October2016

Important Facts About Burial Life Insurance

As we grow older, it is more important to think about investing in some burial life insurance. Not only does it make sense to alleviate the burden of those you leave behind in terms of costs but it will give you peace of mind for the rest of your natural born days. This kind of policy is designed to ensure that you have funds after you have passed on to pay for other debts and fees as well as the actual funeral itself.

The type of burial life insurance you can have differs and so it is important to know what you want before you start any kind of policy. There are vital differences between the policies you can purchase and there may be some stipulations that you have to follow. Read on to find out more information about the various types of burial life insurance that you can have.

Some people are led to believe that burial insurance is solely to pay for funeral costs such as those for graveside services. This type of policy is called a Pre-Need Insurance Plan. This plan will only cover funeral costs and will require you to plan this entire event before it happens. The beneficiaries of these policies are always funeral homes, which ensure that the funds are solely used for the purpose of a burial. You may meet with the director of the home and plan the finer details in advance. Read all the documentation carefully to ensure that there are no hidden costs that may be incurred after you have passed on. This kind of policy has its advantages. You can make sure relatives do not have to fork out cash from another life insurance policy or pay for it themselves; as well as this, the fees that you pay will be set in stone and you can spend the rest of your life without having to worry.

Burial Insurance and Final Expense Insurance are one in the same thing. With these policies you can ensure that your funeral costs are met but any other debts and payments can be made from the funds too. It is also possible to name the beneficiary, unlike the Pre-Need Insurance Plan. You can stipulate where the money is to be used or just leave it as a lump sum to be divided up after your death. These burial life insurance policies can be found through life insurance agents and can even be bought online.

Finally, there is burial life insurance which is deemed to be Insurance with No Physical Required. This is the common option for many older people, usually between the ages of 50 and 80, who have no current medical conditions. The funds from these kinds of policies can also be used for other means apart from graveside services, memorial services or a traditional funeral. Perhaps medical bills and legal fees will need to be settled after your death and the extra funds could be used to clear these off.

If you are in reasonable heath, it is likely that you will take the simplified policy of the No Physical Required insurance policy type. This means that there is no examination and no medical questions to be answered. The premium you will pay will be an insubstantial regular amount and the death benefit will be payable immediately after you have passed on.

If you do have an existing medical condition, then you could take the guaranteed policy option. This means that the insurer may stipulate a waiting period before any funds are released. If you die before this period has ended then your premiums are returned. If you die after this period has ended, then the death benefit will be paid out as normal. Generally the waiting period totals two or three years and the premium may be slightly higher than that of a simplified policy.

Whichever type of burial life insurance policy is convenient for you, it is important that you start to think about your death as early as possible. It is best to have all of the arrangements in place for any type of funeral, from cremations to graveside services. You can contact the appropriate providers in person or browse the internet to find their websites.

Life Insurance Policy – The What, Why and How Of A Life Insurance Policy

A life insurance policy could help you to provide your family with financial security when you die and can no longer look after them. In this article I will discuss the what, why, how, when and where of a life insurance policy. If you are wondering about getting life insurance, then you may want to read this.

What is a life insurance policy?

A Life insurance policy is a contract between an insurance company and the insured which promises to pay out a certain amount to your beneficiaries in the event of your death.

It also sets out the provisions of the life insurance coverage. These provisions include premiums, loan procedures, face amounts, and the designation of beneficiaries, among many other clauses.

Policies may be for term or permanent cash value types of coverage.

Why is a life insurance policy essential?

The benefit from a life insurance policy is not for you. It is to provide for your loved ones, but after you have gone.

After your death, the life insurance money is paid to those who rely on you to give them a secure standard of living, which they might lose if you should die. This is money when they need it the most, with no income tax or publicity.

How does a life insurance policy work?

Term life insurance is only for a certain period of time, and if the policyholder dies during the term of insurance he/she receives the death benefit. In the case of the insured person dying after the policy expires, however, no benefit is paid.

At the end of the term period, the policy expires with no accumulated cash value, and no benefits are payable. Term is the cheapest, but it’s unlikely the death benefit will be paid since the life insurance policy will probably lapse before you actually die.

When a person has family and becomes ill, not only does the sick person need support, but also the family often requires relief. Short-term income protection is an added coverage to life insurance and provides extra cash to cover the family’s needs when one spouse is ill.

You will need to decide on the amount of term life insurance before you start to shop around. Most companies have effective savings rates at $250,000, $500,000 and $1 million.

When can you take out a life insurance policy?

You may be able to get a lower premium for your insurance if you have lowered your cholesterol, lost weight or quit smoking.

A 35 year old nonsmoking male in excellent health can buy a $500,000 term life insurance policy for about $700 per year.

Keep in mind your age determines the length of time the term policy will have a guaranteed level premium. You may not be able to get more than a 10 year guarantee if you are over 50 years of age, so start while you are still young.

Where can you find a life insurance policy?

Finding a life insurance policy is something that you should not rush into.

If you are planning to apply directly for life insurance, then you may find it easier to apply online. All this information will enable you to make the right decision about the best company to get your most suitable life insurance policy from.

Getting online term life insurance quotes can be a very effective and convenient way to save you both time and money when shopping for term life insurance. The quotes are free and you’re never under any obligation to accept any quote that is offered to you.