Thrive II Preview

The Benefits of Buying Burial Insurance to Take Care of Your Funeral

Posted by on October 30, 2020 in Stuff with 0 Comments

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.

Tags: , ,

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Subscribe via RSS Feed Connect on YouTube

New Title

NOTE: Email is optional. Do NOT enter it if you do NOT want it displayed.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FAIR USE NOTICE. Many of the articles on this site contain copyrighted material whose use has not been specifically authorized by the copyright owner. We are making this material available in an effort to advance the understanding of environmental issues, human rights, economic and political democracy, and issues of social justice. We believe this constitutes a 'fair use' of the copyrighted material as provided for in Section 107 of the US Copyright Law which contains a list of the various purposes for which the reproduction of a particular work may be considered fair, such as criticism, comment, news reporting, teaching, scholarship, and research. If you wish to use such copyrighted material for purposes of your own that go beyond 'fair use'...you must obtain permission from the copyright owner. And, if you are a copyright owner who wishes to have your content removed, let us know via the "Contact Us" link at the top of the site, and we will promptly remove it.

The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Conscious Life News assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms.

Paid advertising on Conscious Life News may not represent the views and opinions of this website and its contributors. No endorsement of products and services advertised is either expressed or implied.
Top
Send this to a friend