There are loads of reasons as to why a person should purchase burial insurance in their 40s rather than waiting until later on in life. Regardless of when an individual decides to buy coverage, the investment can prove to be worthwhile in the end though. Therefore, before getting to the why candidates should obtain a policy, first, this post will explain what burial insurance is.
Some Ins And Outs Of Burial Insurance
Burial insurance is a product that is used to pay for expenses associated with funerals. It is not intended to cover a survivor's college tuition, living costs, or other non-burial or cremation-related fees. These policies are typically available to persons 45 to 85, and they usually have face values between $2,000 and $25,000. These thousands of dollars are necessary as burial and cremation costs have risen steadily in the past decade, more so than the prices linked to college or healthcare.
According to the NFDA, the National Funeral Directors Association, the median cost of a funeral, viewing, and burial in 2014 was $7,181. Meanwhile, by 2017, the national average price for the same services rose to $7,360. Cremation is becoming increasingly more popular in the United States as it is often thought of as a cheaper option. However, it is not always an extremely budget-friendly selection. The NFDA research states that an adult funeral, viewing, and cremation was $6,078 in 2014 and $6,260 by the time 2017 came around.
One Excellent Reason To Buy Burial Insurance In Your 40s
It can be difficult for families to come up with the substantial sums mentioned above after a loved one passes away. Unfortunately, death does not always give people notice before it comes calling. In many cases, car accidents, fires, carbon monoxide poisoning, and other things claim the lives of individuals before their time. In other words, unexpected passings happen, and they can leave your family unprepared to pay for the final expenses. So, with any luck, obtaining a policy in your 40s will assure that money woes don't befall your people should something sudden and unforeseen occur.
Yet, Another Reason For Persons In Their 40s To Obtain Coverage
Burial insurance is extremely easy to qualify for, and almost everybody gets approved. There is not a medical exam required, which means no needles or physicals. Rather, applicants merely have to answer a questionnaire and often complete a phone interview with the insurer. Age is one of the things that determine the premium amount. Although serious conditions and other habits like smoking may affect the cost as well.
Still, burial insurance premiums don't rise, so if you purchase a plan in your 40s, you will get a better deal than if you were to wait until let's say 65. The monthly bills are much more affordable than those of some other insurances. So, regardless of how much of a payout a person wants, they can surely find a friendly option that won't throw a wrench into their budget. Thus, it is a good idea to purchase a plan sooner rather than later.
People that are in their 40s should give us a call to get their burial insurance quote.