2019 How does Burial Insurance work
There is one need that most everyone will have upon their time of passing – and that is final expenses.
These are the costs that are due to either the funeral home or other entity that takes care of one’s final arrangements.
And, without some type of financial plan in place, the debt to this entity will typically fall to a spouse, children, or others who are close to us at that time.
The funds that are needed can come from various sources – but ideally, an individual will have life insurance coverage such as burial insurance in place so that his or her survivors can easily pay these expenses and move forward at an already difficult time in their lives.
2019 How does Burial Insurance work
In many ways, burial insurance works like other types of life insurance policies in that an individual pays a premium to the insurance company and then, upon the insured’s passing, the insurance carrier pays out a sum of money to the named beneficiary.
Why you need Burial Insurance
The reality is that many families are not exactly prepared for the burial costs, much less all of the other expenses.
Lets face facts— most Elderly people often have to live on very tight budgets after retirement; they don’t have the expected thousand of dollars required to pay for the funeral much less anything else that may crop up. So what happens? It gets left on the back of children or a spouse.
What is Burial Insurance
Burial Insurance has been specifically designed as an affordable alternative and simple way for families to plan for all final expenses and not just the funeral and burial.
Now if we all bought cheap life insurance when we were young and actually kept it, well we wouldn’t have to worry about it now in our declining years, but if you let that policy expire, lapse or found the way to spend the money you thought you’d have, well there still is something that can help you plan for the Eventuality we will all share…
How Does Burial Insurance Work?
These final expense plans, sometimes called burial policies, are actually small and simple whole life policies from top life insurance companies.
Small policies, can be good as they are affordable and the consumer will actually get what they are promised.
These are how typical final expense insurance plans work:
- Cash benefits: These plans quickly pay cash to the beneficiaries after the death of the insured person.
- Amount of benefit: Typical policies offer from $5,000 to $50,000 in death benefits, so they can be customized for a family’s needs.
- Qualifying: The plans are usually open to applicants from about 50 years old to over age 85 .
- Health questions: Some ask a few health questions, but some ask none at all and accept all qualified applicants.
- Guaranteed – even if you are in poor health and been declined before, there are alternatives available.
- FIXED COST- Most of the plans we offer have a price that’s guaranteed never to change, so you can budget-
Once on auto pay through your bank— you set it and forget it, just make sure the family has the details!
How Much does it cost for Burial Insurance
Please go to www.MintcoFinancial.com and compare rates or call 716-565-1300 or 813-964-7100 to speak with an agent.