Did you know only 60 to 65 percent of people in the USA have life insurance? Since whole life insurance comes with a plethora of benefits, everyone should consider purchasing it.
Burial insurance is a type of life insurance that includes funeral planning and the costs related to it. There is no denying that it makes an excellent option for people looking for cost-effective basic coverage. You may not have unlimited resources that can help your loved ones pay for your funeral. You will need to find a reliable insurance company to receive your final expense policy’s best value.
If you have no funeral planning experience or buying burial policy, this guide includes questions you must ask when planning a funeral and purchasing burial insurance. Asking the right questions will help you obtain the right policy.
Here are some of the most important questions to ask about funeral planning.
What does funeral or burial insurance cover?
When it comes to funeral planning, burial insurance is the first thing that can help you pay for the final expenses. Funeral insurance is a form of either whole life insurance or term.
In many cases, insurance companies sell burial insurance to seniors or older adults struggling to obtain a standard life insurance policy. It is the part of funeral planning, and asking about its coverage can help elderly individuals choose insurance that fits their needs.
How can a burial policy help in funeral planning?
The total amount of death benefit is based on the type of funeral you’re planning. Know that a traditional funeral planning can cost around $10,000 to 11,000. However, the exact cost depends on things like a cemetery, funeral home, and memorial service. Choosing a burial policy will allow your beneficiary to use funds for planning your funeral.
Are my Funeral Funds Safe?
It is another important question you must ask when planning for your funeral. Your insurer should guarantee you that your funds won’t go directly to any funeral home. The payment goes to a third party to manage funeral funds. You must look into the stability, safety, and performance of your insurance company. And this can help you determine their financial outlook.
Can I Qualify for Burial Insurance if I have Severe Health Issues?
Most funeral policies require people to answer basic health-related questions. This question is important to ask when planning for a funeral because your coverage eligibility depends on your health, especially when choosing a prepaid funeral plan. However, if you have opted for burial insurance, your health status won’t prevent you from signing up for a funeral plan that suits your needs.
In a nutshell, planning your funeral is not fun. It is challenging and emotionally taxing but can save your loved ones from a stressful situation when you pass away. The given questions can help you find the right burial policy and pre-plan your final journey.