t sure if you will be approved or if you can afford the monthly premium. Here is how approval and payments work- there is a solution for everyone regardless of their health or budget. Burial insurance plans have numerous options for each family.
Great news for those 85 and under, EVERYONE is approved for some type of burial insurance. Burial insurance plans have a very simple application process with a short list of yes and no health questions that get us started with what kind of plan would be best for you. Each insurance company specializes in types of coverages. Some companies are best for those in excellent health and provide the best coverage for those clients. Other companies have a specialty in people who might have had some health issues that mean they are a little more high risk and because this type of person is their niche, they can still get great coverage and good rates.
Thankfully, other companies seek to help seniors who have severe health problems and can even cover cancer patients or survivors in spite of the higher risk. These burial insurance plans are called Guaranteed Issue plans and usually have a waiting period but there is still guaranteed coverage for each applicant meaning EVERYONE is approved. So, you don’t have to worry about will you be approved or not.
Burial insurance plans come in a range of policy amounts so there is a plan for every budget. Some people plan for a funeral and others prefer cremation. Some have many final expenses to pay while others have very little remaining debt. Regardless of your budget, preferences, and final expense needs, Assurance Life works with several top-rated burial insurance companies who can tailor a plan to fit your budget and needs.
The most important consideration if you are on a tight budget is that with your fixed income, you are the person who needs burial insurance the most. Making sure your final wishes are known and paid for on behalf of your family is an important thing to work into your budget.
Sample rates below from Mutual of Omaha – $7,000 Burial Insurance Policy – Non-Smoking Rates
Do I need burial insurance?
Hopefully we have helped you understand how burial insurance plans work and how much they can help you and your family. Assurance Life can help you get started in finding the right burial insurance plan for you. Once again, Assurance Life works with 25 of the top burial insurance companies in the nation, so finding you the CORRECT burial insurance plan won’t be a problem. In fact, we even have some companies that don’t even ask any health questions and EVERYONE is approved.