Burial insurance – Types, coverage, and things to consider
Burial and funeral are sensitive things to speak about, but one must understand certain elements of it. One important part of the process is burial insurance (funeral or final expense insurance). The insurance option covers the deceased member’s funeral, burial, and other associated expenses. Moreover, it ensures that the member’s family does not have to worry about paying excessively out of pocket on the sensitive occasion. Here are some important things to know about burial insurance.
Types of burial insurance
Before one purchases a policy to cover burial and funeral costs, it is important to consider all the available insurance types. The most commonly available options include:
Simplified issue life insurance
Under this type of insurance, an applicant does not have to undergo a comprehensive healthcare examination to be eligible. But, one will have to answer a few questions associated with their health. If an applicant has any pre-existing health complications or if the person indulges in activities that may endanger their life, they might be denied this policy. One should also note that a simplified issue policy offers quicker approvals and could even provide higher coverage amounts in comparison to other types of insurance.
Guaranteed issue life insurance
This type of policy does not require any health questions or healthcare examinations.