Case Study: My Experience With Options

November 24, 2018

Financial

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Benefits of Burial Insurance

There are allot of expenses involved when it comes to burials. This is due to the fact that the costs needed keeps accumulating. For instance flowers, a head stone and announcements have to be paid for. Death is inevitable and unplanned and therefore most families are not ready. All these expenses will be taken care of when you have a burial insurance policy. Qualifying for a burial insurance is very easy and it doesn’t require many requirements. This cannot be compared to regular life insurance because there is a lot of requirements required. The final expenses in this case on not require a medical exam. This means anyone with health related issues will also benefit from burial insurance. This can be very convenient for people who are afraid of needles. You will however have to fill a questionnaire. This will include answering questions like your age, weight and gender. Your policy will be approved within no time because the process is very simple. You can go ahead and decide how you will be paying premiums once your policy is approved.

Once the insured dies all the burial insurance benefits will be passed to a beneficiary. Burial insurance is a type of permanent insurance. Burial insurance does not have a specific term. In this case the policy will never expire if you will always remember to pay the premiums on time. There are cash value benefits you will enjoy from burial insurance. This will help you in building tax deferred savings. When you are having an emergency you will be able to withdraw the money against the policy. It can be of great benefit if you apply for a burial insurance policy when you are young. The premiums you will be paying in this case will definitely be lower.

With burial insurance you will enjoy a level benefit policy. In a case where a full amount of the policy remains in action this will definitely apply. This is after the application has been approved. Grade insurance policy is another benefit of burial insurance. Before the full amount will be in action you will have to wait for two years. In case the insured dies during this time the carrier will be required to return the premiums. He will then add interest to the amount that was refunded. You can enjoy the graded benefit policy more if you are having health issues and impairments. Insurance companies cannot ask you any health questions as long as you are above 40 years. You will also not be denied the benefits of the plan in this case. This is why a lot of people are now interested in having a burial insurance.

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