Affordable Funeral Insurance
The average cost for a funeral has been increasing steadily in America over the last decades. The typical cost for a traditional funeral, which includes the service, cemetery burial, and installation of headstone, ranges from $8,000 to $10,000. You can get an affordable funeral insurance to help with the cost. But how can you find an affordable coverage? This is where this article emphasizes on and you will learn here how to approach to get decent funeral insurance.
Factors to Consider while Choosing Funeral Insurance:
Funeral burial insurance can help a family pay for final expenses and more when a loved one dies. There are different policies available, so the type that you choose must be based on your individual situation. Your financial status and budget are two main factors to take into account if you want to buy a decent burial insurance. Some other factors to consider include:
The policy size: This is the coverage or death benefit amount that ranges typically from $1,000 to $50,000. When choosing funeral insurance for seniors the amount purchased for coverage should be based on what the funeral service and burial is expected to cost, in addition to the family’s financial needs.
The type of policy: Two different policies are offered for burial or final expense insurance. The term life policy that will provide coverage for a set period and the whole life policy that provides coverage until the insured dies once the premiums are paid. Whole life is the most popular type.
Medical underwriting: The policies for burial insurance are usually issued with a lot less requirements for medical underwriting. It might be best to choose a provider with little or absolutely no medical underwriting if you have a pre-existing medical condition or lead a risky lifestyle. Although such policy where medical tests are not required will cost you higher premium but worth it especially for the elderly people with some health issues.
Insurance company: You should only consider companies with high ratings and excellent financial strength. Remember that, your provider will have to in business till the day you die in order to claim death benefits. This is why you must purchase policy from a reputable company who is doing this business for long and unlikely to go out of business soon.
How to Plan for Funeral Insurance?
The best way to start is to get help from a reputable funeral insurance agency to choose a plan that will ensure all final expenses are taken care of at today’s cost. For this, pre need funeral insurance is available to cover specific services and products. When making plans, you need to think about the cost for the funeral home service, casket, grave liner or burial vault, flowers, hearse, grave marker, the cemetery plot, as well as the digging and the filling of the grave.
Before making the definite arrangements for prepaid funeral insurance it would be beneficial to confer with your spouse/partner and children. It’s also a good idea to contact your lawyer to ensure that the burial arrangements are attuned to the final directives in your Will.