Life and Burial Insurance are actually one and the same. There are various types of life insurance and burial insurance is a specialty life insurance intended on paying for burial expenses. During a person’s life, their life insurance needs are determined by their age and stage of life. Assurance Life has experts available to assist you in choosing the right type of life insurance to fit your family’s needs and budget. Anyone who has a family or close friends who would be paying for your funeral expenses should take a look at their life and burial insurance needs and put something in place to take care of the finances involved with final expenses.
Types of Life and Burial Insurance
There are many types of life and burial insurance. Here is a comprehensive list of types of life insurance you may have heard of.
*Term Life Insurance
*Whole LIfe Insurance
*Children’s LIfe Insurance
*Guaranteed Issue Life Insurance
*Benefit Life Insurance
*Simplified Life Insurance
How to choose your life insurance plan
As you can see, there are numerous types of life insurance. This can be overwhelming to a person who is without insurance due to a policy expiring or a job change or to someone who has never had insurance before. Assurance Life specializes in helping our clients determine their life insurance needs. The most important considerations are affordability and the financial needs of your family should you pass away. Obviously, anyone purchasing life insurance must consider their monthly budget when choosing a plan. If the plan is cancelled for non-payment, the money put in is lost. Once a monthly payment amount is determined, this can be matched up to your financial needs to see what type of plan might work for your budget. The most common approach for pricing life and burial insurance is to determine the ideal amount of life insurance needed. For people who are still in the workforce with children at home to raise, this amount should take lost income into consideration. In this stage of life, most people choose a term life insurance plan or other plan that allows for a larger amount of insurance to be purchased at a lower monthly rate. The downside is that these policies will expire at some point and a new plan will need to be purchased. For empty nesters and seniors, normally life insurance is taken out in the amount that would be needed to pay for funeral costs and other final expenses. This is why many people call this type of insurance burial insurance. The upside to burial insurance is that once it is purchased, it is in place for your whole life and doesn’t expire like a term insurance plan does. Plus, no medical exams are EVER required.
After you examine your stage of life and how that impacts your life insurance needs, Assurance Life can get you a free quote and help you compare some life and burial insurance plans. The advantage of going with a life insurance broker like Assurance Life is that we work with multiple companies and can compare plans for you with numerous companies and many different benefit amounts that would fit your budget. A stand alone agent or individual insurance company will only have 1 option to present because they won’t have a variety of companies to compare. Usually each life insurance company has a niche where they are the most competitive with their plans and premiums. A broker has the knowledge of how each company works which will mean that you get the most coverage at the lowest monthly payment. Once Assurance Life has the best life and burial insurance quotes for you to compare, you would choose your plan. Approvals are sometimes instant but usually take no more than 24 hours. This means your family will have the peace of mind knowing that your final expenses will be paid for and they will be financially protected against paying for burial expenses out of pocket.
Once you are approved, the payment plan is set up for a day of the month that works best for you. For about 90% of applicants, the death benefit becomes effective immediately upon receipt of the first payment. This means that your family is taken care of from the moment your life and burial insurance plan is put in place. For a handful of people with a higher risk factor due to some kind of current or past medical condition, the death benefit may be phased in over a two year period or in the case of a guaranteed issue plan, there is a two year waiting period. Assurance Life can get your plan in place so you and your family can have peace of mind.