Like most Americans, you must also be anxious about your financial future. The older you get, the nearer to the end you feel, and what’s added to your worries is your concern about end-of-life expenses and planning for a decent burial.
No one wants to contemplate death as any date is too soon. However, with the cost of living going up, the cost of dying also keeps increasing. Today, the approximate cost of a funeral ranges from $8,000 to $12,000. That’s why you need to look up final expense or burial insurance policies to understand their financial implications.
Burial insurance gives you a chance to plan for the expenses that will be incurred for your funeral. Based on your health condition, you can choose a policy that suits you best.
For better decision-making, you may ask Gary P Cubeta how Colonial Penn Burial Insurance can help you make your decision. It can often be quite overwhelming when deciding which policy is best suited for you.
To make things easier for you, here is a detailed guide that tells you about the best burial insurance you can get. There are many factors like the approval process, the waiting period (sometimes as high as two years), etc. It will help you narrow down your choices and help you settle for the best.
The Other Names for Burial Insurance
Burial insurance goes by other names as well, such as funeral insurance or final expenses insurance. However, there’s nothing in a name because all these policies boil down to the same thing – burial insurance. Please note that burial insurance is different from a pre-paid funeral, where the entire amount has to be paid upfront.
Permanent Life Insurance
Permanent life insurance features whole life policies valid with high-maturity ages, going up to an unlikely-sounding 100 to 121 years. People surviving such policies are indeed rare and quite unheard of. The benefit amount accrues to you as the sole policyholder and beneficiary.
Final Expense Insurance
Final expense insurance is generally purchased in the final stages of your life; hence it is a whole life insurance policy. When compared to other whole life policies, final expense insurance is a lot more affordable as it carries a very small face amount. It is a favorite of older people with common health issues because of the limited underwriting process.
Allow Gary P Cubeta to explain how Colonial Penn Burial Insurance can help you protect your loved ones from getting into unwanted debt due to your death.
What you pay as a premium is a pittance compared to what your loved ones need to spend (close to $10,000) if you are not covered by final expense insurance.
How Much Does Your Final Expense Insurance Pay?
Matured final expense insurance policies are worth anywhere from $10,000 to $100,000, depending on the plan and premium you are willing to pay. This is a lot more than what was paid in the past when death benefits were comparatively smaller. Blame it on the uncontrolled rise in the cost of funeral expenses.
Companies like Colonial Penn Burial Insurance have increased the face amount of their latest policies to match the ever-inflating costs. Today, an average final expense insurance policy has a face amount of $25,000.
What Does It Cost To Sign Up For A Final Expense Insurance Policy?
The cost of your final expense insurance policy will depend on what you opt for. Choosing a guaranteed issue policy with no underwriting requirements is more expensive as it is meant for people in the worst health condition.
However, a terminally ill person is not eligible to purchase this policy. This is probably the most expensive type of coverage available in the market. A premium of roughly $140 per month may cover up to $15,000 in death benefits.
If you feel that you are still in the pink of health despite your age, you should go for a simplified issue of life insurance. This policy does not mandate a medical exam and is affordable, although it features a stringent underwriting process. If you have a high-risk health condition, you may not be eligible for coverage.
Points to Ponder
The fact is that all of us will die someday or the other; being prepared makes sense. Covering your funeral costs and other death-related expenses is a smart move that saves your loved ones a lot of trouble. Although medical science has advanced and life expectancy keeps getting better, death is unpredictable but a certainty.
There are only three things you may do:
- Do nothing and hope for the best.
- Get yourself covered for life insurance, or better still.
- Talk to Gary P Cubeta, who will help you get covered with a final expense insurance policy.