Why Choose Burial Insurance Over Term Life Insurance?
A term life insurance payout can be used to cover your burial expenses, so you may wonder, “Why get burial insurance at all?” The reason is that not everyone can qualify for term life insurance. The older and sicker you are, the more difficulty you will have getting approved for term life insurance unless you previously purchased a policy with an automatic option for renewal.
Not surprisingly, many Americans only begin thinking about their final costs when they retire or after a health scare. By this time, term life insurance premiums may be surprisingly high. Those who have a condition, like diabetes, or who have survived an illness like cancer will likely not qualify.
In these instances, burial insurance may offer a suitable alternative. The payouts for burial insurance are often smaller than term life insurance, but you are also more likely to receive coverage, even up to age 80! It may be the only option left to leave your family and loved ones a small financial legacy after you are gone.