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Burial insurance – Types and factors to consider

Although discussing topics like burial and funeral can be difficult, individuals need to understand the value of burial insurance. Also called funeral or final expense insurance, it’s a type of life insurance offering cost coverage for a person’s funeral, burial, and other associated expenses. This insurance ensures that the family of the deceased does not have to worry about the burden of these expenses at the time of grieving. Read on to learn more about burial insurance and its various aspects.

What are the types of burial insurance policies?
Before purchasing a policy to cover the burial and funeral expenses, one must know the types of burial insurance policies that are commonly available. They are:

Simplified issue life insurance
Applicants are not required to undergo a comprehensive medical examination to be eligible for this type of insurance. However, they will still be required to answer a few health-related questions. If the applicant is found to have any pre-existing medical conditions or is indulging in activities that may pose a risk to their life, they may be denied a policy. Simplified issue policies offer quicker approvals and can have higher coverage amounts as compared to other types of insurance.
Guaranteed issue life insurance
Guaranteed issue life insurance policies require no health questions or medical exams. Basically, anyone who applies gets approved as long as they fall within the age range specified by the insurer, which is usually 50-85 years old. Guaranteed issue life insurance policies also have a waiting period, during which, if an individual passes away due to natural causes, their beneficiaries will not receive the entire sum assured. Since these policies also put insurers at a higher risk, they have considerably higher costs for the policyholders.
Pre-need insurance
These policies are often sold directly by funeral homes. They are designed to cover the specific costs of prearranged funeral and burial services. The funds from pre-need insurance policies are typically paid directly to the funeral home or cemetery, ensuring that the services specified by the policyholder are provided as planned.

What does a burial insurance policy cover?
Burial insurance provides coverage for various expenses associated with end-of-life arrangements. The payout received by the beneficiaries from these policies can be used for the following:

Funeral services
This includes expenses related to the funeral home, including the preparation and embalming of the body, hearse, viewing, and memorial services.
Burial or cremation costs
This includes the cost of a casket, urn, burial plot, or cremation services.
Outstanding medical bills
The insurance proceeds can also pay any outstanding medical bills or the remaining healthcare expenses.
Outstanding debt
If the policyholder has any unpaid debts, loans, or unpaid bills, their burial insurance policy can also help cover these expenses.
Other unforeseen expenses
Burial insurance can also be used for any unforeseen costs that may arise during the end-of-life process.

Things to consider when getting burial insurance
Before one purchases burial insurance, regardless of its type, there are several crucial factors they must take into account. These factors will help ensure the insurance aligns with their financial goals and needs.

The funeral expenses
Before one proceeds to purchase or choose the coverage amount for their burial insurance, it is advisable for them to first determine the estimated cost of funeral and burial services themselves. It is essential to know that these costs may vary depending on different factors, such as location, type of burial or cremation, and the kind of services one desires. Either way, clearly understanding these costs will help them determine the appropriate coverage amount.
Researching different insurance providers
Like any other insurance product, it is wise to explore options on burial policies from various insurance providers. Different insurers may offer different rates, coverage limits, and other policy features, such as waiting periods. Comparing policies from different providers can help one find the best match for the needs.
Premiums and payments
After selecting an insurance provider and policy, the individual must determine the payment method for their premiums. The premiums can be paid monthly, quarterly, or annually. Additionally, some insurers may also offer a single premium payment option where the policyholder can make a one-time lump sum payment.
Waiting period
Burial insurance policies can have a pre-determined waiting period depending on the type and coverage. If the policyholder passes away before the waiting period is over, their beneficiaries may not receive the complete sum assured. Instead, the policy may only offer a limited death benefit during this period. Therefore, it is crucial to be aware of the waiting period for different policies when making a choice.
Age limit
Before opting for a burial insurance policy, it is crucial to be aware of the age limit for eligibility. The age range may vary depending on the insurance company and policy type one chooses. Generally, guaranteed issue burial insurance is offered to individuals aged between 50 and 85.

Is burial insurance necessary?
Burial insurance can be a great financial tool for individuals who want to ensure that their funeral and end-of-life expenses are covered without burdening their loved ones. It is also a practical option for those who wish to leave behind some funds for their family and do not wish their funeral expenses to deplete those resources.
To determine if burial insurance is necessary, one must consider their financial situation, the expected costs of their end-of-life arrangements, and their family’s needs. For those seeking a simple and straightforward solution for these expenses, burial insurance is a viable option.

Planning for funeral expenses is a responsible and considerate gesture. By ensuring financial security for the final expenses, burial insurance can offer peace of mind that their family will not be burdened in their absence. It is a thoughtful decision that can bring comfort during a difficult time.

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