How to get yourself the best burial insurance?
It is always a difficult time for families when they have lost a loved member of their group. In spite of the today’s burial costs, most families across the States want to give their departed ones a decent farewell by organizing a well-attended funeral. Costs related to funeral services have seen a steep rise over the last two decades. Burial expenses on an average are known to cost at least $5,000 and can go as high as $10,000. This is a substantial sum of money for most families in North America.
In many ways it pays to go in for a comprehensive burial insurance policy that can look after all your funeral expenses. Otherwise your family members would have to dig into their savings to fund for all the costs. Also the remainder of the proceeds that come from your insurance after covering your funeral costs can be directed to your beneficiaries. This might come in really useful to help pay for their mortgage, loans, education or other expenses.
Here are some tips to help you pick the best burial insurance:
Be on the lookout for multiple quotes
Burial insurance policies have grown in importance over the last decade and there are several major insurance companies that offer comprehensive deals to potential investors. Make sure to go through all the burial insurance policies available in your locality. Compare their prices and the list of services covered with competing offers. This will help you figure out the pros and cons of each burial insurance policy. It may also be a good idea to get in touch with independent insurance agents who may be able to give you some crucial pointers that might help in selecting the right policy.
Discounts may be available to non-smokers
Non-smokers quite often are liable to get discounts while going in for insurance policies. Quite often insurance companies tend to combine both non-smokers and smokers within the same class and offer the same rate of premiums to both parties. This is because it is possible that your agent might assume you are a smoker if you do not make you status clear and might slot you into the smoking class that come with higher rate of premiums. Hence make sure to mention your status as a non-smoker if you are one while applying for this type of insurance policy.
Decide on if you want non-medical or traditional life insurance
In the case of traditional life insurance policy, the applicant would have to go through a series of medical tests. Based on the results obtained he or she would given their insurance health rating points. If the applicant is of sound health, then the individual can expect the insurance company to offer him or her the lowest premiums on offer in the policy. For people suffering from specific medical conditions, the underwriter would then formulate a policy based on company guidelines to arrive at suitable package.
With non-medical insurance policies, you can usually split it into two categories.
- Simplified life insurance
- Guaranteed life insurance
In the case of simplified life insurance, the investor does not have to undergo any kind of medical exam. However the applicant would need to answer 3 to 12 health related questions to clear the application.
With guaranteed life insurance policy, the applicant has to neither answer questions nor go through any sort of medical exams. Although it should be noted that in this type of insurance, death benefits come with a 2 year waiting period. This means that if the investor was to die within the first 2 years of the policy, then the beneficiaries assigned by the insured person are liable to receive only the death benefits that are associated with returns on premiums along with the an accrued rate of interest.
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