The big day- DAY ONE of retirement- who would think finding burial insurance policies to compare would be on your to do list. Often, employer provided life insurance is how many seniors count on providing for their family to pay for final expenses. That means when retirement comes, those benefits are gone and it’s all too easy to overlook the importance of getting a whole life insurance plan in place for your family. Once you get into the routine of retirement who wants to take time away from the grandkids and your hobbies to worry about setting up burial insurance to pay funeral expenses when your time comes. That is why, believe it or not, looking into burial insurance policies needs to be at the top of your list immediately upon retiring.
Burial Insurance Policies as easy as 1 – 2 – 3
1- How much do you need?
Deciding how much whole life insurance you need depends on your preferences for arrangements after your death. There is a broad range of options ranging from cremation on the less expensive end to an elaborate funeral with all the service, casket, and headstone options on the more expensive end. Burial insurance policies are designed to cover the final expenses a person has and allow for inflation based on their life expectancy when they purchase their policy. While plans range from as little as $5,000 to as much as $50,000, the average funeral insurance policy is between $15,000-$20,000 which pays for a modest funeral with some monies left over for other final expenses.
2- Applying for your final expense insurance
Sometimes burial insurance policies are known as final expense insurance plans, funeral insurance policies, or whole life insurance plans. All of these are synonymous and they are a specialty insurance that lasts your whole life and is intended to pay for your burial expenses and any other final expenses you may have. This distinction is important because the application process for this type of insurance is unique. Unlike term life and health insurance which require a long questionnaire and sometimes a medical exam, whole life insurance has a simplified application process with a short list of questions and only YES or NO health questions. Best of all is NO MEDICAL EXAMS ever! The application is straightforward and approval is based on your age and health history.
3- Choosing from the burial insurance policies that fit your needs
Once you determine how much whole life insurance you need and after you apply for your insurance, the final step is choosing your plan. This step is when you reap the benefits of using a broker compared to an individualized agent or going directly through an insurance company. After the application is completed, Assurance Life is able to go to numerous companies and find the one that fits your exact profile. Some companies have the best rates for people in their 60’s while others specialize in seniors in their 80’s. Some companies have the lowest rates for tobacco users while others specialize in rewarding those in excellent health with outstanding rates. Being able to place our clients with the right company can mean thousands more in coverage at lower monthly rates. This knowledge is the key to getting the best plan for your needs. Burial insurance policies come with many variations so allowing a broker to work through the options on your behalf will save you time and money.
No one wants to start retirement already looking ahead to their final days and putting a damper on the joy of their twilight years. However, you worked at your job for years and have earned this wonderful season of life. Start if off on the right foot by looking ahead to the legacy you want to leave behind. Pause for a moment on thinking of the parts of retirement you are looking forward to for yourself and think of your family and the memories you want them to have. Upon your death, if they have the financial means to properly pay for your final expenses, you have left them the gift of being able to fully focus on their memories without the worry of how to pay expenses. The burial insurance policies that are available for retirees offer the best value because you are getting the insurance at the best possible time- while you are healthy and able. Assurance Life will help you rest assured that your retirement starts off on the right foot.