What is burial insurance?
Burial insurance is a type of life insurance policy that is intended to cover the funeral expenses of the insured upon death. The purpose of this type of insurance is to cover funeral costs, which is rising every day. It covers the cost of funeral service, casket, cemetery plot and headstone, funeral procession and other miscellaneous costs. Premiums for this type of insurance do not change and the policy provides permanent coverage.
What are the benefits of burial insurance policy?
Burial insurance policy has many benefits. Have a look at some key benefits.
The premiums of burial insurance are low as compared to other life insurance policies. If you only want to cover your funeral expenses, buying whole life insurance or universal life insurance will not be beneficial for you. Burial life insurance will get the same thing addressed at far lower prices.
Easy to qualify
One can easily qualify for burial insurance in Texas ( harringroup/Burial-Insurance ). It does not require a medical examination, and acceptance is guaranteed. Even those in poor health or have some serious health conditions can qualify for life insurance. It means the pool of insured people is at higher risk. That’s why coverage is not so high in the burial insurance but sufficient enough to cover the burial expenses.
The burial insurance policy usually purchased for small amounts, such as $5000 to $10000. As a result, premiums will not be too high. This amount is sufficient to cover your funeral expenses. More importantly, it is a type of permanent life insurance policy. It means you are guaranteed the identified coverage upon death. Like term life insurance policy, it does not have an expiry period.
Is burial insurance a good choice for you?
It depends entirely on your situation. If you want to buy it for aged members of the family to cover their burial expenses, it is a good way to pre-arrange the funds. However, if you are looking for a long term policy for the next 20 to 30 years, then other life insurance policies will serve you better. Burial life insurance is usually purchased when death is expected in the next few years and seen as a token of love for your loved ones so that they don’t have to struggle to manage their funeral expenses.
So these are a few basic things you need to know about burial insurance in Texas ( harringroup.com ).