Burial insurance is a kind of whole life insurance, and like other life insurance policies it pays to your chosen benefactor after you die. However, in this case, the policy only covers final expenses like funeral, burial, or cremation costs, and possibly legal fees for carrying out the will. Since the covered costs don’t change based on how long you live, you don’t have to get a full medical exam like you do for other life insurance. However, you can still get a better policy for a lower rate by making a few important decisions.
Insurance companies want to make a profit. To do so, they carefully calculate the odds of something happening to their policyholders and choose a premium amount that will make them more money than what they eventually pay out. Since you are less likely to die soon when you’re younger, that means you can get a lower premium if you sign up for burial insurance while you’re still in your 60s.
In general, if you want to live a long and healthy life you should exercise for at least 30 minutes every day. You can get better results by exercising for longer or performing a more difficult routine, but even a daily walk through the neighborhood is better than sitting at home every day. Senior citizens don’t get nearly as much exercise as they should, and so getting in those 30 minutes will both improve your health and decrease the premiums you’ll need to pay for health and burial insurance.
The other pillar of health is a good diet, and like exercise it’s not nearly as common as it ought to be among seniors. Eating well means balancing your intake of fats, carbohydrates, and proteins, and it means staying away from big meals and processed foods that give you too many calories and not enough nutrients. This probably won’t change your burial insurance premiums directly, but it can have a huge impact on your health and lower your payments by lowering your risk levels.
Tobacco products of every kind are very hazardous to your health. Whether it’s cigarettes, cigars, pipe smoke, snuff, or chewing tobacco, every product increases your risk of cancer and other illnesses. Because of this, one of the questions just about every burial insurance policy will ask is whether you use tobacco. Quitting tobacco can be difficult, but fortunately, it’s never too late and you can get better premium rates for burial insurance if you pull it off.
Burial insurance isn’t as involved as other forms of life insurance, and you can get a guaranteed policy no matter what your current health looks like. Still, you can get a better policy with a lower premium by buying it while you’re still healthy and then living long enough for the full amount to kick in. It’s good for you, good for your health, and good for your family, so live well and check out the burial insurance options with your local insurance broker.