While most people associate home health care with the elderly or dying, it also covers people who cannot live on their own or care for themselves due to some form of disability. You may be thinking that this group of individuals would not be able to obtain burial insurance. While the options are limited, unlike certain life insurance policies, burial insurance is available for everyone.
Burial Insurance Benefits: How It Works
Burial Insurance, also known as, funeral insurance or final expenses insurance, is an ideal insurance for those 50 years or older. Burial Insurance is the type of policy that is permanent coverage as opposed to term. This means that as long as you pay your premiums, the policy will not expire. There are two benefit levels:
- Level Benefit: This means the full face amount of the policy you have chosen will be in effect from the day you are approved. To qualify you must have impairments or health that is controlled with medications, etc.
- Graded Benefit: Graded benefit plans have a 24 month waiting period before the policy is enforced. This is for those with severe health issues. For someone with a serious health impairment this is the best plan to choose. Should you die before the 24 month period is over, the carrier will return the premiums with added interested. While most graded benefit plans are more expensive, it is a way to make sure your family is provided for when you die.
Which option you choose depends entirely on your family’s needs.
Do I Need Burial Insurance?
Burial insurance is an excellent choice for elderly Americans to either supplement their current insurance or to make sure that their loved ones do not have to bear the burden of often exorbitant funeral costs. So of the benefits include:
- There is no age limit to apply for burial insurance
- There is no medical examination
- Reasonable premiums
- Monthly payments
- You can choose a beneficiary or pay the funeral home directly.
- The amount you choose is determined by the funeral you wish to have.
If you have not been involved with planning a funeral lately, the costs incurred are high and there are many items that one does not think of when they think of a funeral and burial.
The Cost Of a Funeral Is Shocking
When thinking of a funeral, most people think of the funeral cost, casket, plot, headstone. It then becomes a shock when the grieving family realizes they have to make quick and often costly decisions while also dealing with the stress and grief of the loss of their loved one.
Here are some commonly overlooked funeral costs:
- The cost of an obituary with averages around $110
- The filing fees for the death certificates and notifications
- The cost of the Hearse is around $250 and each car for the family and clergy $125
- The cost of the vault which depends on the cemetery
- Graveside services
- Opening and closing the grave
- Setting the headstone.
- Any catering of food after the service
- Thank you notes can cost over $100
Even a conservative funeral can quickly add up to $14,000.00. Where will that money come from? You owe it to yourself and your family to take steps to make your passing dignified and with minimum stress for your grieving family. The best step to take is obtaining a burial insurance policy.