Funeral Insurance

Are you looking for an insurance plan that can cover your final expenses? Well! Funeral insurance can be the best fit for you. It is meant to cover the burial and funeral costs of the insured. Generally, people buy it after turning 50 to help their family afford their end-life expenses.

But before buying the plan, you have to go through all the important considerations. Likewise, is this plan good for you, or does it cover all the expenses you want it to cover after your demise? Well! We at Insure Guardian have made it easy for you. We have explained all the important aspects of this plan in this article. Happy Reading!

What is a Funeral Insurance Plan?

A type of permanent (whole) life insurance that provides coverage for final expense costs and other end-of-life expenses is called a funeral insurance plan. It covers your loved ones during difficult times and provides them with financial stability.

Individuals who can’t qualify for any other life insurance plan can get a funeral plan. No matter what type or form of funeral insurance you choose, just ensure that its death benefit will cover all your expenses like burial and funeral costs, medical debts, and bills.

How does funeral insurance work?

While purchasing a funeral plan, applicants can choose the coverage amount and assign their desired beneficiaries. After the death of a policyholder, the beneficiary contacts the insurance company to claim the death benefit. However, the beneficiary has to provide an ID card and certified death certificate of the insured along with a claim to start the process.

After verification, the death benefit will be provided to the beneficiary maybe in one large payment or small installment. So it is highly recommended to choose a competent and highly qualified power of attorney to manage your financial matters related to insurance plans.

How much does a funeral plan cost?

Funeral insurance plan rates may vary between several life insurance companies. Typically, the payouts for funeral policies are less, ranging somewhere between $5,000 and $25,000. Although some insurance service providers may also offer higher limits. However, the premium payment will depend on gender, health, and age.

In addition, there is no medical exam required to qualify for the plan. However, the applicant has to go through a simple underwriting process that will decide whether you get a plan or not after answering some health-related questions.

What does this insurance cover?

Funeral or final expense insurance covers your funeral, burial, cremation, and any other end-of-life expenses. Along with them, it also protects your family from the financial burden of paying your final expense costs. So it’s a great way to make sure that your last wishes will be done according to your choice without leaving a hefty bill on your loved ones.

Additionally, a funeral insurance policy covers other expenses like medical bills, credit card bills, home loans or any other loan left by the insured, and others.

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Benefits of Getting a Funeral Plan

Funeral policy is a very flexible type of life insurance policy. As the death benefit of the plan is paid to the designated beneficiary, he can use the amount in any way he wants. So your loved ones have not to worry about funeral decisions at the time of your demise.

Moreover, funeral insurance can be an easy and effective way to give your loved ones financial support. With the help of the plan’s death benefit, they can cover some unexpected expenses like:

Legal costs
Hospice care
Medical expenses, and others.

Who should consider buying funeral insurance?

Everyone’s need for a funeral plan is based on his situation. However, if you meet the following situation you may consider buying it:

You don’t have any other life insurance plan.
You have limited savings and no other means to pay for your final expenses.
Or maybe you want a separate plan to cover your end-life expenses only.

In short, funeral insurance can be a part of your estate plan. It is also an idea to manage your final and burial expenses.

Is a funeral plan a long-term insurance plan?

No doubt funeral policies are long-term but they are subjected to some conditions. For example premium may increase or the plan being canceled because of non-payment or delayed payment.

Before making a final decision for policy, make sure it suits your needs and budget. Also, check out the terms and conditions and ensure you are comfortable with them too. In case you are not sure about any features of a funeral policy, it’s suggested to consult a professional before signing up for the plan.

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While getting a life insurance service, it’s important to examine different options. We at Insure Guardian provide you with a free quote service that will help you to determine the best estimate for your future.