The most common questions one can have before buying a burial insurance are- what is burial insurance? What are its final expense plans? Burial insurance plan is a small life insurance which is particularly made to financially support the family members of the old people to handle the last expenses of the insured person.
Many insurance companies offer burial insurance policy at affordable rates so you can buy affordable funeral insurance for the seniors in your family to handle their final expenses.
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The insurance companies will offer insurance policies such as life insurance, burial, final expenses for senior people between 50-85 years of age. Some insurers offer coverage more than 85 years also.
Burial insurance policy is a permanent insurance policy and not for a fixed term, and apart from that the cash value component of this policy is a tax-deferred saving for you over a period. If you require cash, you can withdraw or lend money to the policy.
The most significant benefit of the Burial Insurance policy is The Graded benefit and The Level benefit. The Level Benefit refers the full face amount of the insurance policy will be effective once your application got approved. You should wait for two years to enjoy the complete benefit of the Graded benefit. If death happened to the insured premium, the insurers would give the premium amount paid along with some additional interest amount.
The graded benefit is for people affected by serious health issues. If you are an elder person with serious health problems, then this is the best insurance option to choose. The premium of the Graded life policy is little high, and if none of the insurance policy got approved for you, then this policy is the perfect one to support your family financially.
To become eligible for Level benefit option, you must some minor health issues that are controlled by medicines. The children of the senior person will search for the insurance policy to meet the funeral expenses of their parents. The senior person can also apply to be the owner and beneficiary of the insurance policy.
The insurers will do an interview for the proposed insured to verify for what insurance they are applying for and get an electronically or voice signature of the insured person so as to prevent fraud and safeguard the senior person from someone taking their insured money.
The burial insurance policy doesn’t require a medical exam, so the elder person doesn’t need to submit a urine or blood sample. It gives peace of mind to many seniors who have a fear of needles and have particular health problems. You want to give details about your age, gender, weight, height, lifestyle, risky hobbies, usage of tobacco and alcohol to the insurers.
Before applying the insurance policy, you want to check the health benefits. You want to compare the quotes ad policies of different insurers and choose a great deal that offers unique benefits from others.