Planning for your burial relieves the stress and burden on the family. With planning comes choosing the right insurance coverage. Many older adults buy an insurance policy for the purpose of covering the funeral expenses with the intent of easing the stress of their family at the time of their death. One form of life insurance that specifically addresses this concern is Gerber burial insurance. It is also referred to as final expense insurance and funeral insurance.
How Does It Work?
Burial insurance mostly targets those 50 years old and above, those who are in poor health, and those with a limited budget. This insurance policy typically does not expire as long as the policyholders pay their premiums consistently. It is ideal for people who have no other life insurance or no savings that they could leave their family for funeral expenses.
In general, burial insurance policies do not require the applicant to take a medical exam. The insurer will only ask a few questions regarding your health, or not at all. Your gender and age are major determiners of the policy rates.
Burial insurance typically falls under these classifications of whole insurance:
- Simplified issue. The application for this whole insurance does not need a medical exam but has a few health questions. For example, do you have HIV, or are you staying in a nursing facility? The short questionnaire enables the insurer to create a death benefit and premium for you, including risk assessment, depending on your answers.
- Guaranteed issue. In this life insurance policy, there are no medical exam or health questions needed during the application. But make sure to completely understand the waiting period and consider if it is the right policy for a senior who is suffering from a serious health condition.
One important thing to keep in mind is that burial expenses have no rules on how the policyholder or the beneficiary will spend the money. But the majority of people buy insurance policy products like Gerber burial insurance to ensure that there is enough money to cover the cost of burial, funeral home, memorial service, cremation facility, etc. The beneficiary will fulfill the final plans in the event of the death of the senior policyholder.
These life insurance policies also come with cash value savings, in which you can take advantage of tax-deferred funds. It is also possible to borrow or withdraw funds from the policy whenever it is necessary. Note that unpaid loans and withdrawal of funds impact the death benefit of the policy.
What Are the Benefits Of Burial Insurance?
The process will be much easier for grieving family members. When a loved one passes away, the remaining family members often view the funeral and burial services as a chance to express their love one last time. However, the intent sometimes makes the family spend money on funeral and related expenses more than they can afford. As a result, it brings about an awkward and more stressful situation for the family. By investing in burial insurance, you are making your final journey financially and emotionally easier for you and your loved ones.
Your funeral will be a representation of who you were while alive. When you obtain burial insurance, it removes any worries you have, for example, if your funeral ceremony will transpire the way you want it to be. It will showcase your values and character. This insurance plan allows you to inform your ideas and wishes to your beneficiary regarding the funeral service you want.
Your remaining family members will have immediate funds for your funeral. Grieving for the death of a loved one often weakens the rest of the family, and budgeting on the existing money could make the situation worse. If everyone is unsure of what to do next or how to approach the whole situation, the financial aspect of the funeral service will make them more nervous and anxious. With burial insurance, the insurer will give your family members the available funds so they can make the necessary arrangements and grant your wishes regarding your funeral.
On the whole, procuring a life insurance policy for yourself like Gerber burial insurance is beneficial for everybody. This final expense or funeral insurance is an excellent option to make sure your funeral will go according to plan. If you have decided to purchase burial insurance, look for a reputable insurance company with experienced and knowledgeable agents who can explain what the policy is all about and answer any questions you have.
