There’s a lot to learn about when it comes to insurance. Making sure that you’re aware of all the different insurance options is essential so that you can be sure you’re making the right choice. Coming up with the best policy choices means that you need to do policy comparisons, so let’s go over your options for burial insurance.
When it comes to burial insurance, our team at Senior Life Services is ready to help. We’re experts when it comes to end-of-life insurance and we can help. Feel free to make an appointment today so that we can walk you through all your different options. You don’t have to feel overwhelmed when you’re working with Senior Life Services.
What is Burial Insurance?
Burial insurance is a type of insurance that’s intended for specific end-of-life costs. If you’re someone that wants to make plans for the future, then it’s important that you’re aware of burial insurance. This is a type of insurance that most people should consider.
Burial insurance is very common and sold through a lot of different insurance companies. Making sure that you’re enrolling through the right insurance company is important so that you can trust their advice. It’s essential that you’re honest and transparent with the agency that you work with, so they can point you in the right direction.
Burial insurance is typically used for burial and funeral insurance. Many people don’t realize that burials can cost thousands of dollars, which the family of the deceased typically pays. If you don’t want this financial burden to fall on those that are close to you, then you can purchase an insurance policy to take care of the costs.
There are no specific instructions for how the death benefit of a burial insurance policy must be spent. While it is generally recommended to spend the money on costs for a burial or funeral, the death benefit can be spent on other costs. Even things such as medical and credit card debt. If you think that you might leave behind some debt, then it’s a great idea to purchase a burial insurance policy. This way your beneficiary can use the death benefit to pay off some of the debt that you may be behind.
Picking your beneficiary is an important decision. You must make sure that your beneficiary is someone you trust because they’ll be responsible for a fairly large sum of money. It can be helpful to meet with your beneficiary and discuss your policy with them. That way, they’ll be able to understand what is expected of them. You can make it known how you would like the money to be spent. You can also write your wishes in your will, which is a great way to document them.
Purchasing burial insurance is a great way to make sure that you’re planning for the future. Making the right preparations is important and can give you peace of mind. Thinking about the funeral or burial that you would like to have can be important. This can give you a frame of reference for how much your policy should be worth. Having this budget in mind can be helpful not only when you’re enrolling in a policy, but also when you’re making preparations.
Burial Insurance and Cancer
It can be somewhat different to find a burial insurance policy if you have cancer. It’s important that you’re able to make sure that you have the right policy and will actually be able to complete the enrollment.
If you have cancer, then you’ll want to find a policy that doesn’t require a medical exam. If you do go through an extensive underwriting process, then you most likely won’t pass it. This is why it’s recommended that you find a policy that’s guaranteed issue. This will ensure that you’re accepted to the policy and can bypass the medical vetting process.
Having cancer means that you’ll need to go through a two-year waiting period. You most likely won’t be able to find a policy that doesn’t have a waiting period. This is the insurer’s way of protecting themselves even though a medical exam isn’t required.
Gerber is a very popular insurer that you might want to consider. Their policies are very trustworthy and known well within the insurance company. Their policies are a great option if you’re wanting to get a policy that you know will be quality. Gerber doesn’t require a medical exam, but they do have a two-year waiting period. If you’re interested in enrolling in a Gerber policy, then you can make an appointment to speak with our team at Senior Life Services. We know lots about this type of policy and can provide you with some further information that you can use to make this complex decision.
Medical Exams and Underwriting
Medical exams are a way for insurance companies to gain a full idea of the health of the individuals that they’re ensuring. If you do select a policy that does have a medical exam, cancer will most likely mean that you won’t be awarded the policy. However, having cancer doesn’t mean that you can’t get any burial insurance policies. It’s still possible that you can get a policy that doesn’t require a medical exam.
It’s important to note that having cancer in the present or past will still be found during the medical exam. What your diagnosis is (or was), as well as any treatment that you’ve received will be asked. If you’re willing to go through the complicated process of going through a medical exam, then you can do so. However, it’s not necessary if you’re going to be purchasing a burial insurance plan. There are a few types of cancer that insurance companies may not care about. However, in most cases, cancer will be a problem during the medical exam. The best way to deal with this is to be honest and transparent so that your insurer can gain an accurate picture of your health situation.
Getting a policy that doesn’t require a medical exam will most likely mean you’ll pay a higher price. However, the monthly premiums shouldn’t be drastically higher. In this scenario, the heightened price is what you pay to not have to have a medical exam. In place of a medical exam, insurers will typically implement a two-year waiting period. This is important for making sure that individuals are using their plan in fair ways. If you’re concerned about the waiting period, then feel free to speak with an insurance professional about your individual situation.
Finding Cost-Effective Options
Finding cost-effective options is made easy when you know what you’re looking for. This is where research comes in because it’s necessary that you’re aware of the different policy options available. Making sure that you’re doing the correct research will come in handy when you’re trying to find a policy that fits within your budget. It’s important that you remember getting a guaranteed policy will most likely mean paying more.
Many people find that burial insurance fits within their budget. It’s a very cost-effective option compared to whole or term life policies. The monthly premiums are typically much lower. If you’re looking to enroll in a policy, then it’s typically suggested that you enroll in a policy as soon as possible. Waiting to enroll in a policy until later means that you could end up paying more for premiums. Many people prefer to spread their premiums out so that they end up paying less monthly.
Two-Year Waiting Period
Many burial insurance policies have a two-year waiting period that must be completed before the death benefit will be given. Many policies will give back all premiums that were paid if the death benefit occurs within the two-year period. This period is important for insurers because it offers some form of protection. Especially if it’s a guaranteed issue policy, then insurers use this period to ensure that individuals aren’t taking advantage of them.
Work With the Right Professionals
Finding the right professionals will give you peace of mind and assurance that you’re making the right choices. It’s essential that you’re able to trust the professionals you work with so that you can listen to the advice that they give you. Especially if you have health concerns, then you should be completely open with the insurance agents you work with. If you’re clear about your health situation, then they can point you towards the right policy and work together with you.
Finding the right professionals can be done online. Doing an internet search is a great way to find local professionals. If you’re looking for an insurance agent, then you can always work with our team at Senior Life Services. We’re honored to work with a variety of clients and help them find the right policies for their situations. We have experience helping those with cancer get low-cost burial insurance, so make an appointment with a member of our team today. We hope to hear from you soon, as it’s better to purchase insurance sooner rather than later.
Know All Your Options
Knowing all your options is important because it allows you to select the right policy for your needs. You can only be sure which policy is best if you’re able to search through all the different options. If you’re unsure how to research all the different options, that’s where an insurance professional can help. We’re ready to guide you in the right direction and make sure that the policy you select makes the right choice for your needs.
Make an Appointment With Us Today!
Burial insurance can be a difficult subject to think about. End-of-life decisions can be challenging and make it hard to think about the future. If you’re ready to start making plans, then purchasing a burial insurance policy is a great way to get started. Because this type of policy is typically so affordable, it’s a great choice for many different people. At Senior Life Services, our team is made of compassionate individuals that are ready to help you make tough decisions.
At Senior Life Services, we understand insurance. We know what it takes to find the right policies for our clients and make sure that they’re happy with their choices. If you’re ready to make an appointment with us, then you can do so through our website or by giving us a call. We hope to hear from you soon and look forward to working with you. Feel free to check out our other articles to get a better idea of what we do and the clients that we typically work with. If you have cancer, then you should work with an insurance agency that you can trust and one that has extensive experience in this area.