If you’ve ever explored the life insurance marketplace before, you know it’s not as simple as it sounds. There are a handful of products, and all of them sound like the same. It makes a lot of people want to pull their hair out.
We can help you compare the advantages of a variety of different types of plans to find the one that meets your needs. In this article, we are going to discuss burial insurance plans, and which types of people can take advantage of these plans.
What is Burial Insurance?
Burial insurance plans are a great option for coverage for thousands and thousands of applicants across the United States, but there are a lot of questions surrounding these plans. It’s important that you understand all of the coverage options available to you.
Burial insurance plans are a smaller version of a traditional life insurance plan, but there are several unique characteristics of these plans that can change the quality of your insurance protection.
The most notable difference between these burial insurance plans and a traditional life insurance policy is the amount of coverage that you can purchase.
With a conventional life insurance plan, you can buy several millions of dollars of coverage, but with a burial insurance plan, you’ll only be allowed to purchase around $25,000, which isn’t enough life insurance protection for most people.
Some people don’t see the purpose of a burial insurance plan because they only offer a small amount of coverage, but there are several groups of people that can take advantage of these plans.
Advantages Of Burial Insurance Plans
Because these plans are smaller, they are going to have much more affordable premiums. The more coverage that you have, the more that you’re going to pay every month for that plan. If you want to save money, these burial insurance plans can be an excellent way to do that.
Another advantage of these policies is that you can be approved for coverage, even if you’re in bad health or have pre-existing conditions. With a burial insurance plan, you won’t be required to take a medical exam. You can get approved for life insurance even if you have several pre-existing health complications such as someone needing life insurance after cancer.
Another notable advantage of these plans is that you can get approved or life insurance coverage must faster than you will with a traditional plan. Burial insurance plans let you get life insurance in hours.
Is A Burial Insurance Plan Right For Me?
Burial insurance plans can be a great option for some applicants, but they aren’t right for everyone. One of the biggest demographics that buy these are seniors seeking burial insurance plans.
Older applicants typically don’t have tons of debt or anyone that needs their paycheck every month, which means that they don’t have any need for a large life insurance policy, but they still need to account for burial fees and related expenses.
If you want to prevent your family from having to pay off your burial fees, then one of these plans is an excellent way to do that.
Another type of client that can take advantage of these plans is anyone that wants to save money on their insurance plan.
Because these plans are so much smaller, it could save you serious cash. While you can get an affordable plan, it’s important that you get enough protection for your family.
Calculating Your Burial Insurance Needs
It’s important that you ensure that you’re getting enough coverage for your loved ones. When you’re determining how much life insurance coverage your family needs without leaving them with additional expenses.
First, calculate the total of your mortgage, student loans, and other major bills. Most people want to leave their family with a legacy. You can pass on everything from your wisdom to your fine china, but you will also leave your bills.
To keep your family from having to deal with this, you should have a life insurance policy payout to leave them which can offset those bills.
Here is where you need to make some decisions. If you have loved ones who NEED your income, then a burial insurance policy is not for you. However, it’s a cheap alternative if you’re not the primary breadwinner.
If your loved ones need your paycheck every month, you aren’t done calculating yet. Now grab your monthly paycheck, and let’s multiply it. Life insurance should recoup your income for at least 5 years.
Alternatives To A Burial Insurance Plan
Now that you know some of the specifics of burial insurance, you might have decided isn’t the best choice for you. That’s okay. Let’s look at some of the other common choices.
The most common option for applicants is a traditional term life insurance plan. Because these policies are only temporary coverage, they are going to be much more efficient.
Another popular alternative is no exam plans. They are identical to a term plan, but they don’t have the medical exam restrictions. They are fast and easy to qualify for, but they are more expensive and have lower coverage limits.
Burial Insurance – What You Need To Know
Burial insurance is a truly unique kind of coverage which isn’t best for 95% of people looking for protection. If you’re in the process of looking for insurance protection, but you don’t know which way to turn, let us know.
We aren’t the traditional insurance agents you’ve worked within the past. We are much more versatile. Every insurance agent is going to say they are the best choice and want to help, but where we are different is our ability to give you more than one quote.
In just a few minutes we can offer you quotes and comparisons from over 30 companies. Talk about saving time.