ReadOns.com | Discover New Blogs Daily

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.

Popular Reads

Top 6 foods that may reduce dementia risk

Many individuals mistakenly believe that dementia is a disease, but it’s a term used to describe symptoms related to memory, social abilities, and thinking. These symptoms can be challenging to manage and can impact daily activities. However, healthcare professionals often recommend implementing a healthy meal plan as a way to improve management. If you’re interested in learning about how your food intake can reduce the risk of developing dementia, read on. What is dementia? As previously mentioned, dementia is not a specific disease. Instead, health conditions like Alzheimer’s disease are among its most frequent causes in older adults. Other known causes of dementia include damage to the blood vessels that supply nutrients to the brain, the formation of balloon-like proteins in the brain, and the breakdown of connections and nerve cells in the brain. While memory loss is one of its most recognizable signs, this symptom alone does not mean one has dementia. Most symptoms of this group of health issues can vary depending on the cause. Hence, here are some of the most common signs to look out for. Memory loss Difficulties while communicating Reasoning and problem-solving issues Poor control of movements and coordination Disorientation Confusion What are the foods that can help reduce the risk of dementia? Typically, dementia and Alzheimer’s are known to be caused by a combination of several factors, such as environmental, lifestyle, and genetic. Furthermore, developing issues such as high blood pressure, diabetes, and heart disease can contribute to cognitive decline in patients. Therefore, healthcare professionals suggest the consumption of nutrient-rich foods to reduce dementia risk as one grows older. Some of the foods that can be added to one’s meal plan are: Avocados Avocados are one of the most commonly known superfoods, which can provide the brain with the needed energy without a spike in blood sugar levels.

Avoid these 15 common shower mistakes

There is nothing a warm shower cannot resolve. Showering after a long day can be a stress reliever and enhance one’s mood instantly. It also has several other health benefits besides cleansing the body, including facilitating cold relief, boosting immunity, and relieving muscle pain. However, not bathing the right way can give rise to skin conditions such as rashes and eczema. Here are some common mistakes one should avoid while bathing and showering: Not moisturizing after a shower Wiping after a bath can reduce the body’s moisture, causing dry skin, which can lead to rashes and itching. Dermatologists recommend applying body lotion and moisturizer immediately after a shower to retain skin texture and prevent dryness. One should look for hypoallergenic moisturizers that do not have any added fragrances. Bathing in scorching hot water Scorching hot water can damage keratin cells in the skin’s outer layer. Consequently, the skin becomes dry and dehydrated. It is important to balance the water temperature before stepping into the shower. Ideally, the temperature of the water should be lukewarm. Using the wrong towel An absorbent towel that does not feel rough is ideal for wiping oneself after a shower. The most effective way to select the right towel is to check its density, measured in grams per square meter (GSM). Towels with GSMs between 400 and 550 are considered ideal for use after bathing. One should avoid towels below a GSM of 400, as these towels can be thin and rough, causing skin dryness. Moreover, towels made of superior-quality Egyptian or Turkish cotton are extremely soft and perfect for the skin. Soaping the arms and legs excessively While it is important to wash and clean one’s arms and legs, these areas typically do not collect much oil and dust. Hence, scrubbing them excessively can dry out these areas and hamper their natural texture.

15 signs of a weak immune system

The immune system is a complex network of organs, cells, and proteins that act as the body’s defense mechanism against diseases and infections. The system —the innate immune system that people are born with and the adaptive immune system, which develops due to exposure to toxins and microbes. Both parts work together to keep infection-causing germs and toxins. So, weak immunity can make the body susceptible to diseases and other health issues. High stress levels The American Psychological Association suggests that chronic stress weakens the immune system. This is because stress lowers the number of white blood cells (i.e., lymphocytes) in the body that fight infections, increasing the risk of infections such as the common cold. Persistent cold Most adults develop two to three colds per year, which usually last from 7 to 10 days. During this period, the immune system forms antibodies to fight the virus. However, if one keeps catching a cold or is dealing with common cold symptoms for a long time, it could be a sign of weak immunity. Slow-healing wounds When one develops a cut or a wound, the body immediately goes into damage control mode to stop any bleeding and regenerate skin. Immune cells in the body guide this process. However, when dealing with a weakened immune system, wounds take longer to heal. This can make one more susceptible to infections as well. Frequent infections Those with a lowered immunity are at a higher risk of contracting infections such as pneumonia, meningitis, bronchitis, and skin infections. They are also more likely to experience autoimmune disorders, organ inflammation, blood disorders such as anemia, and growth and developmental delays. According to the American Academy of Allergy, Asthma, and Immunology, some signs of weak immunity include: – Having more than four ear infections in a year – Developing pneumonia twice within a year – Dealing with chronic sinusitis or more than three episodes of bacterial sinusitis in a year Fatigue If one constantly feels tired despite getting enough sleep, it may be a sign of weak immunity.