What Does Burial Insurance Means? (Detailed Explanation Of Burial Insurance)

 Burial Insurance is the topic of today's discussion. In this article, I'll explain everything about burial insurance and how you can go about it. This guide is going to be detailed, you'll not need to read any other again once you read from the beginning to the end of the article.

You must have come across burial insurance, or probably you wish to plan ahead just in case of uncertainty. One thing I want you to take note of before I go deep into burial insurance is this. " All humans must die someday".

As a mature individual, whatever you do, always remember that someday you may draw your last breath. A lot of great men and women have fallen before, dead snatches the most important things from us, this is why you need to be prepared for it because you're important to someone out there, or probably you're the saving grace to an individual out there. You never can tell.

This I'm saying may not be so relevant or probably explains this topic, but it's a hint and a reminder that you are human.

With all that said let us dive into the topic of today's discussion.

Some Insurance companies are not using the word "Burial Insurance", they might use something like "Final Expenses Insurance", "senior Life Insurance", or "Funeral Insurance". Whichever way they call it, it all means the same thing. most of these companies see the word "Burial Insurance" as a scary word and a lot of people don't feel comfortable planning ahead for their final sleep even when they know that they may probably sleep and never wake up.

Burial insurance is more of a futuristic plan ahead in life. The whole aim of the insurance is to help you tie up your financial loose end before departing this life.

A lot of people get confused when they hear the word "Burial Insurance" and "Whole Life Insurance". The truth is that they're almost the same. The only difference is just the marketing aspect of it.

If you're in the United State, you'll realize that a lot of Life Insurance companies sell burial insurance. This can range from smaller ones you may not have heard of to household names like State Farm and AIG.

Understanding The Burial Insurance Sell

According To Investopedia. The burial insurance sell is often marketed to seniors  or older folks. This insurance is one that is focused on the emotional needs of people who may need it.

With this type of insurance, there are some major factors or reasons that makes this insurance a great investment. This factors make it some of the reasons why most people  are going for the burial insurance.

Easily Accessible.

The burial insurance is one of the coverages that are easily accessible. This is why you see a lot of them online. Most people who need the burial insurance can even use just a telephone call to communicate their needs and get it done without even being subjected to any form of medical exams unlike other insurance policy out there.

When you communicate your need for burial insurance online or through a phone call, you'll be asked some few questions like your current age, use of alcohol, use of tobacco, or you may be asked whether you have any serious health conditions.

This questions being asked depends on the insurance company. Some of these insurance companies out there may not even ask all of this medical questions and at the end, they'll still accept you.

This companies that offer such coverages, their services fall under the categories of guaranteed issue life insurance. These policies are designed for people who are so sick they cannot qualify for any other type of life insurance.

Are You curious to know more about the Guarantee Issue Life Insurance? 

Don't worry, I'll explain what the Guarantee Issue Life Insurance is.

Guarantee Issue Life Insurance policies do not cover the payment of death benefits. This means that  dependants of the  deceased will not receive any form of financial compensation as benefit from the insurance company within the first two or three years that the policy is in force. But for any reason, if the beneficiaries want to receive, the insurance coverage holder must be on their death bed waiting for the wind of death to blow their soul off their body. While waiting, they'll have to pay premiums for one month, and have their heirs get $25,000.

If you carefully analyze what I highlighted above, you'll realize that it is in no favour of the insurance company. If any insurance company continues that way, they may probably close out of business. Another thing is that, when an insured individual dies during the waiting period, the policy’s beneficiaries will get back the premiums their loved one paid, plus interest. 

Burial Insurance Are Less Expensive

One thing that makes the Burial Insurance a great deal is the inexpensive nature of the coverage. The burial insurance  can be easily gotten for as low as $5000-$10,000, unlike other insurance such as whole, guaranteed universal, or term life insurance policies the requires you to spend a substancial large amount as minimum coverage. This insurance policies might require you to spend from $50k-$100k depending on the company you're buying the coverage from.

Don't be too tempted to get a burial insurance due to its cheap and affordable nature. The premiums for burial insurance may seem like a good deal, but it’s hard to tell without getting personalized, competing quotes for larger policies.

Burial Insurance Is an Emotional Pill

You must be wondering why I said "Burial insurance Is an EMotional Pill" right? 

Burial insurance deals with human psychology and emotional state. Have'nt you wonder why you see different touching ads on burial insurance that emotional let the viewers know that it is the most important thing anyone can do for his family so they can be free from the struggle of trying to pay for funeral and settle other important bills.

The burial insurance can be a good type of insurance for people who only want a small policy and can't qualify for a larger or less expensive policy because of their age or health. 

What Other Insurance Options Are Available? (Their Cost and Benefits)

With reviews we've gotten from people over the years regarding burial insurance, about 80% of them believe Burial Insurance is a Bad Deal despite it being easy to get without any medical exam.

This makes it one of the most easiest insurance to get due to the fact that even people with health issues, qualify for the policy.

As an individual currently having health issues, don't assume you'll not be able to get other insurance policy options. The truth is, there are so many other insurance policy out there that you can work with.

Another great option is working with a broker who sells different types of life insurance coverages to see which one you can be eligible for.

Other Insurance Options

Term Life Insurance been a great alternative which anyone can take advantage of. Despite it being a great alternative, it only last for a particular period of time, after that it will expire. You might look at it as not being enough when it comes to providing more coverage to people who wants to be sure their heirs will get cash when they die. If you die after the term ends, your heirs won’t get a payout. 

Permanent Life Insurance coverage is more like the best out there anyone can get from an insurance company. The insurance policy covers your death at any age as long as you pay the premiums. Term policies also may not be available to older adults or the premiums may be cost prohibitive.

With all that said, you'll agree with me that busrial insurance is designed for only specific set of people. This is why it remains avaluable product to some while its a crap and bad deal to others.

Conclusion

With all of that said about Burial Insurance, I believe you must have learnt one or two things on burial insurance. 

We've come to the end of the article. I hope you find this article informative and helpful, if you do, don't forget to share it on social media so your family and friends may see it.

This means a lot to us. It will encourage us to publish more informative and educative articles like this in the future.

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