For many older clients, paying for an expensive funeral is usually the sole reason to purchase a burial insurance policy. Burial insurance is generally sold to individuals who are in poor health and not always in good health, and also who do not have other life coverage or savings that a younger family would utilize for funeral expenses. These individuals may also be individuals who have made several insurance claims in the past. They may also be individuals who, for whatever reason, have run up large bills that their insurance provider does not cover. Regardless of why the individual purchases burial insurance, they understand that it's needed to pay for final expenses. As an example, let's say that you purchase burial insurance so that you will be able to pay for your loved one's funeral. However, before you pass away, you decide to take out another life insurance policy to cover the cremation expenses. While you are alive, the second policy covers those cremation expenses. When you pass away, the first policy becomes null and void because you did not pay for it while you were alive. Visit https://paradigmlife.net/blog/burial-insurance-best-policies-for-final-expenses/. In addition, when purchasing burial insurance coverage, you may want to consider purchasing a non-life policy that will cover both your burial expenses and the cremation. The advantage of this is that if you pass away, the non-life policy will pay for your funeral expenses. Burial insurance does not provide coverage for gifts, decorations, or plot fees. This type of non-life policy is more appropriate for individuals with a large estate because they can redirect the bulk of the money towards the funeral expenses and then spend the rest of the estate as they see fit. This can ensure that your family receives the best funeral services possible and that they are not burdened with debts from the funeral. Burial benefits are not limited to life insurance policies. In fact, if you have a home equity loan, it may be possible to convert the loan into cash value at your death and take out a final expense insurance policy that will also cover the burial expenses. There are even "parked" benefit plans available through some banks, which allow you to store your money in a trust and take out a final expense insurance policy in the event that you pass away and no longer require the services of a family member. The benefit policy is similar to the burial insurance, except that it does not require life insurance to cover the expenses. How does burial insurance work? Basically, when you pass away, your family will receive whatever is left of your assets, including the final expense insurance. It is important to remember that the value of your assets will decrease over time, since you will eventually cease to live. Therefore, it is important that you obtain burial insurance to cover the final expenses and the cost of having a burial. Burial benefits will typically provide the name of the funeral director, the date of service, officiant, flower arrangement, music, and photos. See https://paradigmlife.net/blog/joint-life-insurance-guide-checklist/. When you are looking for burial insurance, it is important to examine the different options available and find the policy that best fits your budget and meets your needs. Some policies offer extras such as covering funeral expenses up to the amount of life insurance coverage you have chosen. Some policies provide for direct deposit of your funeral costs directly into a trust, while others typically require a card or debit card to be issued by the funeral home. See more here: https://youtu.be/4DsrGME20BE
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