Most people don’t realize that Burial Insurance has different names. It is often refereed to as Final Expense Insurance and Funeral Insurance as well so if anyone ever tries to tell you what they have is different turn and run as fast as you can because they’re an untrustworthy agent.
Since we have taken care of the confusion on that let’s get down to the meat and potato’s of what Burial Insurance is and why you need to obtain a policy. Burial Insurance – plain and simple are little whole life policies (also known as permanent insurance) that can amount to $5,000 to $50,000 in most cases.
You will sometimes not be able to obtain $50,000 or even half that depending on a few conditions:
- Your Age is a big component of how much coverage you will be able to receive.
- Your health history, if you have had a terminal illness such as cancer, heart, lung, or any other number of terminal illnesses you will be limited usually at $10,000 but it can go higher if its been a long time since you have had any problems with the illness.
- Medications, it is just a matter of what you have been taking.
- Family history of illnesses – for example rate is higher because a family has a history of colon cancer vs someone same age that has no family history of cancer.
There are many other little factors that go into deciding your rate. The best way to find out is to call a local independent agent or if you prefer not to do that you can search online for the best burial insurance quotes. There are a lot of legit insurance websites such as AssuranceLife.org that are willing to help you get the best insurance type that fits your needs the most.
Among the things you should know about your burial insurance plans, here are a few notable points:
-What is the initial policy premium charged – and will it be fixed for the life of the policy or will it change over time?
– Is it easy to qualify for this policy?
– What is the coverage amount that can be purchased?
– What are the payment options available?
Besides these above points, of course it is recommended for you to do some background checks on the insurance companies. A good industry rating indicate that the company is reliable and it is there for the long term.