What Affects the Burial Insurance Rates and How to Find the Right Policy

Burial insurance can help your loved ones take care of the final rites expenses after you are gone. This insurance is preferred by those who want to make sure that certain rituals are performed after their demise, but without their loved ones having to bear the financial costs. 

There are many insurance providers out there. You can check out burial insurance rates from the firm of Gary. P. Cubeta of Insurance for Final Expense, among others. 

Here are some of the factors based on which the rates might differ and a brief overview of how you can find the right policy. The following factors determine burial insurance premiums. 

  • Gender

Some insurance companies charge higher premiums from men than they do for women because women are scientifically proven to live longer. 

  • Age

The higher the age, the greater would be the premium amount for burial insurance. However, burial insurance premium amounts are quite low in general compared to most other forms of insurance. 

  • Payout Amount 

The size of the burial insurance would determine how much you pay for your premium. The greater the payout amount, the larger your premium will be. 

How to Find the Right Policy?

In the first step, you should calculate how much you will need to cover the end-of-life expenses. Ensure you take into account all the expenses that are associated with funerals at this time. 

Venue for the memorial, the burial rituals, paying for the casket, medical bills, legal costs, if any- you should account for all these factors while calculating your final expenses. Speak to your beneficiaries if you want them to pay any dues or bills after your death from the payout. 

 

  • Level Premiums

It would help if you ideally look for an insurance policy that offers level premiums. The rates of premiums will remain fixed and won’t increase as you grow older. Many insurance companies offer fixed rates of premiums because they know senior citizens mostly pay for their premiums from their pension plans. 

 

  • Medical Examination

Most burial insurance policies require no medical exams for getting approval. However, you might have to answer health-related questions in case of an underwritten policy. With guaranteed issue insurance, almost anyone is eligible to buy final expense insurance without answering any medical questions. However, the premium rates are higher than other kinds of burial insurance. 

 

  • Whole Life Policy

While looking for burial insurance, try to look for a whole life policy. This accumulates cash values, and it stays valid till the end of the insured person’s life. You can keep on enjoying the benefits till the end of life. However, bear in mind that funeral policies are designed to cover only final expenses and carry low coverage. If you are looking for a payout large enough to cover your family’s expenses after you, then you should opt for regular life insurance. 

 

  • Request a Quote 

You should always request a quote from three or more burial insurance providers. Your insurance needs might be very different from the next person, and you should have a clear idea about how various insurance providers will charge you. You can also go through online reviews to check out what the other users have to say about a particular burial insurance provider’s charges. 

 

  • Complying with Regulations 

Although some burial insurance providers will indeed give you insurance at very low rates, there is nothing like a great deal. So, be wary of those who promise you excellent deals on burial insurance because this is a highly regulated product. 

The policies and rates have to be filed on a state-by-state basis. Since state regulations differ for funeral insurances, the rates will also vary. It is a good idea to research the company before signing on the dotted line. 

 

  • Flexible Payment 

Paying for premiums regularly can be somewhat financially burdening for an older adult. Choose a plan where you can pay premiums according to your convenience, as in monthly installments, quarterly installments, or by paying a lump sum amount annually. 

It would help if you also considered whether buying a Term Life policy is better than a Whole Life policy as they are less expensive. However, if the policy terminates before you die, you are left with no coverage. Hence, consider all aspects before deciding on a payment plan.

Use your discretion and opt for a licensed and reputed burial insurance service provider with so many factors to consider. The right provider, like Gary P. Cubeta and his firm, Insurance for Final Expense, can guide you through all the paperwork and advise you about the burial insurance rates and payment options. 

You do not have to worry about a thing with the right provider, and you can depart from this world on your terms. 

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