Important Facts You Should Know About Burial Life Insurance

Written By: Sylvia Hoffman on November 6, 2009 No Comment

As you get older, it is inevitable that you will start to think about how your family would take of the costs associated with your death. A solution for this worry is burial life insurance. It is the perfect way to set something up for your family because it is whole life insurance, which is permanent coverage. So your payments are level for life and your policy can never be canceled. Burial life insurance policies are smaller policies with face values starting at $1,000 and they go all the way to $25,000.

A burial life insurance policy is typically designed to cover funeral expenses. As you are probably already aware, the prices for funerals just keeps going up each year, so $7,000 to $10,000 worth of coverage is normally what is needed to have enough to pay for a complete burial. Keep in mind that a cremation costs less, but you may still need $3,000 to $5,000 depending on what kind of service your family chooses. These figures only account for funeral expenses, but you have to also consider that there are other expenses associated with the passing of a loved one. Some examples are small bills that are left, taxes due, the costs of probate hearings, attorney costs, as well as moving and cleaning expenses. You should think about all of the possible situations that your family will come across when you pass before you decide how much coverage is adequate.

There is no medical exam required to qualify for a burial life insurance policy, but there are other qualification measures. The application has a series of health-related questions. Your approval and what rate you are approved for is contingent on your answers to those questions. Some carriers have applications with just a handful of questions, while other carriers might have 25 questions that are split into two or three questions.

Many people wonder whether or not they can qualify for a burial life insurance policy. The good news is that there are carriers who will offer coverage to a broad range of people. If your health is good or excellent then you will most certainly get the best rates as well as immediate coverage, but even with some health problems, you can even get coverage with a policy that is guaranteed to be issued. The premiums are higher and the death benefit is not fully payable until after the second year. If anything happened to you in the first couple of years, then your family would receive whatever money was paid into the policy.

It is always best to work with an experienced agent to find out which carrier has the most favorable rates, especially if you have some health issues or other challenges. Saving just $5 or $10 per month can really add up over time, especially when you consider that you might be paying on your policy for 10, 20, or 30 years.

You can get a free quote for burial life insurance to compare your options, and learn more about life insurance for elderly.