Finding a life insurance burial policy isn’t something you think about every day but if you don’t have any funeral insurance to protect your family when you die, it is time to start thinking about getting a burial life insurance policy. Unfortunately, life insurance is too easy to put off buying but ask any family left with debts from funeral costs how important a burial policy can be. Nowadays, the average funeral costs between $10,000-15,000 which isn’t an amount of money most families have at their fingertips. Planning ahead with a life insurance burial policy can protect your family from the financial burden of paying final expenses upon your passing.
How much is burial insurance?
Usually the most pressing question for our clients is how much will a life insurance burial policy cost. If you don’t already have a plan in place, this might be because budgeting for it would be difficult or perhaps you just haven’t seen the need until now. Assurance Life is a broker who works with numerous life insurance companies to help get you the lowest burial insurance rates while getting the amount of whole life insurance you would need to completely pay for your funeral expenses. By working with so many companies,we are able to match your application with the company that can provide you the best coverage at the lowest price. Each person’s rates are based on their age and a short list of yes and no medical questions. This means the plan for each client is a unique plan matched exactly to their profile.
Life Insurance Burial Policy Death Benefit Amounts
Choosing how much insurance to buy is based on your personal preferences for your memorial service, any final expenses you might have to pay such as debts or legal expenses, along with planning for the monthly payment you can afford. Assurance Life helps you look at these three factors and figures out how to get you the highest burial life insurance policy amount while keeping your monthly premium affordable. Often times, clients discuss the death benefit amount with their named beneficiary so that this important person knows what your wishes are and have a complete understanding of how you would like your death benefit used.
Types of burial insurance direct plans
Choosing a life insurance burial policy through Assurance Life means you are able to get burial insurance direct without a middle-man or agent. Assurance Life is a broker who works with numerous companies rather than just representing one company. This means we work for YOU, the client, not the insurance company. Choosing the plan that is best for you will be based on your needs, not a specific company with limited offerings. Some of the companies we use are Mutual of Omaha, Royal Neighbors of America, and AIG just to name a few. Each company has a niche and we are able to match up our customers with the company that matches their niche. There are a few common types of insurance plans that most clients qualify for.
Preferred Coverage Burial Insurance Policy
Preferred coverage is available to about 90% of our clients. This type of plan has no waiting period and the policy goes into effect immediately upon receipt of the first monthly payment. A good example of how a broker like Assurance Life can help you get the best life insurance burial policy is the fact that about 90% of our clients are approved for preferred coverage. The reason we can help so many people get burial insurance with no waiting period is because we can match their profile with a company that specializes in a particular area. For example, one company might consider a heart surgery an automatic waiting period while another company will allow that client to have no waiting period if the surgery was more than 18 months ago. Knowing the differences in underwriting between the different companies allows Assurance Life to get you the most coverage at the lowest rates with no waiting periods.
Graded Coverage Burial Plans
Even though most clients are able to get preferred plans, there are medical conditions that warrant caution for the insurance companies. There are two types of plans for those who don’t qualify for preferred coverage. The next best plan is graded coverage. A graded funeral insurance plan has the death benefit phased in over a two year period. For example, in year one the insurance company might pay 30% of the death benefit and in year two it bumps up to 70%. Then after two years, the full benefit is paid out. So there is some money paid but not the full amount until after two years.
Guaranteed Issue Life Insurance
Finally, in cases of serious health issues, Assurance Life can place you with a guaranteed issue plan which works just like it sounds. The approval is guaranteed with no medical conditions preventing approval. However, there is a straight two-year waiting period for a guaranteed issue burial insurance plan. After two years, the death benefit is paid out.
Buy a Life Insurance Burial Policy – get protected now
Usually buying life insurance burial policy isn’t at the top of the to do list until something has prolimpted us to think about protecting our family against the financial burden of paying for our funeral expenses. Sometimes thoughts of getting a burial insurance plan in place come and go. Don’t let this thought leave your mind until you have acted on it.