Insurance exists to protect you against the adversities of life. It can help you get back on your feet despite the impacts of those adversities. Death, though, is unavoidable; there is no coming back from that. While insurance policies exist to shield your beneficiaries against it, they are not the same as burial or final expense insurance plans.
Also called funeral insurance, these plans help mitigate the impact of expenses associated with funerals. They also offer the flexibility to pay other expenses and dues depending on the policy. And there are plenty to choose from, from the likes of Opencare final expense plans and others.
Canceling the Coverage Conundrum
Once you’ve decided to buy burial insurance, you should first determine the coverage you need. This decision is easier said than done. According to expert insurance agents like Gary Cubeta from Insurance for final expenses, many things will factor into the buying process of a burial insurance. An independent agent/review will prove beneficial during this process; they/it will guide you through options like Opencare final expense plans to help get you the right coverage.
Determine the Potential Cost of the Funeral
Funerals can be quite expensive; they can cost between $2500 and $13,000. And they are only getting costlier. This cost varies based on the arrangements you’re looking for as well.
You must choose the coverage taking this cost into account. You can buy a pre-need plan, which locks in the amount into the funeral home of choice and pays them directly upon death. You can add this cost to the final coverage amount if you want more money.
Factor In Your Age
Burial insurance caters to the senior market, which is the 50-80 year demographic. Its terms and conditions make it easy for this category of people to buy the plans. As with any insurance, the sooner you buy your funeral plan, the cheaper the premium will be for you.
Inexpensive premiums will allow you to choose a higher coverage amount. While premiums for burial insurance won’t change once they are locked-in, The higher your age, the greater the amount locked-in for the same coverage. For our UK users, a good option is to compare multiple funeral plan quotes free of charge with brokerage Reassured Funerals.
Know Your Financial Situation
Your present, and projected financial situation, significantly influences the coverage amount you can opt for. Typical coverage of burial insurance falls between $5000 to $50,000. While the amount might be low, the premiums you’ll have to pay will be higher than other types of insurance.
Choose the coverage amount such that the payment of premium will be using money remaining after you’ve paid for other investments. If you don’t have other investments, or can afford higher premiums despite them, you can go with higher coverage.
The advantage of burial insurance is the lack of a medical exam to avail the policy. This facility is very beneficial to seniors who can have health complications. There are, however, caveats like having to pass a medical questionnaire round to become eligible.
If your health condition is normal, you won’t have to worry about large premiums associated with large coverage amounts. Different policies have different medical waivers for eligibility. You can get an insurance policy due to such health waivers, but the premiums will be higher than those without the condition. Such high premiums could restrict your coverage amount.
There are many burial insurance plans like Opencare final expense plans that will help with your final journey. They can leave you peaceful with the guarantee of paying the entire coverage amount you’ve chosen.