Burial insurance – Types, coverage, and things to consider

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.

Popular Articles

01

13 common mistakes to avoid when purchasing a life insurance

When individuals set out to purchase life insurance, they make a significant financial decision that can profoundly impact their future and the well-being of their loved ones. However, the world of life insurance can be complex, and there are common mistakes that people should avoid while purchasing one. These mistakes can have significant financial implications in one’s life and impact the coverage and security provided to one’s loved ones. Failure to assess one’s needs One common mistake is not taking the time to thoroughly assess one’s financial needs. Before purchasing an insurance plan, one should consider factors such as outstanding debts, future goals, including education or housing expenses, and inflation to determine the appropriate coverage amount. Not comparing multiple providers Failing to explore options from different insurers can result in missed opportunities for better coverage or more favorable rates and tenure. Different insurers offer different rates and policy options, so individuals should invest the time to compare quotes to find the best value. Fixating solely on premium costs Zeroing in solely on the premium amount can be a shortsighted approach. While affordability is essential, it’s equally important to consider the overall value and coverage offered by the policy. A low premium may not provide adequate protection.
Read More
02

6 exclusions of a dental insurance plan

Healthcare is a crucial aspect of any country, and it can be quite expensive if an individual does not have insurance such as Medicare. One of the healthcare options available is dental insurance, which can help save a lot of money on annual appointments and treatments. However, many people are not aware of the limitations of dental insurance. Here are six things that dental insurance plans may not cover. Cosmetic dentistry Restorative dentistry might be necessary when it’s related to one’s well-being. However, insurance companies usually classify cosmetic dentistry as an elective procedure and may not cover the cost of treatment. One should also note that many cosmetic dentists use restorative procedures, such as porcelain crowns, dental implants, and tooth veneers, for restorative and cosmetic purposes. Therefore, insurance may cover some or all of one’s restorative procedures but will not cover elective cosmetic procedures. If a dental procedure is necessary due to decay, disease, an accident, or injury, it may be considered a restorative procedure, and the insurance may cover some or all of the cost. It’s also important to note that some restorative procedures may be covered under insurance if they serve a functional purpose, such as replacing missing teeth or improving the mechanics of a patient’s bite.
Read More
03

Avoid These 10 Mistakes When Buying Auto Insurance

One of the biggest lapses you can make as a car owner is not getting car insurance. However, it is important to avoid buying the first insurance policy you find. As purchasing a car is a huge decision, you should avoid leaving it unprotected, and getting auto insurance also helps you avoid hefty fines. Before getting the car insured, you should do your research, find the best provider, and avoid the following mistakes.  Not comparing policies You should get quotes for multiple auto insurance policies offered by various providers. If you don’t compare the premium amount and coverage, you might end up getting an expensive policy with inadequate coverage. So, exploring all options is a crucial measure for getting a good deal. It is also important to analyze the benefits and costs and avoid making a decision until you have checked out multiple policies. Not updating the policy One of the most common mistakes car owners make is forgetting to update their auto insurance policy. For instance, if you don’t add your teenage driver to the policy and if your child continues to drive the car, you might have to face legal consequences in the form of penalties or trouble seeking insurance money.
Read More