Burial insurance, also known as final expense insurance, is used to cover the cost of funeral expenses, remaining medical bills and end of life care services. It provides a huge financial relief for families that would otherwise have to pay thousands out of pocket to cover the costs.
Many people wait until their golden years to start planning for final expenses, but that may not be the best decision. The best time to buy burial insurance is sooner rather than later, but some scenarios increase the need for a plan at certain times in life.
The Best Time to Buy Burial Insurance is Right Now
Now is the best time to get burial insurance according to the experts at PolicyZip.com. Why? They note two important facts: accidents can happen anytime and your policy will be cheaper.
Accidents are a dangerous part of life. Most of the time they lead to minor injuries, but accidents also account for approximately 146,500 deaths a year. People of all ages can fall or get in a car crash any day of the week. It’s not a comforting thought, but burial insurance can at least provide a financial safety net if something unexpected were to happen.
Burial insurance policies are also cheaper for younger applicants. Getting a plan when you’re younger means locking in a lower rate that can decrease the overall cost of burial insurance.
When You’re Older and Don’t Have Life Insurance
Putting off life insurance could end up costing some seniors. Life insurance underwriters have many requirements in terms of age and the health of the applicant. Many older adults won’t qualify, and if they do the monthly premium will likely be very high.
Burial insurance is an alternative that offers more leniency on age, but there are usually limitations. It’s highly recommended that seniors get burial insurance before age 85 since that’s usually the cut off for many insurance companies. When looking at insurance, it is wise to research carefully and look at a full range of policy reviews, such as this Open Care review, to ensure that you get the best policy for your needs.
When You Have an Illness
Despite the amazing medical advances in recent years, no one wants to get a bad prognosis from the doctor. It’s important to remain positive and utilize all your treatment options, but it’s also a time when many people plan for all possible outcomes. Getting burial insurance is one step that can take financial concerns off your mind and allow you to focus on recovery.
Even a mild medical condition or a basic surgery is good reason to explore your final expense insurance options. This is certainly true for individuals who no longer qualify for life insurance due to their illness. While burial insurance is available to people with pre-existing conditions, it should be noted that benefit payout and monthly premiums may depend on your health condition.
The healthier a person is the cheaper burial insurance will be. You probably won’t qualify for a level benefit burial insurance plan that pays out 100% of benefits immediately. Most likely you’ll qualify for a graded benefit plan or a modified benefit plan.
When You Have Children
We do everything we can to protect our children physically and emotionally, but there are also ways to protect them financially. Burial insurance is one way to protect your children from financial burden. In addition to covering the costs of a funeral, you can choose how any remaining benefits are used, such as providing housing for your children.
You may also want to consider getting final expense insurance for your children. Losing a child is devastating enough without adding thousands in debt on top of it all. Parents that lose a child may have to deal with long-term effects but funeral expenses don’t have to be one of them.
When you’re ready to get a burial insurance plan, begin the process by comparing providers online. You can find plans using various criteria including age, location and coverage amount. From there you can select the plan that works best for you and start the application process. Within a matter of days, you’ll be covered and can stop worrying about funeral costs.
