Burial Life Insurance
Burial life insurance is designed to relieve financial burdens upon the
death of an individual. Burial life insurance can be designed to pay one lump sum in the event of a death directly to a funeral home or if the policy is larger ($25,000+), it can just be paid to a beneficiary who in turn will take care of burial costs and other obligations. There are no restrictions on how the money can be used but care should be taken to make sure that the policy is set up properly and paid out in the most favorable way to avoid unnecessary taxes and/or probate costs.
Type of Burial Life Insurance Plans
Burial Life insurance can come with three options, term life, whole life and universal life. Availability varies by age and health history. Universal life and Whole life insurance normally stay in force for the duration of your life. Burial term life will expire after a pre-determined amount of time or if continued past a certain term period, rates will go up (at times very high).
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No Exam Burial Life Insurance
One popular plan, particularly with Seniors 65 to 85, is no exam burial life insurance. It allows an insured to secure a life insurance policy fast and simply. In most situations only an application and a phone interview is needed. The amount of coverage may be limited to $100,000 or less.
Most importantly, burial life insurance coverage should be designed to stay in force until death. If needed, a separate policy may be considered to provide more benefits and options for policy holders.
You do not have to meet with an agent to get the plan You need. We have developed a simple method to get seniors the coverage they need without having to waste time with in house or office visits from an agent or broker.
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