Home Owner Insurance – Why You Need It and Don't

Author: Patricia C Jordanbr
Source: ezinearticles.combr
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Funeral insurance policies cover the cost of funeral arrangements and services. This type of insurance has taken on different names over the years and can cover different types of expenses. Some of the more common names are: Senior Life Insurance, Pre-Need Insurance, Burial Insurance, and Final Expense Insurance.

What Does It Cover?

When you purchase a funeral insurance policy, better known as a burial policy, your funeral is essentially paid for in advance. The policy is designed to cover all of the expenses incurred during a funeral, and you can even take your policy to a funeral home that you choose and pick everything out. These expenses typically involve burial plots, caskets, urns, headstones, funeral vehicles, and embalming services. Some policies even include coverage for flowers, digging and filling the burial plot. Funeral home insurance policies are good for people who would like to spare their family and loved ones the financial burden and stress of coordinating a funeral in a time of grief.

Do I Have to Use It for A Funeral?

Your family will probably use a majority of the money to pay for your funeral because a funeral can easily cost $8,000 to $10,000, but not every penny has to be used that way. Burial Insurance offers freedom and flexibility to cover any debts or outstanding obligations of the estate. This can include final bills, taxes, probate costs, attorneys fees, etc. The beneficiary is issued a check and they can use the funds as they see fit.

How Do I Qualify for This Type of Policy?

Burial insurance policies are simplified issue whole life policies. This means that there is no medical examination involved. The application usually has a short health questionnaire as well as some basic demographic information. The face amounts usually range from $3,000 to $25,000 and the qualifying ages are 50 to 85. Because they are whole life policies, the premiums never increase and the policy builds cash value as you pay your premiums. This is valuable to some people because as their needs change over the years, and the funds can be accessed or redirected as one would see fit.

How Much Will It Cost?

You should speak with a licensed agent if you are ready to buy a burial policy. An experienced agent will work with multiple companies so they can tell you which company has the best rates for your particular situation. If you have some health problems, then your agent can also give you some advice on which companies have the highest likelihood approving you, with the lowest cost.

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