What Is Burial Insurance?

There are many types of insurance policies people can avail of; however, in today's world, people are becoming increasingly aware of how important it is to get insurance coverage for your after-death expenses.

One of the most sought insurance policies is called the burial insurance policy.

Burial insurance is a type of life insurance. However, the policy covers all the funeral-related services and any final costs upon the death of the insured individual. Such a policy is bought through insurance companies either online or by telephone, and there is no waiting period.

The best part about this policy is that it does not need a medical exam from a certified doctor.

Requirements for Burial Insurance policy

Normally when individuals seek a burial insurance policy, they do not need any medical check-up; however, when they fill the form, they are asked about their age, any substance abuse history, smoking history, high blood pressure, diabetes, and whether they have a serious illness. Most of the policies give their acceptance right away, meaning it gives the first-day coverage, and it is almost guaranteed.

However, some burial insurance policies may require an individual to be bound to a two-year premium-payment cycle before claiming the insurance. Furthermore, some policies may also provide coverage until an individual turns 100 years.

Burial Insurance Specs

One of the best things about the policy is that it is a cash policy and provides permanent coverage. It generates cash value for some time.

Suppose you are looking to buy burial insurance. In that case, it is generally bought in smaller amounts instead of one large chunk, as happens in other insurance policies.

These amounts can range anywhere from $5,000 to $12,000, while other life insurance policies may want a significantly larger minimum coverage.

Hence the premiums for a burial insurance policy are easier on the pocket and are more affordable than other larger benefit policies. One thing to note is that the premiums for such a benefit policy remain the same throughout the period and do not change as they do in other benefits policies.

What does Burial Insurance cover?

Burial insurance covers most of the insured individual's funeral costs or the cremation expenditure after the person passes away. However, the beneficiary of the policy can also use the said premiums to pay off any unpaid debts of the deceased such as uncleared medical invoices, mortgage loans, credit card bills, or utility bills of the house.

A burial insurance policy is not intended for individuals who are raising families or want a policy that covers other obligations such as coverage of a child's college tuition, mortgage payment, and income replacement during working years.

Your Burial Insurance Go-to company

If you are looking for an insurance company that gives you an affordable burial insurance policy, then Aiken South Carolina specializes in creating custom burial insurance plans.

With an experience of decades, the company strives to bring the first-day permanent coverage to people looking for a smooth affair after their passing.