Burial insurance, also called final expense insurance or burial insurance, is a need insurance that helps a lot in providing adequate maintenance for funeral expenses without imposing a huge financial burden on the family. In addition, funeral insurance can be used to cover other expenses, including credit card debt. Therefore, relatives will not have to pay the debt. This type of insurance offers guaranteed acceptance; therefore, this is a good option, especially if you have been denied life insurance several times due to illness or age. However, illness or age is taken into account when determining the premiums to be paid.
To buy burial insurance you need the following:
Before buying burial insurance, you must make sure you can present the insurance premiums to be paid. Having the necessary funds will allow you not to delay payments. Failure to complete your part of the transaction allows the company to terminate the contract. As a result, you may lose the money you sent previously. Therefore, it is advisable to carefully select the amortization period. Be sure to choose a time when you are sure of the availability of money. Therefore, most people often choose a monthly payment term. Paying your premiums weekly can be a daunting task.
- The right to participate.
Although the burial insurance has a guaranteed acceptance, the health and the age of the person are considered to determine the price of the policy. Some companies offer insurance coverage for people between 0 and 85 years, while others offer insurance coverage for people between 17 and 85 years, and in some cases are eligible for 90 years. In addition, some companies do not prescribe a medical examination, but are considering the opportunity to ask some basic questions about health. Therefore, you must be prepared to answer questions honestly. You do not want the beneficiaries to be in a position where the insurance company does not want to comply with the requirements due to the insurer’s dishonesty.
- Legal status
Most companies want to deal with people who have a valid status. Every company wants to attract a person who is legally in the country and a person who can’t bring up so many issues to the company. They would like to avoid as much as possible a person who is hiding from justice. It is important not to make mistakes in the law since you will end up facing it.