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One request that we receive a lot, is I'd like to look into burial insurance, this term burial insurance, is indeed a simple marketing term that was created about 30 years ago. Instead of offering individuals something like a simple small whole life policy that accepts individuals with different health issues, the industry decided to call it "burial insurance", because apparently it was easier for individuals to understand what this type of insurance was going to be for.
Why choose a Final expense policy?
Get the Coverage you Need
Final expense policies are typically for seniors which is very cut and dry. It operates very similarly to a regular whole life policy, except the death benefit is lower, but is mainly made for seniors. This type of insurance policy still has a death benefit which will have a corresponding monthly payment. When the day comes that you pass away, your listed beneficiary will receive a tax free check equal to your death benefit. Essentially these funds will be used to pay for your "Final expenses". And if there is any money left over, that money stays with the listing beneficiary for them to use as they see fit.
Whole Life Modified Insurance
Typically for a Final Expense/Burial policy, coverage ranges between $1,500-$35,000 and premiums are usually around $20-$200 per month depending on the age, gender and the amount of coverage bought. Once again this type of coverage is typically purchased to cover all of the costs of a funeral, while not affecting your personal net monies.
Damian Gerry -NPN: 19473448 License: 4038677
Tax Savings Investor
Modifying a whole life policy is when there is a waiting period during the first 2-3 years. In this waiting period, the insurance company/carrier will only refund all of your premium payments plus a certain amount in interest for any non-accidental death.
Being this is a type of whole life insurance policy, it is very straightforward and below is the FinePrint you should know:
The statements listed below are true no matter which company issues your Final expense policy, "Burial Policy/ Burial Insurance"
In addition to the following information, about these types of plans, there is no verbiage/narrative hidden anywhere that states your payments will adjust one day or even that your insurance coverage will end.
Once they have the following information, the life insurance companies are then able to give you a firm decision in regards to what you're eligible for. For most of the carriers that we deal with, they'll have a decision within minutes of submitting your application, that is, after speaking with one of our agents/brokers. But be aware, some insurance carriers could very well take up to three days to get a response back in regards to eligibility.
Every final expense/burial Insurance company mostly has their own ways of underwriting. For example, one of our brokers/agents may potentially write an application with a life insurance company, and that carrier comes back with a denial of eligibility, however, we can write another application with another life insurance company and chances are very high that they approve you. With this being said over the past few years now, there's been a large amount of competition amongst the insurance carriers which has resulted in a great diverse city when it comes to underwriting.
By speaking with one of our brokers/agents we will be able to match you with the insurance carrier that will treat you correctly, and if you are denied, we will get you another company.
23811 Washington Ave, Ste C110265
Murrieta, CA 92562
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