The following are fifteen reasons to keep in mind if you are deciding whether or not to purchase a burial insurance plan for future financial stability.
1. Coverage for your parents or spouse
It is possible − with permission − to obtain a burial insurance policy for your parents and you can pay the premium for them. It can go to cover your parents for their final expenses, including their burial or cremation.
2. Coverage for teenagers
If you have children or even grandchildren, you will find that burial insurance does not have any coverage limitations. There is also no medical exam or other tests necessary for coverage, so even teenagers and younger people can qualify.
3. Financial stability for yourself and your siblings
If your siblings have a hard time making ends meet, then burial insurance is just one way you and your family can prepare for the future.
4. Smokers can qualify for good rates
Even smokers can qualify for good rates. However, if you plan on smoking within the next three years, you can gain access to non-smoking rates.
5. Patients with health complications can qualify
You can qualify no matter what your current health condition is. This means that even diabetics, insulin users, and those who suffer from COPD, asthma, or even chronic lung disease, are also eligible.
6. Choose your own beneficiary
Funeral home policies state that the home is the beneficiary. With this insurance, you have the control over who your beneficiary is, and the insurance company cannot force you to choose one person over another.
7. Not limited to a one size fits all approach
Burial insurance is competitively priced and provides you with several options for coverage to choose from so you can better tailor your coverage to fit your needs.
8. Protection against inflation
While funeral costs continue to rise, burial insurance policies will offer you a policy and will lock those rates so that they will never increase.
9. Burial insurance builds cash value
Burial insurance builds cash value, and you can even borrow from this cash value over time, and it is your choice how you use the money.
10. You never outlive your burial insurance
There is no cancellation date for this kind of policy. A burial insurance policy designed for whole life is guaranteed as long as you continue to pay the premiums.
11. Offers an affordable backup plan
If your health becomes worse, your burial insurance plan stays the same. It is a good solution for when the unexpected happens.
12. Fixed income friendly
If you are on a fixed income, it is still possible to find an affordable burial insurance plan for your needs. With fixed rates, you won't have to worry about having to drop the plan if it becomes too expensive.
13. Easier underwriting
It is not like fully underwritten life insurance, so burial insurance is an easier approval process and covers a host of different medical conditions as well.
14. Relieve the burden your loved ones may face
Burial insurance helps to relieve the financial burden your loved ones may have to face following your passing. It takes care of your final expenses, so they don't have to worry about where the money is going to come from.
15. Maintain control
Finally, with a burial insurance policy, you can begin the first steps toward planning your final arrangements. You can make sure that your final wishes will be honored and maintain the control over the arrangements.