What is Burial Insurance, And who Should Buy It?
According to the Insurance Information Institute the following in an explanation of what burial insurance is all about. As you can see it is for a family or an individual to cover the costs of the final expenses.
“Burial insurance” usually refers to a whole life insurance policy with a death benefit of from $5,000 to $25,000. As its nickname implies, people buy this type of policy to provide money for funeral and burial costs for themselves and/or family members. It is possible to buy a policy after answering a few health-related questions on the application and with no medical exam.
Premiums are payable weekly or monthly. The premium is usually collected at the policyowner’s home or workplace, and the premium is usually a small round number, such as $2 or $3 per week; the death benefit is whatever that premium will buy given the insured’s current age. For example, a $3 per week premium might buy a $6,000 death benefit for a 36-year-old man or an $18,000 death benefit for a 9-year-old boy.”
Burial policies may be designed to cover one person or a family, including seniors and all ages and it is up to you to decide what is best for your particular situation. We can help you so give us a call and it is simple to set up.
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