During your youthful years, this product may not seem as essential, but as you age, it becomes increasingly evident that burial insurance cover is crucial. This product is specifically designed for individuals within the range of 55 to 80 years old.
Over the years, more people, young and old, are increasingly deciding to purchase such a product. There are plenty of insurance firms offering this policy; one of the most popular ones is the burial insurance AARP cover.
This policy isn’t for individuals who have just started life, saving for mortgages, and for the kid’s college. It’s mostly popular with senior citizens looking to limit their loved ones’ financial burden in the event of their demise.
In the US, 55% of Americans have visited a life insurance company website at some point. But the most popular means of purchasing such an insurance cover remains in person, with a good majority of them attributing it to pay for one’s burial costs and final expense as the reason for owning this policy.
How Does This Policy Work?
As the name suggests, this policy serves to cover funeral and burial costs. Despite being meant for the elderly, this insurance product doesn’t require any medical tests before the policy goes into effect. All that’s needed are answers to a short questionnaire.
Burial insurance comes in a variety of two whole life insurance products. These are:
- Guaranteed issue life insurance
As a whole life insurance product, there’s no requirement for health qualifications. In most cases, the only caveat is that there’s a waiting period, but it offers a premium of up to 10% in instances where the insured dies during this period.
- Simplified issue life insurance
Just as with its counterpart, there is a minimum to no medical requirements. It offers quick limited life insurance without the 4 to 8 week waiting period. This means you can have the policy in a matter of days, not weeks.
Average Cost Of A Burial Insurance
The cost of burial insurance is relatively high, thanks to applicants not having to undergo medical tests. In most cases, the average 50-year-old male can get a policy worth $100,000 policy lasting 30 years for less than the cost of $10,000 in burial insurance, with male applicants paying more than their female counterparts.
What To Consider
There are many insurance firms offering insurance covers like the burial insurance AARP policy. Hence, you must pick the right one. Here are a couple of tips to help you accomplish this:
- Before you make any purchase, take your time to determine if you have any existing life insurance and if it includes burial insurance expenses and or any other related expenses. Don’t buy a policy before you do this.
- Secondly, before you meet with a funeral home planner, make a quick search on your state’s law on pre-need insurance.
- Additionally, make a point of first discussing this matter with your family and your lawyer where possible.
- Next, do your research on the various funeral insurance firms within your area, as well as available options.
- Most insurance companies have what’s known as a “free-look” period that lasts between 30 to 60 days. During this period, you are entitled to review your policy and are free to cancel without any penalties if you decide to change your mind.
Advantages Of A Burial Insurance Cover
- Cash To Shoulder Funeral Expenses
Funeral expenses are pretty high. And considering that no one can predict when death will come knocking, preparing in advance is wise. Owning a policy ensures that when the time comes, your loved ones don’t have to worry about raising the necessary funds.
- Peace Of Mind
Consequently, a burial insurance policy will offer both the holder of the contract, along with his/her family and friends, the peace of mind that comes with knowing all the necessary arrangements have already been put into place.
Death is cruel and devastating. This product provides you with the means of comforting your bereaved in their hour of need by taking care of the finances. It’s one of the most caring, loving acts you can extend to them beyond the grave.
- Having Your Wishes Honoured
Apart from the financial assistance being the most significant benefit of owning this product, being able to dictate the kind of send-off you want can’t be overlooked. Having a contract with the insurance firm guarantees that you can decide on the kind of interment service and memorial you want.
There are countless reasons why this product is vital to have. You can easily ask for a quote today. Purchasing a burial insurance AARP policy can be done over the internet. Give it a try!