Planning for your funeral – this is one of those dreaded yet unavoidable tasks that you are never prepared to handle. Yet, appointing one of the best burial insurance companies can help you leave behind a legacy that will portray the responsible life you followed even in death. Gary P. Cubeta from Insurance for final expenses throws light on the policies offered by various providers. Do your bit of research before choosing a provider.
But finding a company that will ensure that your beneficiary gets all the benefits without any waiting period is not very simple. A lot of people struggle to find the ideal insurance company.
However, the good news is that you can rest assured that you are not leaving behind any financial loose ends once you come across such a company.
But before understanding what you can expect from the best burial insurance companies, you should know what a burial insurance policy is and the different types of insurances.
What Does a Burial Insurance Company Offer?
Burial insurance permits you to plan up for your last rites without leaving behind the financial burden on your loved ones. Based on the company you choose, the name can differ between final expense insurance, burial insurance, and funeral insurance. But they all have more or less the same coverage and imply the same meaning.
You will come across different companies offering varieties of burial policies accommodating various health conditions with different premiums. But you must choose the right insurance company to avail the maximum benefits of the burial insurance.
Different Types of Burial Insurance Policies
There are various types of burial insurance policies –
- Simplified – In this case, the insurer asks several health-related questions to know your condition with no medical exam. Certain factors like smoking, pre-detected illnesses can trigger a denial of policy in some cases.
- Pre-need – This one involves a contract with a provider of funeral services. You choose certain products and services, and the money goes directly to the provider instead of the beneficiary.
- Guaranteed – This is the guaranteed policy for which you don’t have to answer any health question or undergo a medical test. But as it can imply more risk for the insurance company, the cost will be higher and complete benefit may not be available until the policy is in effect for a certain period, like 2-3 years. Your beneficiary will only get a limited portion of the payout if you pass away before the stipulated time because of natural causes. For accidental deaths, the full benefit is paid.
Some of the most common features regarding the best burial insurance companies are provided here to help you make the right choice. It will help you get a clearer idea.
- Easy Qualification – The good companies won’t disqualify you from receiving burial insurance due to minor health complaints. They won’t ask you to go for medical exams until it is necessary. They can, however, ask you a few health-related questions.
- Higher Maturity – Many insurance companies offer policies that have the chance of maturing while you are still living. So always go for companies that offer policies with higher age of maturity, like 100 or greater, that most are unlikely to outlive. However, if you survive it, then the policies can pay you the full death benefit.
- Easy to Get – The right insurance companies should enable the easy purchase of insurances. The most common queries include the applicant’s age, tobacco usage, and if they have serious health conditions. Many insurances do not even ask about medical conditions and ensure guaranteed acceptances. So you should look out for those insurance companies that will enable easy insurance generation and live up to their promise throughout.
- Locked-in Premiums – The best burial insurance companies will never let the premiums of your burial policy rise. As you age, your cost of living will enhance because of the augmented requirements of healthcare and assistance. For this reason, the best insurance companies always feature locked-in rates of premiums that won’t ever increase. Their products also won’t ever be canceled unless you cease to provide the payments or give false facts on the application.
The right insurance companies are efficient, and the insurance policies provided by them bear testimony to their expertise. Their priority must be focusing on financial integrity and customer satisfaction, and just like thousands of others, you can rely on them blindly.
Only after assessing all your needs and the company’s background should you opt for burial insurance. That way, you may rest assured that you have made the right investment, which will ensure a peaceful final exit for you.