Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Funeral Insurance: Essential Facts
Many people don’t like to consider their final moments on earth. Funeral insurance provides beneficiaries with funds to cover final expenses after the passing of the policyholder. Burial protection policies, while similar, only cover the funeral itself, whereas funeral insurance can cover debt repayments and other costs.
Burial costs have increased a lot over the last couple of years. It can easily turn into an awkward moment when someone has to pay for it out of their own pockets. It is for sure that nobody would run away from the responsibility. It does not come across as an encouraging sign that the deceased had not bought funeral insurance. Financial consideration can include such things as purchasing burial plots choosing a burial casket, repaying creditor debts, etc.
Generally speaking, burial coverage plans can be purchased between the ages of fifty and eighty. There are two types of burial plan: Guaranteed burial and simplified burial coverage. People who have been suffering from specific health conditions find it to be an exciting option.
Premium repayments will be slightly more expensive than simplified burial plans. You need to wait for a certain period of time before applying for the claim. In cases where policyholders expire before the completion of waiting period, there is an option for the amount (payment) to be refunded.
Simplified policies are for healthy individuals who wish to plan for their funeral, so their dependents aren’t left with the burden. Regular repayments will be less than the guaranteed counterpart, as simplified policyholders are expected to have a greater lifespan. You would receive the due amount once the claim is made.
The application process is straightforward. There will be a form to submit which may be followed up with an interview over the phone. There would be few questions asked depending on the type of insurance plan bought. In the event that they don’t ask this, the provider may request you to wait for some time (waiting period).
Once a policyholder expires, their beneficiaries receive a lump sum payout. Joint burial policies can be bought by married couples, but the amount would only be paid for one of the spouses’ deaths. The subsequent death will not be covered under the policy.
Funeral insurance policies are fairly safe. Premiums will usually remain static for the duration of the policyholder’s lifetime. Benefits cannot be reduced over the course of the policy and cancellation can only occur if premium repayments aren’t met or the company suspects fraudulent conduct.