Burial insurance or funeral insurance is relatively costs low as compare to other insurance plans. Some companies offers burial insurance with no physical (medical) investigation of death body because the person was insured legally and company protects the body and pay burial expenses. The death of your family member is obviously a difficult and hurting moment and burial can also be expensive. So, this insurance policy provides and pays the cost of burial depending on the average burial cost in your country. The burial expenses generally include the following requirements:
- Place for grave.
- Digging cost.
- Burial container.
- Casket with headstone.
- Grave inner and outer lines.
- Funeral lounge.
- Funeral fee.
I will mention few helpful tips that will guide you to buy this insurance. In this insurance policy there are two options:
- Graded.
- Immediate.
1. Immediate payment:
The burial insurance pays the funds after the death of policy holder. So, if you had $20,000 burial insurance policy then after your death exact $20,000 is paid to beneficiary for the funeral expenses.
2. Graded payment:
If you have graded policy after your death, the beneficiary will get only a fixed percentage of the cost mentioned in policy. For example, the policy might be fixed to payout 30% of overall value but case is that the insured person dies within the first year of insurance, 50%if insurer dies within the 2nd year , 75% if insurer die in the 3rd year and full policy cost paid to beneficiary if insurer dies after 4th year. In this way, policy would pay you valuable amount for burial expenditure after getting this policy and so on.
3. Age:
Age factor matters in insurance policy, with the increasing age you are going to pay more for insurance. For lowest premium cost, medical exam is essential to get policy. Here we also have policies that do not require medical examination but these policies are quite expensive.
Conclusion:
Burial insurance helps a lot because everyone does not have enough cash on hand for funeral expenses. For this reason, people try to get a best plan to ensure their family comfort after death of insurer. In this article we have mentioned the benefits of this policy so that you can easily understand the criteria and advantages of funeral insurance given to your family after your death.
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