Burial insurance also referred to as final or funeral expense insurance, is a type of coverage that helps families cater for burial expenses. It can also be defined as whole life insurance. It’s designed to cover the full costs of the funeral service and any outstanding bills.
Final expense insurance is a permanent plan. This means that it is designed to last for a lifetime, unlike standard life insurance policies. Some insurance companies would like to sell burial insurance like life insurance, which is not the case.
However, companies like Royal Neighbors offer some of the best funeral expense insurance plans. If you are looking to get covered under this policy, start by looking at Royal Neighbors quick quote.
The difference between life insurance and final expense insurance
Most people suggest that final expense insurance is a type of life insurance. They are sometimes known as whole life insurance. However, below are some primary differences between final expense and life insurance.
- Final expense or burial insurance offers much smaller benefits than conventional life insurance.
- Final expense insurance is not designed to benefit the beneficiaries of the deceased. It’s designed to help pay off the deceased’s debts, medical bills, mortgage, personal loans, and burial expenses.
- Burial insurance is permanent.
Who can apply for burial and final expense insurance?
One of the impressive things about this type of insurance is that anyone between 0-89 ears can apply.
There are also no gender limitations. However, depending on the type of plan, there are some eligibility factors. These factors include;
- Age- some companies and plans do not offer this insurance to people of all ages.
- Residence- the state of residence is also a significant factor. For instance, some burial insurance plans are not legal or approved in some states.
- Health- some companies may gauge eligibility depending on someone’s health plan. However, this is not the case with most companies.
What are the benefits of burial and final expense insurance?
Some of the main benefits of this type of insurance are:
- It does not expire due to age.
- Most companies offer a fixed monthly premium. For instance, if you go through Royal Neighbor’s quick quote, you will see that the price will never increase for any reason.
- You do not need to get a medical examination to apply for this type of insurance.
What happens if you take a final insurance cover?
When you die, the company that provides the final insurance cover will check up on your assigned beneficiaries. The money will be given to them. The beneficiaries are allowed to use the money as they see fit.
For instance, your family can use it to cover the funeral expenses. If any of the money is left unused, the family can keep it.
Burial insurance is most suited for senior adults from 50-80 years old. However, most insurance providers offer this type of insurance to people as young as 30 years old. The amount of premiums you pay for this type of insurance depends on your age, gender, and policy size.
If you think this insurance would benefit your family, take a look at Royal Neighbors quick quote to get started.