though you may not have specific wishes for the memorial ceremony arranged in your honor, it’s essential to plan your final expense.
You will find several life insurance companies on the marketplace. However, not all of them provide funeral policies on reasonable or beneficial terms.
Gary P Cubeta, the founder of Insurance for Final Expenses, says that the best final expense insurance companies would always avoid pitching a plan with strict terms related to the health conditions you cannot meet.
And only such final expense insurance companies can meet your requirements. So, how can you distinguish between a good and a not-so-good insurance company?
Understanding Funeral Insurance
Burial insurance, also termed as the final expense, is a limited whole life insurance plan with low premiums intended to cover funeral and burial costs. It does not need health checks as almost all health conditions are accepted. Most insurers offer benefits ranging from $3,000 to $35,000. Since these are whole life insurance policies, they work straightforwardly. There isn’t any fine print to be concerned about.
This is how they work:
Premiums don’t rise as it remains the same for the entire life
- You get a guarantee that your death benefits won’t ever decrease
- The age factor can’t lead to the expiry of your funeral insurance plan
- Final expense policies also facilitate cash value that allows you to borrow
Easy Qualification Offer
Trivial complaints associated with age should not disqualify you from getting burial insurance. As a result, the best burial insurance company will ask none or very few health-related questions. They offer policies that don’t demand medical examinations. However, premiums and benefits usually are lower for programs with a few health questions.
A reliable final expense insurance company won’t misguide you and give you all the choices that you must get. They offer you a personalized funeral service contract that allows you to have a high level of personalization. You select your provider and express your wishes by pre-deciding on funeral products and services.
Following the subscriber’s death, the capital will be given to the funeral director, who will strictly follow the subscriber’s wishes regarding:
- cremation or burial
- religious or civil ceremony
- conduct of the funeral
- type of casket or urn
The Financial Strength
The best final expense insurance companies have a solid financial background. As a buyer, it’s essential to select a financially strong company with a good rating when buying a final expense package (or some other life insurance coverage, for that matter).
Although state associations offer life insurance proceeds in the unlikely case of an insurer’s bankruptcy, the amount compensated by the guaranty association will not be as much as the policy’s face value.
Choosing a top-rated final expense insurance company lowers the risk of not getting the full benefits.
A trusted final expense insurance company won’t ever hide anything from you to ensure you get the right policy. For example, they will detail all the critical factors that affect pricing and then leave the decision on you to make a choice. To understand it better, you need to learn what factors affect the policy pricing.
What Is the Price of Funeral Insurance?
Several criteria influence the prices of funeral insurance:
- the amount of capital you wish to provision;
- the method of payment;
- the age of the subscriber;
- the place of burial or cremation
Once the company explains the cost involved due to the above factors, you will pick the best plan that fits your budget.
Because of your increased need for assistance and healthcare as you get older, your cost of living will rise. The best final expense insurance companies double-check that all of the policies on their list have locked-in rates that won’t change unless you let the policy expire or plan to raise the death benefit sum. The best company will never cancel these policies on you unless you stop paying or lie on the application.
In The End
If your insurance provider possesses the above qualities, you can feel completely confident that they will all be able to pay your claim when the time comes. Second, the final expense insurance company must offer competitive rates in the market from a cost perspective so that you may receive a fair price for funeral insurance from any of the companies you choose.
Lastly, a company with the features mentioned above can potentially offer you a unique underwriting value for specific health conditions. To be clear, what healthcare niche (s) they serve to vary from company to company.