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What Does a Funeral Insurance Policy Cover?
What Does a Funeral Insurance Policy Cover?
“Funeral Insurance” is a general term for coverage options designed for individuals aged 50 and above. Available in various forms and commonly referred to by different names, such as Guaranteed Issue, Final Expense, or Burial Insurance, these plans aim to provide financial security for loved ones upon the insured's passing. Here are some of the important financial obligations this type of plan will cover for your spouse, children and/or grandchildren:
Funeral, Burial and/or Cremation
The National Funeral Directors Association calculates the average burial and funeral costs in the US at of $7,848, and cremation costs of $6,970.*
Medical Bills
Unfortunately Medical Bills can begin to pile up if someone is sick and does not have adequate coverage for medical, hospital, and long-term care costs. Senior life coverage can help pay for some of these costs, often times with no medical exam or health questions to get approved.
Mortgage Protection
This type of Life Insurance can help cover some of your mortgage payments, potentially helping your loved ones avoid the risk of foreclosure or selling the house.
Debts
Final Expense Coverage can alleviate accumulated debts from things like Credit Cards and Car Loans.
As you can clearly see, there are many benefits to a Funeral Life Insurance Policy.
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Here are some of the benefits of the Funeral Life Insurance plans we connect you with, and how we match you with competitive rates:
Resources
Resources to Help You Understand the Funeral Life Insurance Marketplace
Purchasing funeral insurance coverage is a complex financial decision and can be rather complicated. Coverage needs can vary greatly between individuals and families, as can their options in the marketplace. There are several types of “Funeral life insurance” products available for our aging population, and many factors to consider. You can learn more about some of the products and options available to you below and within our Resources section, and by seeking advice from a financial professional.
What is Funeral Life Insurance ?
Funeral life insurance, also referred to as burial insurance or final expense insurance, is specifically designed to cover the costs associated with a person's funeral and burial. This type of insurance ensures that the expenses for services such as the funeral, burial, and related final arrangements are financially managed, relieving the deceased's family from the immediate financial burden. It typically includes coverage for funeral service fees, casket or urn costs, burial plot expenses, and other related end-of-life costs. By securing funeral life insurance, individuals can plan for their final expenses in advance, offering peace of mind and financial security to their loved ones during a difficult time. This insurance is an essential consideration for anyone looking to ease the financial impact of their passing on their family.
There are several types of funeral life insurance, each with its own features and benefits:
Pre-need insurance is specifically intended to cover predetermined funeral expenses. These policies are typically arranged with a funeral home, which will be the beneficiary and ensure that the services are provided as planned. One key benefit is that it locks in current prices for funeral services, protecting against future cost increases.
Final expense insurance is a type of whole life insurance designed to cover end-of-life expenses, including funeral costs, medical bills, and other debts. These policies usually have lower death benefits, typically ranging from $5,000 to $25,000, and are easier to qualify for than traditional life insurance. Premiums are generally fixed, and the policy does not expire as long as premiums are paid, providing reliable coverage for final expenses.
This is a form of final expense insurance that requires the applicant to answer a few health questions but does not require a medical exam. Policies have a quick approval process, and coverage amounts are typically modest. It is easier to qualify for compared to traditional life insurance, making it suitable for those with health issues.
Guaranteed issue policies are designed for individuals who may not qualify for other types of insurance due to health reasons. They feature no health questions or medical exams required for approval. While these policies are more expensive, they provide a viable option for those with health issues, though they usually have a waiting period of 2-3 years before the full death benefit is paid out for natural causes.
While not specifically for funeral expenses, whole life insurance can be used to cover these costs. It provides lifelong coverage with a cash value component that grows over time. This type of insurance offers higher death benefits compared to final expense insurance, and the policy accumulates cash value that can be borrowed against, providing financial flexibility and long-term security for the policyholder.
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years, and is generally cheaper than whole life insurance, making it a cost-effective option for covering specific financial needs. While it is not specifically designed for funeral expenses, a term policy can be used to cover these costs if the insured passes away during the term. This makes it a versatile option for ensuring that various financial obligations, including funeral expenses, are managed during the policy's coverage period.
Funeral Insurance Rates helps connect consumers with relevant life insurance products through direct relationships with carriers, as well as brokers and brokerages who can quote and write coverage from multiple carriers. These partners have a wide range of products available to seniors, referred to more generally on this website as “Funeral Insurance.” By filling out our form, and depending on your information and our coverage in your area, you may be matched with either a direct carrier offering one or more products, like Guaranteed Issue Life Insurance, or a broker/brokerage who offers a range of products through several different carriers. Regardless of your situation, you’re in good hands with Funeral Insurance Rates!
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When considering funeral life insurance, it's essential to carefully review the terms, coverage options, premiums, and limitations of each policy. Comparing multiple insurance providers and seeking advice from a financial professional can help seniors make informed decisions based on their specific needs and budget.