Funeral Insurance Protection Plans For Parents
Do you know what is burial insurance or funeral insurance?
These are a kind of small whole life insurance policies that are intended to pay certain expenses related to death, including a funeral, cremation and burial. Age of issues for most starts at 50. There are a few carriers who will issue plans at younger age and the maximum issue age is about 85. It is very simple and worthwhile form of insurance which is available for a fortnightly or monthly premium due to funeral costs increasing at an alarming rate.
There are two benefits available with Funeral Insurance plans.
- Level Benefit – means the full amount of the policy will be in-force the day the application is approved.
- Graded Benefit – generally there is a twenty-four month waiting period before the full amount of the policy is effective. If death occurs to the insured then carriers will return premiums paid and add some interest to the money. Interest paid varies by carriers but 10% is the most common amount.
- Immediate cash or certified death.
- No effect on your life insurance.
- Simple and easy to understand and arrange.
- No medicals or blood tests.
- Money that can also be used for other contingencies.
Why should you cover your funeral/burial costs?
The death of a loved one is sad and traumatic experience and organizing a ceremony involves a lot of decisions and details, as well as the casket, flowers, transport, the service and other related costs.
Families always do not have the ready finance to fulfil these costs so someone has to pay for the funeral and this might resulting friction between members of the family at a very emotional time. Your family will be grateful to you for making it a lot easier for them by ensuring access to cash, as lot of policies pay within two business days of completing the required claim documentation.
How do I know what to buy?
Many people do not know that it funerals can cost more than $10,000 which does not include any outstanding personal debts a person might have. Most people do not want to burden their heirs with this responsibility and they don’t want to be remembered for this. Since this is the cast most people often buy a Burial/ final expenses insurance policy to cover any outstanding debts and funeral expenses.
When you mention insurance some of the questions come to mind are how do I know what to buy?How much should I expect to pay? Where will I get the insurance? The burial insurance policy you have must be a permanent one and not a term or annually renewable type of policy. When applying for an insurance policy you will have to select the cover option that will suit both your budget and as well as the benefit you would like to have paid and also will be able to take out policies which cover your partner and children until they reach the age of 21.
What does funeral insurance Canada cover?
It is easy to apply for this insurance, apply online to get free quotes. Compare the insurance before you buy it. For more information please visit Maxxlife funeral Insurance Plans.
Investment in general means process of exchanging income for an asset that is expected to produce earning at a later period.
Investments in insurance can be categorized as:
1. Registered Investments
5. Non-Registered Investments
Are you planning to buy a Insurance
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