Funeral Insurance is a form of life insurance that ensures one's family or any other nominated person benefit from a lump sum so as to cater for most expenses incurred during funeral.
The cost that is always catered for by this benefit can be for burial expense, cremation cost, medical bills or payment to a particular person as stated in the agreement. It can also be referred to as final expense insurance.
This cover is usually available to persons between the ages of 18 to 80 depending on the state.
You can also qualify if the insurance company has not disqualified you due to health reasons and you are a registered citizen of that state.
Depending on the legal stipulation of your state, funeral insurance coverage will always vary. In most cases, it will provide for up to $30,000 of the total cost incurred.
The unique thing about this plan is that one is covered each day of the year no matter which part of the world one is.
For example, if the cover is $20,000 or more, one is eligible to get up to 10% premium discount depending on the policies. This cover may vary every year depending on the inflation.
Just like any other different insurance plan, the cost of this insurance is not fixed. In most cases it will depend on your age, gender, the cover you choose and many other factors.
The cost can also vary depending on the number of people you are applying for. If the cover is for more than two people, it will come with better discounts.
Where to Get Funeral Insurance Policy
It is true to say that this insurance is simply a small life insurance hence it can be offered by a wide range of institutions. It can be available directly from an agent or a broker.
They always act on behalf of another insurance company .The most important thing is to choose one whom you trust and is authorized and licensed to offer that particular insurance policy.
What do others say about them, their experience and so forth? You can always contact them through mails and phone calls anytime.
Types of Life Insurance
Even though this insurance can be sub-categorized in several niches, the main are actually Term Life and Whole Life Insurance. In obvious cases, Burial insurance policy is usually a Whole life plan.
The Whole life means that it is meant to last during entire one's lifetime. The burial policy can also be categorized depending on whether a medical examination is done or not, any pharmacy prescriptions just to mention. It is wise noting that the more an insurance company checks on these details, the lower the rate of the plan.
All in all, we agree that there are different plans that one can choose from. You should not only be guided by the rates but by your sound mind too. You are in a better position to anticipate about the future and how things might be. It is best to go for an insurance plan that will make everything smooth thereafter.
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