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Funerals can attract significantly high costs, which can create unexpected financial problems for the family. The most appropriate way to safeguard your loved ones from these high costs is to have final expense insurance. Having life insurance ensures your family can cater to the funeral expenses without any problem. One of the types of life insurance to get is final expense and burial insurance.Â
Final expense insurance, also known as burial insurance, helps to cover burial expenses such as a headstone, cremation, or burial costs. It can also cover any outstanding legal, credit card, or medical costs. Your beneficiaries can use the money for other purposes, such as settling property taxes or even going on a vacation. Your beneficiary will get a death benefit averaging $2,000-$35,000. There is no restriction on how they can use the money after your death.
Burial insurance is also known as final expense insurance, which is designed to cater for your final expenses. If you want to put your family at ease after your death, you need this kind of insurance. It is a type of whole-life insurance that has small death benefits and will take care of funeral costs and other expenses.
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Primarily there are three types of burial insurance. These are:
If you are looking for a quick insurance policy, consider the simplified issue policy. The insurance company will approve the policy after answering a few health-related questions. It is the best for people looking to secure burial insurance as fast as possible. The insurer will also not demand a medical exam. Ideally, you will have coverage after a few days, and your beneficiaries can get a death benefit from $5,000-$100,000. The only drawback is that the premiums are high since it is considered a high-risk type of insurance.
In the guaranteed issue insurance, your insurer will not require you to undergo medical evaluation or even ask health questions. The policy is considered a high-risk one and will attract higher premiums. Also, the death benefits will not be available to the beneficiaries before the lapse of a specific period. In case you pass away before the lapse of that period (usually 26-36 months), your beneficiary will receive a limited benefit payout. But if accidental death occurs, your loved ones will receive full benefits.
This is a special type of insurance. You will need to make a contract with your preferred funeral service provider. The policy requires you to select several services and products that your funeral provider will offer during your funeral. In this policy, your beneficiaries will not receive any death benefit, but the payout is paid directly to the funeral provider.
Below are some of the advantages conferred to an individual who purchases the California final expense program:
Funeral insurance is inflation-protected. If the funeral expenses have shot up when you die, your loved ones will not have to pay the extra amount.
Life insurance's death benefits are not subject to income or estate tax. Thus your loved ones will receive benefits that are tax-free.
You are required to pay from $30 depending on the insurer you choose. This insurance cover is the most affordable available in the market. You don't have to worry about making large contributions to your insurer.
Funeral policies payout is much faster compared to other insurance policies. The payout will cater to the funeral expenses and even pay any debts that are outstanding. Your family will not have to shoulder high debts for your burial.
The waiting period for the death benefits is significantly low, from 30-180 days. This offers so much convenience for the policyholders.
The final expense insurance California is mostly designed for people who are 50 years and older and have minimum coverage amounts. Most insurers offer an average of $1,000-$25,000, but some can offer more than that.
Below are some of the expenses catered for by this life-enhancing insurance policy:
Memorial service
Casket
Cremation
Embalming
Vault
Hearse
Service vehicle
Printing for your memorial
Applying for California final expense program is quite straightforward, and you will not require to undergo a medical exam. If you opt for guaranteed life insurance, the insurance company will not even ask any medical questions. Since you don't require any medical exam, you can qualify for this insurance regardless of your health.