Burial insurance is a specially made tool to help the loved ones of a person pay for most of the expenses that come after their deaths. This is a separate policy and is considered as a small insurance policy which is used to cover any costs including debts and funerals of that person. Sometimes this Burial Insurance includes the funeral, hospital bills, credit bills and even debts in some cases. These policies are a best and affordable way to help them pay for your expenses and not burden them.
Theses insurance has a minimum age of about 50 to have benefited from them; they also have a maximum age beyond which a person cannot enroll in this insurance program. The benefits of these burial plans are usually around 10,000$; they usually start as low as 5,000$ and as high as 25,000$.
Advantage of having a burial Insurance
One of the main advantages of Burial Insurance over normal Life insurance is that as one personage, they have to pay a hefty premium to stay on the list. This is also much difficult for those with some health issues as they will have to pay sometimes more than twice to five times the normal rate, this can drain the life savings very quickly and can damage any retirement plans of the people.
There are also some special benefits for burial plans as usually life insurance needs your body to be cremated, while Burial insurance has some wide selection to choose from including buried, shot off into space, compressed into a diamond and many more.
These plans also have easy steps for one to enroll into it and also have simpler costs and are effective for retired people. The premium one has to pay on the life insurance plans are always way higher, and it is sometimes impossible to pay them with having some left for your monthly expenses.
Costs of a burial Insurance
These are one of the cheapest insurance policies that are available for senior citizens as the normal ones start to get expensive and become near to 200$ by the time someone reaches 70+ years. These plans start at around 70+$ per month at 50 years and rarely crosses 100$ when one is above 80 years.
Another cost reduction is the lack of medical examination every year, and it is very simple to apply. The life insurance needs one to have a checkup once every year and twice for the premium users, the cost of medical checkup can cross more than 200$ in some cases.