Burial Insurance for Cancer Patients: Best Guiding 2025
Burial Insurance for Cancer Patients: Best Guiding 2025 Last Updated on: November 7th, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote The process of getting burial insurance for a cancer patient becomes complicated if the patient already has other health conditions. However, this kind of insurance can be very effective. For cancer patients, life insurance and burial insurance can help cover some essential funeral and burial costs; thus, lessening the burden on their loved ones during trying times. The following guide explains how such burial insurance for cancer patients can help families become more financially secure during challenging moments. Get Free Quotes Customized Options Await Quotes Now Understanding Burial Insurance Burial insurance for cancer patients, more popularly called “final expense insurance,” is life insurance coverage tailored to pay costs at the end. While traditional life insurance pays a lump sum, burial insurance pays less, but this amount has been calculated to pay all funeral, burial, and cremation expenses of dead bodies. It helps ease the pressure on families of cancer patients to cover these expenses, so they will not worry about anything else but grieve and heal at the time. Difference Between Burial Insurance and Traditional Life Insurance Burial insurance and traditional life insurance are both designed to help financially after someone’s death, but they serve different purposes and have distinct features. Below, we’ll explore the key differences between these two types of insurance. – What is Burial Insurance? Burial insurance, also known as final expense insurance, is a type of insurance policy meant to cover funeral and burial costs. It is typically a smaller policy than traditional life insurance, providing just enough coverage to pay for end-of-life expenses, including: Funeral service costs Burial or cremation Other final expenses (e.g., medical bills or debts) Burial insurance is ideal for those who want to ensure their family isn’t burdened with funeral expenses. It is especially beneficial for older adults, who may want a simple, no-fuss policy with a smaller death benefit. – What is Traditional Life Insurance? A traditional policy, sometimes referred to as life insurance, is the bigger policy aimed at securing your family financially after death. Money from a life insurance policy can be used to cover several expenses, such as: Mortgage payments Daily living costs Educational expenses Unpaid debts Life insurance is mainly taken in much bigger coverage amounts, which can range from thousands to millions of dollars based on the type of policy. They are meant to replace lost income and keep the family financially stable when you are gone. Key Differences Between Burial Insurance and Life Insurance 1- Amount Covered: Burial Insurance: Typically, this provides a minimal coverage amount; ranging from $5,000 to $25,000. Life Insurance: Often it grants coverage for almost a much higher amount; starting from $50,000 to a few million. 2- Purpose: Burial Insurance: covers expenses of funeral and burial, Life Insurance replaces lost income to meet the family needs, such as paying debt and living costs. 3- Application Procedure: Burial Insurance: It is generally less complex and quicker to apply, with fewer medical requirements. Some policies do not require a medical exam at all. Life Insurance: The application process typically involves substantially greater details about a policy owner’s health status and level of coverage involving medical exams to determine such. 4- Eligibility and Accessibility: Burial insurance: Much easier to qualify for, especially for the elderly or those with a medical condition. Life Insurance: This may be more difficult to qualify for, especially if one of you has serious health problems. Why Cancer Patients Need Burial Insurance Treatments, medical care, and medications for patients diagnosed with cancer can add up very quickly, making it challenging for patients and their families to save for the final costs of life. Burial insurance for cancer patients is a special kind of insurance designed to cover funeral or cremation expenses. The presence of burial insurance takes away from the cancer patients and their families the financial stress of preparing for these funeral expenses so that they can all spend quality time together rather than worry about the financial burdens of final arrangements. How Burial Insurance Works for Cancer Patients – Eligibility Criteria Easier to Get: Burial insurance is easier to get even for people who have cancer, compared to regular life insurance. Burial insurance for cancer patients involves lenient rules in such a way that even those with health issues can still apply. Most of the policies for burial insurance for cancer patients are made easy and accessible even to those with serious ailments so that they can always cover themselves in case of any eventuality. Health Analysis: When a cancer patient applies for burial insurance, the company analyses his/her health and the stage of the cancer. Early Cancer: People who have a stage of cancer that may not be severe can seek more options in burial insurance. It might be less accessible, and occasionally a bit pricier to have burial insurance for cancer patients. Nevertheless, burial insurance for cancer patients is a crucial alternative option that strives to offer relief to the family during trying times. Different Rules: Since people have different health backgrounds, eligibility, and options do vary from one person to another. Support for Families: Many insurance companies provide the opportunity for cancer patients to acquire burial insurance so their families will not have funeral costs that are too unbearable to pay. – Policy Terms and Types of Coverage Policy Terms: While getting burial insurance, there exist certain rules that are labeled policy terms. Waiting Period: This is the common rule that implies waiting should take place before utilizing full funds. Waiting Period Example: If one gets insured with burial insurance today then they may have to take several months or a full year to utilize the acquired sum. The waiting period is to prevent the insurance company from paying too soon, especially when the risk is higher. Waiting periods include high-risk groups of people
Gerber Guaranteed Life Insurance: Customer Reviews and Rating
Gerber Guaranteed Life Insurance : Customer Reviews and Rating Last Updated on: October 11th, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Gerber Life Insurance stands out as a reliable, well-established life insurer offering a diverse range of plans to suit different needs. It’s one of our top picks for the best term life insurance companies as well as the best whole life insurers. In this review, we take an in-depth look at the Gerber Life Insurance Company, exploring gerber guaranteed life insurance, pros and cons, plans, pricing, and customer satisfaction ratings. Read on for more. Get Free Quotes Customized Options Await Quotes Now Who Should Get Gerber Life Insurance? With life insurance policies available for all ages, Gerber Life could be a good option for those seeking whole life coverage for a child or teen, or term or whole life for an adult or senior, as well as those looking for guaranteed-coverage or no-exam life insurance. Gerber Life Company History For more than 50 years, Gerber Life has been providing budget-friendly life insurance so that children and adults can have greater financial protection. Founded in 1967 by the Gerber Products Company, we share a common heritage and values in caring for the millions of families who place their trust in us. Today, Gerber Life is a member of Western & Southern Financial Group Inc., one of the strongest life insurance groups in the world. With $65 billion of life insurance in force as of December 2023, you can count on Gerber Life to provide insurance plans for the entire family that offer the reliability, flexibility, and peace of mind you deserve. Gerber Guaranteed Life Insurance Company Policy Overview Face Amounts Range: $5,000 up to $25,000 Insurable Ages: 50 – 80 State Unavailability: Not for sale in MT Graded Period: 24 months Riders: None Premium Percentage Returned: 10% of earned premium Application Process: Using an independent agency or directly through the carrier Guaranteed Life policies are $25,000. Gerber Life Insurance Company will not issue insurance for any proposed insured when a POA or Guardianship exists on the proposed insured. What Riders Does Gerber Life Insurance Offer? Riders are additional coverage options you can select to customize your insurance policy. Here are two riders Gerber offers. Keep in mind that others may be available and availability varies depending on your location and the policy. They gerber guaranteed life insurance Option Rider. This rider allows your child to purchase additional coverage as an adult at standard premiums relative to their age. Gerber doesn’t require a medical exam to get this extra coverage. It’s automatically included in the Gerber Life Grow-Up Plan at no additional cost. Waiver of Premium Rider. This rider is available at an additional cost for Gerber Whole Life policyholders. If you become disabled, Gerber will waive your premiums while your coverage remains active. You must meet age requirements to qualify. Pros of gerber guaranteed life insurance There are many advantages to choosing gerber guaranteed life insurance. Below we will list each pro and explain why it might benefit you. – Guaranteed Issue Policy If you’re 50+ years old, your life insurance acceptance is guaranteed regardless of your health history. There are no medical exams to complete or lengthy health questionnaires to fill out. To be eligible for coverage you must be a U.S. citizen between 50 and 80 years old (New York residents, maximum age of 75) residing in the US or permanent legal resident. The total limit of all combined Gerber Life Guaranteed Life policies is $25,000. Gerber Life Insurance Company will not issue insurance for any proposed insured when a POA or Guardianship exists on the proposed insured, except legal guardians of children. – Gerber Life is a Reputable & Financially Stable Company When it comes to the plan itself, the Gerber Life Insurance Company’s Guaranteed Life Plan is a fairly typical policy in terms of features and benefits. What sets it apart is that it’s backed by an excellent life insurance carrier with a strong balance sheet and a reputable brand name. This is a company that you can put your faith into and trust that your beneficiary will receive the necessary funds that can be used for your final expenses. – Graded Death Benefit Guaranteed Life is individual whole life insurance with modified benefits. For applicants aged 50-80 (50-75 in New York) who die (for any reason other than an accident as defined in the policy) within the first two years of coverage, the death benefit will equal 110% of earned premiums. The full death benefit amount is only payable for other causes after the first two years of coverage (one year in North Dakota). – Product Availability Gerber Life Insurance Company’s Guaranteed Life is available for people between the ages of 50 and 80 in quantities that range from $5,000 up to $25,000. With Gerber Life, you can take out multiple policies, but the cumulative total cannot surpass $25,000. To compare guaranteed acceptance life insurance rates for your exact age and requested policy amount, use the complimentary quoting tool on the side of this page. – Competitive Premiums & Payment Options When selecting a guaranteed acceptance policy, the cost will always be one of the key determining factors. Generally speaking, there isn’t a huge variety of policy features across carriers, which is why it always comes down to price. We also understand that most people qualified for a no-questions policy are on a fixed income and unable to pay exorbitant monthly premiums. Gerber Life Insurance Company is known for its competitive pricing, although they are a little more expensive than other guaranteed acceptance plans. These premiums, however, are fixed and will never increase on you. Be Aware: Unfortunately, there are some plans on the market where premiums increase every 5 years. This is not the case with Gerber Life. Payment of premiums is notably flexible with Gerber Life and there are discounts for certain methods. You
Affordable Cremation Insurance Plans: Relieve the Burden
Affordable Cremation Insurance Plans: Relieve the Burden Last Updated on: November 4th, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Have you ever thought about how your loved ones would handle costs after you’re gone? Funerals and cremation services may sound cheap, and yes, they are, but for many families, this can be a struggle. Cremation insurance is not very complicated, it just helps pay for expenses so your family is not burdened with it. But what is cremation insurance and how does it work? Let’s go through the various cremation insurance plans that are available and how they will help both you and your loved ones. Get Free Quotes Customized Options Await Quotes Now What is Cremation Insurance? Cremation insurance is life insurance with special points that will help the family after death to pay for cremation. These costs can include: Cremation services: The actual cremation process. Memorial services: Burial and funeral service planning. Urn and other cremation-related products: Selecting the urn, a piece of jewelry, or any other item that the survivor of the deceased will want. Transportation: Taking the dead body to the cremation grounds. Thus, with the purchase of a cremation insurance plan, one can be confident that these expenses are to be covered and thus, their families won’t be struggling with money when dealing with this pain. Cremation Insurance Plans Despite the fact that cremations are generally cheaper than burials, they are still expensive to organize. Cremation services cost, on average $3,000 depending on the number of services offered, if added to the price of the funeral or memorial service and an urn, columbarium niche, or burial plot cost it sums up to than $10,000. Cremation Related Expenses: Cremation Process Urn Burial Plot Memorial or Funeral Service Cremation insurance enables easy payment of expenses and ensures that your family members will not suffer financially when you are gone. With cremation insurance covering your end-of-life bills, you are financially protecting your nearest and dearest against your death expenses. Cremation is Cheaper Than a Burial Even with these optional costs, cremation services are markedly cheaper than a traditional burial because it does not require: Fancy Casket Large Tombstone Embalming Clothing for the deceased Hearse Limousine These are costs that are usually required during a traditional burial. Memorial services for people who are cremated don’t usually require a hearse or limousine, items that are favored by families planning a traditional burial. Cremation insurance plans 1- Simplified Issue Life Insurance Provides coverage for burial and funeral expenses without needing any medical examination but only the health questions. It offers fast processing of applications and is suitable for healthy persons who need basic policy. Coverage: This usually falls between $5, 000 and $ 25,000. Eligibility: Covers pre-existing conditions and the applicants are only required to fill out short health questionnaires, although there is no mandatory medical examination. Advantages: Quick approval process; affordable premiums. Best For Individuals in reasonably good health who want straightforward coverage for cremation and other final expenses. 2- Guaranteed Issue Life Insurance Ensures coverage without health questions or medical exams, making it accessible to people with pre-existing conditions. It often includes a waiting period before full benefits are active. Coverage: Usually range from $2000 to $25000. Eligibility: Provided with predetermined enrollment terms not involving any health questions or medical examinations but they are likely to come with waiting periods during which full benefits are not granted. Advantages: Affordable covering the health needs of all people including those with pre-existing conditions. Best For: People with certain illnesses that render them ineligible for standard health insurance plans. Popular Providers: It is essential to know that other companies such as Gerber Life and Fidelity Life have provided guaranteed issue options for high-risk clients. 3- Pre-Need Cremation Insurance (or Funeral Insurance) Purchased through funeral homes, this insurance lets people freeze the price of current cremation services and pre-set their preferences, thereby avoiding inflation. Coverage: Linked to specific funeral services and prices; typically arranged directly with a funeral home. Eligibility: Based on personal preference; often arranged well in advance of need. Advantages: Allows people to pre-plan and lock in current cremation service prices, minimizing inflation impact. Best For: Individuals who want to plan specific details of their cremation and lock in prices with a funeral service provider. Popular Providers: Many funeral homes offer pre-need plans, with options to make payments over time. 4- Modified Benefit Life Insurance This type has low benefits for those with moderate health risks whereby it provides restricted benefits first before switching to full benefits after a probation period. Coverage: There are differences in coverage, usually ranging from $5,000 to $20,000 of actual cash value. Eligibility: Health conditions may lead to modified terms, such as a graded death benefit (where the full benefit is only paid after a certain period). Advantages: Provides limited coverage initially, which then converts to full coverage after a set waiting period. Best For: Those with moderate health risks who need a more accessible policy option with partial coverage in the early years. Popular Providers: Companies like Transamerica offer modified benefit policies tailored for final expenses, including cremation costs. 5- Traditional Term Life Insurance Pays out a more significant amount that can cater to different funeral expenses. It may involve a medical examination and is perfect for young and healthy people. Coverage: Premiums higher than $10,000 and going up to $100,000 or more depending on age and health. Eligibility: According to the state of health and age, with a standard application, and, occasionally, a medical certificate. Advantages: Provides higher coverage amounts, which may also support other end-of-life expenses beyond cremation. Best For: Younger individuals in good health who want affordable coverage now but might need less later in life. Popular Providers: Companies like Globe Life and State Farm offer term policies that can cover cremation and other final expenses. Key Benefits of Cremation Insurance Plans – Financial Support for Loved Ones Try to picture your family,
Guaranteed vs Non Guaranteed Life Insurance: Key Differences
Guaranteed vs Non Guaranteed Life Insurance: Key Differences Last Updated on: October 18th, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote If you are wondering about guaranteed vs non guaranteed life insurance, well, you have come to the right place! You’re reading this because you’ve been thinking about getting life insurance. You know it’s a good idea, but the options seem overwhelming. What should I get? How much do I need? Is there anything else I should be considering before making my decision? The truth is that buying life insurance is one of those decisions where everyone has an opinion – and most people don’t have your best interests in mind. This article will help you find the answers to all these questions and more! Get Free Quotes Customized Options Await Quotes Now What is Guaranteed Life Insurance? Guaranteed Life Insurance is a policy designed for those who value certainty and long-term peace of mind. But what makes it “guaranteed”? With this type of insurance, your premiums and death benefit are locked in for the life of the policy—no surprises, no changes, ever. Have you ever worried about market fluctuations affecting your coverage? With guaranteed life insurance, you don’t have to. Whether you live for 10 more years or 50, your loved ones will receive a fixed payout. The stability and predictability make it a popular choice for people who want a stress-free, dependable financial safety net. What is Non Guaranteed Life Insurance? Non Guaranteed Life Insurance is a type of policy where the benefits aren’t fully guaranteed. This means that certain aspects of the policy, such as the cash value or death benefit, can fluctuate based on various factors. These factors can include the performance of the insurance company’s investments, interest rates, or changes in mortality rates. As a result, the policyholder may end up with more or less than the initially projected benefits. One popular type of Non Guaranteed Life Insurance is Indexed Universal Life (IUL) insurance. IUL policies offer flexible premiums and the potential for cash value accumulation. They also provide a death benefit to protect your loved ones financially. However, it’s important to note that while IUL policies can offer significant benefits, they also come with risks. The cash value and death benefit aren’t “guaranteed” and can vary based on the performance of the stock index they’re tied to. Understanding these risks is crucial when considering an IUL or any other type of Non Guaranteed Life Insurance. How Guaranteed Life Insurance Works? Guaranteed Life Insurance is all about stability and peace of mind. With fixed premiums that never change, you can easily budget for your coverage. The best part? Your beneficiaries receive a guaranteed death benefit, ensuring their financial security no matter what happens in the market. Many policies also come with a cash value component that grows at a steady rate, providing you with accessible funds if needed. It’s the perfect choice for those who value reliability and want to know exactly what their loved ones will receive. How Non-Guaranteed Life Insurance Works? Non-Guaranteed Life Insurance offers a dynamic approach to life coverage. With premiums that can fluctuate based on market performance, you have the potential for higher returns. The death benefit isn’t set in stone; it can grow if investments do well, providing a larger payout for your beneficiaries. However, it can also decrease during downturns. Plus, the cash value is linked to investments, giving you more control but also exposing you to market risks. If you’re open to flexibility and the chance for growth, this option could be your path to financial empowerment. Pros and Cons of Guaranteed vs Non Guaranteed Life Insurance – Guaranteed Life Insurance Pros: Stability: With fixed premiums and a guaranteed death benefit, you know exactly what to expect. Isn’t it comforting to have that certainty? Peace of Mind: Your loved ones will receive a set payout, providing financial security no matter what happens in the market. Cash Value Growth: The cash value grows at a predictable rate, giving you access to funds if needed. Cons: Higher Premiums: You may pay more compared to non-guaranteed options. Is it worth the extra cost for peace of mind? Limited Growth Potential: While the cash value is stable, it may not grow as quickly as investments tied to the market. – Non-Guaranteed Life Insurance Pros: Flexibility: Premiums can vary, and you have control over your investment choices. Are you someone who enjoys having options? Potential for Higher Returns: If investments perform well, you could see significant growth in cash value and death benefits. How exciting is that? Cons: Uncertainty: Premiums and payouts can fluctuate, which may cause stress. Can you handle that unpredictability? Market Risk: The cash value is subject to market performance, meaning it could decrease during downturns. Are you prepared for that possibility? How to Decide What to Buy? Whether you should buy guaranteed vs non guaranteed life insurance coverage depends on many factors. Here are some factors to consider: Can You Pay Higher Premiums? Most people who bought universal life policies 10 to 20 years ago, when 5%-7% fixed interest rates were the norm, never envisioned the financial collapse in 2008 or the extended low interest rates that we are currently experiencing. Those policies are now only earning around 2%-3%, and the owners, often retirees, are faced with paying significantly higher premiums or losing the coverage. Why Are You Buying Life Insurance? Insurance is unique because it allows you to time liquidity to specific events and to transfer substantial risks that you cannot otherwise afford to pay out of pocket. If, like most people, you are buying life insurance for the leverage (small premium/large death benefit), you may prefer not having to worry about the policy staying in force. Should You Invest the Premium and Grow the Cash Value? Many insurers promote the ‘living benefits’ of permanent life insurance that include the tax-free growth of the cash value, the ability
Aetna Burial Insurance: Plans to Protect Your Family
Aetna Burial Insurance : Plans to Protect Your Family Last Updated on: November 1st, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Are you looking for a way to help ease the financial burden on your loved ones after you’re gone? Aetna’s burial insurance offers a simple and reliable way to cover final expenses, so your family isn’t left handling unexpected costs. But what does Aetna’s burial insurance cover, and how can it give you peace of mind? Let’s explore the benefits and how it works to provide that extra layer of security. Get Free Quotes Customized Options Await Quotes Now Understanding Aetna Burial Insurance Aetna is a top choice for burial insurance. It helps ensure that final expenses are covered, not leaving a financial burden on loved ones. Aetna is known for great customer service, fair prices, and strong financial health. Why Choose Aetna for Burial Insurance? Aetna has many policies for final expenses, fitting different health needs and budgets. This variety offers many benefits, easing worries about funeral costs. Companies like Continental Life Aetna and American Continental, part of Aetna, have top ratings from A.M. Best for their insurance coverage. Affordable Premiums: Aetna burial insurance starts at $15 a month for women aged 45 with a $5,000 policy. Whole Life Coverage: This insurance builds cash value, offering future financial support. Flexible Options: Benefits range from $2,000 to $50,000, fitting individual needs. No Medical Exam: Aetna’s policies are easy to get, without a medical check-up. Exploring Aetna’s options, we see a range of policies. From level benefit plans to modified ones, they aim to cover burial costs. Knowing these details helps people make smart choices about their final expense insurance. Does Aetna Cover Funeral Costs? It can include virtually everything, including paying for funeral services. There are so many expenses when one dies apart from the funeral costs that are associated with it. Your family also has to pay unpaid bills such as car loans and credit cards. Parents understand that relatives may spend money on transportation and will have to stay in a hotel at their own expense and food expenses. Sometimes, you might want to ask yourself whether you will assist your family to pay for those things when you purchase a policy. Determining the real price for a funeral may also mean paying for the casket, embalming, pick up of the body, the funeral service, and other services that you may have not known existed. Company Background Aetna Inc. is among the biggest insurance companies in the United States of America that was established in 1853. Originally operating in the healthcare sector, Aetna has been a financially strong company for many years and has fulfilled its obligations. What many people may not be aware of is the fact that Aetna offers an affordable solution while creating a funeral and burial expenses fund. They will ensure you they will pay up your claim the one time you find yourself on the receiving end. To clarify, Aetna has two affiliates that actually write their burial policies: continental life insurance and American continental insurance. Continental Life Insurance Company (CLI) began in 1983 and was a support team of Aamp; E senior supplemental coverage. ACI was incorporated in the year 2005. They got affiliated with the Aetna group of companies in the year 2011. CLI was given an A (Excellent) by A.M. Best together with ACI. How Is Aetna’s Final Expense Whole Life Insurance Good For Seniors? Aetna’s three final expense whole life insurance plans help ease the financial burden. However, among the three plans, the most beneficial is the level-benefit plan. This plan comes with first-day coverage, and the pricing is competitive. The graded plan is best for some health issues. We do not recommend the modified plan for seniors because it has a two-year waiting period. Seniors will be better off with a guaranteed issue of life insurance compared with this plan. A guaranteed issue policy will accept all applicants regardless of their medical condition. Can you get an Aetna policy (that has no waiting period/with 1st-day coverage)? What life insurance products does Aetna Life have available? Does Aetna offer burial & final expense insurance? Can you get whole life insurance from Aetna Life? Does Aetna Life insurance have a waiting period? How to choose the best Aetna policy for you? How is Aetna life insurance good for Seniors? What insurance plan does Aetna offer? What is hidden in Aetna’s fine print? How Much Does Aetna Burial Insurance Cost? The rates of Aetna final expense insurance depends on your date of birth, gender, medical history, tobacco usage, state of residence, and the sum of insurance. Here is the table showing some of the sample burial insurance quotes for their program. Age & Gender $5,000 $10,000 $25,000 Female age 45 $15 $26 $59 Male age 45 $17 $30 $70 Female age 50 $15 $27 $63 Male age 50 $19 $34 $81 Female age 55 $19 $34 $81 Male age 55 $24 $44 $105 Female age 60 $22 $41 $96 Male age 60 $27 $51 $123 Female age 65 $26 $48 $114 Male age 65 $31 $58 $140 Female age 70 $31 $58 $140 Male age 70 $38 $73 $178 Female age 75 $40 $76 $184 Male age 75 $52 $101 $248 Female age 80 $52 $101 $248 Male age 80 $72 $140 $345 Female age 85 $70 $137 $336 Male age 85 $100 $196 $484 Female age 86 $87 $171 $423 Male age 86 $120 $236 $585 Female age 87 $104 $205 $686 Male age 87 $140 $277 $686 Female age 88 $122 $241 $596 Male age 88 $160 $317 $788 Female age 89 $139 $275 $683 Male age 89 $181 $358 $889 What Are The Pros & Cons Of Aetna Insurance? – Level Bnenefit Plan Pros Financially stable company First-day coverage for healthy folks Easy phone application and approval Accepts people who are 86-89 years old Competitive pricing compared to
Burial Insurance in Texas | Secure Your Family’s Future
Burial Insurance in Texas | Secure Your Family’s Future Last Updated on: July 4, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Planning for the future often involves making crucial decisions about your financial security and peace of mind. Have you considered the benefits of burial insurance in Texas? Texas burial insurance (also known as final expense life insurance or funeral insurance) is a type of whole-life policy that protects your family from common end-of-life expenses like funeral costs, medical bills, and anything else left behind by the deceased. A funeral insurance policy in the state of Texas can also help family members pay down mortgages, make car payments, and cover any other expected debt. Buying burial insurance for seniors in Texas isn’t that different from buying life insurance in other states, but there is some important information specific to Texas that you’ll need to know. We’ll go over this and more and show you more details about it. Get Free Quotes Customized Options Await Quotes Now The Funeral Rule According to Federal law, certain fundamental laws are associated with Burial Insurance in Texas. These rules are referred to as the Funeral Rule and apply to each state, having been imposed by the Federal Trade Commission (FTC). Pricing – Funeral homes must state the prices of the products and services offered over the phone when requested. On the individual level, consumers are allowed access to the general price list, a casket price list, and a burial container price list in case of cremation. Contracts – The charges and estimates have to be detailed in a written document before entering into a contract. Pre-Need Funeral Plans – FTC laws have no limitations to the language of pre-need contracts. They also have little control over payments, payment methods, payment alterations, payment transfers, cancellations, or administration fees. Funeral & Burial Expectations in Texas Every year, the National Funeral Directors Association (NFDA) coordinates and conducts a general price list study that aims to compare the alterations in expenses of funeral and Burial Insurance in Texas. We cannot directly survey states, so states are divided into districts and the NFDA mails a survey to over 5,000 NFDA-member funeral home owners. The West South Central is the region that includes the states of Arkansas, Louisiana, Oklahoma, and Texas. Regarding the average funeral cost inclusive of burial in this district, the survey indicated that it cost an average of $7,196. Median costs included the following items: Non Declinable basic services fee Removal/transfer of remains to funeral home Embalming Other preparation of the body Use of facilities/staff for viewing Use of facilities/staff for the ceremony at the funeral home Hearse Service car/van Basic memorial printed package Metal casket In Texas, a death certificate must be filed with the local registrar within 10 days of death and is usually obtained by the funeral home or mortuary. Texas law states that if the death occurred in the past 25 years, a death certificate can only be requested by an immediate family member. In some cases, individuals who are not immediate family members may apply for a death certificate, such as a beneficiary on a life insurance policy. Anyone who is not an immediate family member must provide documentation showing they have a legitimate interest in the death certificate to apply. – Burial Texas law dictates that if the final disposition of the body does not take place in 24 hours, the body must be embalmed or refrigerated. You do not need a casket to bury a body but it is wise to consult with your funeral director to discover whether he has restrictions on the type and size of the receptacle he accepts from the cemetery. – Cremation As per the Texas Health & Safety Code, ashes can be spread on “uninhabited public areas, over public water bodies or sea or any private property with the consent of the owner.” If the intention is to spread the ashes in the water, special care should be taken, as there are certain laws of the Clean Water Act. Find out more about cremations. How Much Does A Funeral Cost In Texas? The NFDA also found that the average funeral cost in Texas is $7,334 for burial and $6,405 for cremation. All of those figures include a service. Service Type Average Cost Burial Service $7,334 Direct Burial (No Service) $3,988 Cremation Service $6,405 Direct Cremation (No Service) $2,108 It’s important to remember that the exact cost of a cremation or Burial Insurance in Texas varies based on your preferences. For example, your burial services will cost less if you opt not to have a viewing. Using a funeral cost calculator can help you better estimate the cost of a funeral according to your needs. How Much Does Final Expense Insurance Cost In Texas? As for the Texas policies, they range from $50-$100 per month for $10,000 whole-life final expense insurance. The final cost of Burial Insurance in Texas will depend on your age, gender, health condition, tobacco use (if any), and the face amount you choose to buy. Here is a rate table with some of the figures to give you an idea of what you could expect to pay or if you are in Texas, you can enter your zip code here and get an exact quote. Age & Gender $5,000 $10,000 Female age 40 $12 $21 Female age 45 $13 $23 Female age 50 $14 $24 Female age 55 $15 $28 Female age 60 $18 $33 Female age 65 $22 $41 Female age 70 $28 $53 Female age 75 $37 $71 Female age 80 $50 $98 Female age 85 $70 $136 Female age 89 $131 N/A Male age 40 $14 $25 Male age 45 $15 $27 Male age 50 $17 $31 Male age 55 $20 $36 Male age 60 $23 $43 Male age 65 $29 $54 Male age 70 $37 $70 Male age 75 $50 $97 Male age 80 $69 $135 Male age
Does Burial Insurance Have Cash Value? Find Out Here
Does Burial Insurance Have Cash Value? Find Out Here Last Updated on: July 4, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Are you Thinking about how to plan their financial future? Does burial insurance have cash value? People understand burial insurance as a product aimed to help them pay for the funeral. However, it is more than that. By understanding how these policies build cash value, you can unlock a range of financial benefits that might just surprise you. Let’s discuss what makes burial insurance a smart choice for securing both immediate and future financial needs. Get Free Quotes Customized Options Await Quotes Now Does burial insurance have cash value? Burial insurance, sometimes called final expense insurance, can build cash value over time. This means as you pay your premiums, part of it goes into a savings component. You can access this money if you need it while you’re still alive. It grows slowly but can be useful. Savings Component: Part of your premium builds cash value. Access Funds: You can borrow or withdraw from it. Slow Growth: The cash value increases over time. Extra Security: Provides a financial cushion if needed. This makes burial insurance not just for covering final expenses but also a small savings option. Always check your policy details to see Does burial insurance have cash value? And how the cash value works for you. Will a Burial Plan Have a Cash Value? This means that policyholders are expected to pay a premium — usually monthly — in order to keep the burial insurance policy active to enable their families to get the specified amount of money after they are gone. Paying premiums results in the increase of the face value of the policy because of the amounts that are paid into it. Does burial insurance have cash value that can be surrendered and borrowed? The answer is yes. How Can This Work? Like other whole life insurance plans, burial insurance cash value will increase in value shortly after one has purchased the insurance. This is possible because the insurer will have the money the policyholder pays (through premiums), which (hopefully) will involve gains that increase the face value of the policy and create what is referred to as the ‘cash value’ that acts like a savings account. Just like similar financial products the more the amount invested and the more it increases, the more its value. The difference is that this amount could be equal to or greater than the death benefit specified in the policy; the excess is considered as a cash value that can be taken as a loan against it. How Does Cash Value Affect The Death Benefit and Policy? Several things could affect the death benefit and policy. Considering the cash value can impact the face value of the policy, as there could be an effect on the benefit that beneficiaries will get — considering the policy could be worth more than anticipated. In other words, the beneficiaries could reap the rewards. On the other hand, if the policyholder ends up borrowing against the cash value, the amount borrowed will be considered a loan that gains interest and will need to be repaid. The length of time and amount that needs to be paid can affect the benefit and may cause the insurer to cancel the plan if the owed amount exceeds the benefit amount. So, if the insurer determines that the amount owed is more than the amount eligible to receive they can cancel the policy. Burial Life Insurance Cash Value Is Limited In most instances, burial life insurance is known to be a permanent life insurance policy. Therefore, most policies technically create cash value. But often the actual cash value is not very high; it may be rather small. Every type of life insurance has a cash value, which is based on the premiums paid and the face value of the policy. With burial insurance: The face amounts of these bonds are often less than $50,000. Policies can range from $5,000 or $10,000 and such. Premiums are very inexpensive. The majority of customers are those of the older generation. For these reasons, the cash value of a burial insurance policy is incremental and low. The chances are that it will never be big enough for the older person to get a loan against it or to use it to cater for the expenses of life. The burial insurance policies may have cash surrender provisions but the cash value benefits will be considerably less than the face amount. When Does Burial Insurance Have Cash Value? Any type of whole-life burial insurance policy will give cash value no matter the insurance company you purchase the policy from. Every kind of permanent life insurance (whole or universal) contains a cash value. They are like equity accounts where you receive payments while you are still alive. This is usually a savings account where you send a small part of your premium payments; it usually also earns some interest. How much cash value increases mainly depends on what you pay each month and for how long. However, there are some issues with classification accuracy and the accumulation feature which doesn’t occur during the first two years (with any company). How Can The Cash Value Be Used? After knowing Does burial insurance have cash value? Thinking about ways in which the burial insurance cash value may be accessed? It’s pretty versatile. The cash value can be used as an extra source of funds if the need arises in the future. The following are the different categories by which you can harness it. Points Policy Loan: In an emergency and you need cash? If you want to access the money while you are still alive, you are free to borrow against the policy cash value. It’s like borrowing from oneself. These loans commonly have lower interest rates compared to personal loans or credit cards. You can repay
Irrevocable Burial Trusts: A Simple Guide for Planning
Irrevocable Burial Trusts: A Simple Guide for Planning Last Updated on: June 27, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Have you ever thought about how your family will handle your funeral expenses? Planning with irrevocable burial trusts can ease that burden. It’s a way to ensure your final wishes are honored and your loved ones aren’t left scrambling for funds. But, like any financial decision, it’s important to understand what you’re getting into. Let’s break down the steps to set up an irrevocable burial trust and see if it’s the right choice for you. Get Free Quotes Customized Options Await Quotes Now What is a funeral trust? It may additionally help to think of funeral trusts like a funeral savings account. The funeral agrees with a legal settlement between three events: The trustor: This is the character who creates the funeral. They can also be known as the grantor or settler. The trustee: This is the financial institution, believed company, or funeral domestic that manages the funeral and agrees with it. The beneficiary: This is the funeral home to be able to benefit from the funeral accepted as true. The cause of those trusts is to pre-set up funeral plans and prepay for fees. This money sits in a belief until the trustee passes away, at which point they accept it as true with a payout to the specified funeral home. There are two forms of funeral trusts: revocable and irrevocable. The difference between them is whether or not you may change your mind and cancel the plan. If you set up an irrevocable burial agreement, then you switch management of your assets to the accept as true with account for management via a trustee. You cannot revoke the settlement or reclaim your advantages. With an irrevocable acceptance as true with, the property is locked till your beneficiaries get hold of the blessings upon your death. What expenses are covered by a Burial trust? Funerals can be expensive, with many charges to recall. There are numerous not unusual areas of expenditure to take into account whilst planning a funeral. Depending on the burial domestic and the arrangements of the burial trust, any of these charges could be covered: A casket, burial vault, cemetery plot, or urn Embalming or cremation arrangements Clothing, presentation, and preparation for viewing and burial Transportation and officiant services Obituary and death certificate fees Venue, food, flowers, and other event specifics Irrevocable Burial trusts An irrevocable Burial trusts is a specific type of legal structure that has been created to assist people in accumulating money for use in future funerals and burials. The signing of a formal irrevocable trust and depositing of funds into it means that the assets of a person are transferred to a new legal entity which is the trust until the owner dies. This is the time that the trust is used to cater for expenses of funeral service, burial plot, headstone, etc as a result of the death of the member. – Features: The core features of an irrevocable burial trusts are that it takes out a life insurance policy on the life of the trust maker. The trust is mentioned as the policy beneficiary in the relevant policy. As with most people, when the individual dies, there is a payout of the life insurance policy and the amount of money that is paid out is used by the trust to pay for funeral and burial expenses. It helps guarantee that the trust has the resources to cover these rather costly services that are sometimes provided for the dying. At times, an individual can have irrevocable burial trusts where the funeral home of choice has been named as a beneficiary. The funeral home will offer specified funeral commodities and undertakings in the future at a price determined at the current date. The benefit of the life insurance policy is paid directly to the funeral home and the services are rendered for and by the deceased. This makes it possible for people to budget for these kinds of expenses in advance. Core Aspects to consider There are a few basic aspects to consider when establishing an irrevocable burial trust. First, try to assess how much your funeral may cost in the future in terms of today’s prices for caskets, cemetery, cremation, and other services, etc . Funeral services are known to rise in price due to inflation. It is wise to contribute enough cash into the trust to cater for the future expenses as projected. You will also wish to choose a trustee to oversee the funeral trust. This should be an individual who will act as an agent of the deceased to see that his or her service is conducted and manage the funds as well as required. For this position, choose a person who is very close to you like a brother, sister, parent, or a good friend. They also give a note that it is irrevocable which means once you invest your money in irrevocable burial trusts, you cannot reclaim your money even if you decide you have changed your mind about details concerning your funeral service. The way you arrange and plan how the money can be utilized will be permanent in the sense that you cannot alter it. This is a factor to take into consideration before establishing an irrevocable trust since it does not allow for diverse uses. All in all, an irrevocable burial trusts may help to make sure that the funds will be there to pay for the end when the time comes. However, consider potential benefits and drawbacks in terms of the ability to adapt and funding in case there are certain changes in the plans or requirements. Eligible Funeral Expenses Under an Irrevocable burial Trusts Irrevocable burial trusts can typically be purchased for any value set by the buyer. When making a purchase decision, it is important not only to consider Medicaid eligibility
Burial Insurance Scams: 7 Common Scams Protect Your Finances
Burial Insurance Scams: 7 Common Scams Protect Your Finances Last Updated on: May 29, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance Get A Free Quote Insurance can feel like a tricky puzzle, promising safety but hiding unexpected challenges. Burial insurance steps in to help ease the worries about final expenses, making things easier for your family. But, not everyone plays fair. Some people try to trick others through burial insurance scams. These scams are like hidden traps, making it crucial to know about them. By learning about these common tricks, you can keep your family safe from financial trouble. Join us as we explore the shady side of burial insurance scams. We’ll break down these tricks to help you spot them and protect your family’s money. Let’s unravel these sneaky schemes and make sure you’re prepared to avoid them. Get Free Quotes Customized Options Await Quotes Now What are Some Common Burial Insurance Scams? Well! Here are some common burial insurance scams to watch out for: 1- Term Insurance Sold As Burial Insurance Today’s the biggest and one of the first common scams are selling the term life insurance policies in the name of burial insurance,Term insurance policies have an initial period and pay benefits only if the insured person dies during that time. Burial insurance,also called final expense insurance, pays benefits until death and guarantees burial expenses. Be careful of agents who misrepresent term insurance as burial insurance. 2- Accidental Death Scam Scammers often tout accidental death insurance as burial coverage. Accidental death insurance pays benefits only if the insured dies due to an accident. It does not cover natural causes or illnesses, which are more likely causes of death in later years. This limitation leaves the bereaved facing substantial funeral expenses, contrary to the intended coverage. 3- No Questions Asked Burial Insurance While the convenience of minimal or no health-related inquiries may seem appealing, it’s a red flag in the insurance world. Some scams offer burial insurance without any health questions or medical exams. However, these policies often come with significantly higher premiums and limited coverage, leaving unsuspecting buyers with less benefit than expected. 4- Waiting Period Scam Certain burial insurance plans impose a waiting period before the full death benefit becomes available. Scammers may not disclose this adequately, leading buyers to believe they have immediate coverage. If the insured passes away during this waiting period, the policy might only refund premiums or provide a fraction of the expected benefit. 5- Fake Burial Insurance Websites Online scams thrive through fake burial insurance websites that mimic legitimate insurers. These websites collect personal information, such as social security numbers or banking details, which can lead to identity theft or financial fraud. Always verify the authenticity of insurance websites before sharing sensitive information. 6- Rate Classification Scam Some unscrupulous agents manipulate rate classifications, misrepresenting policy costs or benefits. They may label a higher-risk policy as standard or hide extra fees, ultimately costing the policyholder more or providing inadequate coverage. 7- Fake Burial Insurance Agents These fraudulent agents often target vulnerable populations, such as the elderly or those with limited financial resources, exploiting their desire to ensure their loved ones are taken care of after they pass away. They may use persuasive tactics, such as aggressive sales pitches or false testimonials, to deceive unsuspecting individuals into purchasing their bogus policies. In many cases, victims only realize they have been scammed when it’s too late, and their families are left grappling with the emotional and financial repercussions. It’s crucial for consumers to thoroughly research any insurance provider before making a commitment and to be wary of offers that seem too good to be true. Additionally, reporting suspected fraud to the appropriate authorities can help protect others from falling victim to similar schemes. How to spot common burial insurance scams? Spotting common burial insurance scams requires attentiveness and understanding of certain red flags. Here are indicators to help identify potential scams: – Unsolicited Offers or High-Pressure Sales Tactics Be wary of unexpected phone calls, emails, or door-to-door visits offering burial insurance. Scammers may use aggressive sales tactics to push for immediate purchases. – Limited or No Health Questions/Exams Beware of policies offering coverage without any health-related inquiries or medical exams. Legitimate insurers usually assess health risks to determine coverage and premiums. – Promises of Unrealistically High Benefits at Low Costs If an offer seems too good to be true; provide extensive coverage for minimal premiums; exercise caution. Unrealistic promises may indicate a scam. – Incomplete or Vague Policy Details Scammers might avoid providing comprehensive details about the policy terms, benefits, or limitations. Ensure you receive clear and complete documentation before committing. – Pressure to Make Immediate Payments or Cash Transactions Be cautious if the agent urges immediate cash payments or pressures you to finalize the transaction without giving you time to review the policy thoroughly. – Lack of Licensing or Authenticity Verify the legitimacy of insurance agents or companies. Scammers may lack proper licensing or use fake credentials, so confirm their authenticity through state insurance departments or regulatory bodies. – Complex or Confusing Policy Language Scammers might use convoluted language or confuse buyers with complex terms to hide limitations or exclusions. Seek clarification on any unclear points before making a decision. – Sudden Changes in Policy Terms or Benefits Be cautious of unexpected alterations in policy terms, benefits, or premiums after the initial agreement. Legitimate insurers typically maintain consistency in their offerings. – Fake Insurance Websites or Documentation Watch out for fake burial insurance websites mimicking legitimate insurers. Verify the authenticity of websites and ensure any documentation provided is official and verifiable. – Failure to Provide Written Documentation or Receipts Legitimate insurers always provide written documentation, policy details, and receipts for payments. If an agent refuses or delays providing these documents, it could be a warning sign. Avoiding Burial Insurance Scams: Steps to Take Avoiding burial insurance scams necessitates a cautious approach when selecting an insurance policy. Here are
Final Expense Companies to Avoid and How to Protect Yourself
Final Expense Companies to Avoid and How to Protect Yourself Last Updated on: May 29, 2024 Reviewed by Kyle Wilson Licensed Agent @ Burial Senior Insurance You may have an idea about the crucial role of final expense coverage in ensuring that your loved ones are financially protected after your passing. It is an insurance plan that helps to alleviate the burden on your family in case of your sudden demise. However, not all final expense companies are created equal. Each insurer comes with rules and regulations that may not fit all individuals who want to apply for final expense. Additionally, there are also some scams common in the market. So, in this blog post, we will explore the critical aspects of final expense insurance, shed light on final expense companies to avoid, and provide insights on how to navigate the market safely. First, we will talk about some companies you should steer clear of. We’re sharing these names based on customer reviews on their site and what their clients have told us, and these are the companies that are often replaced. Honestly, what some of these final expense companies do to seniors is just not right. Imagine living your life, trying to do the right thing by getting final expense insurance to take care of your family. Then, when you’re older, you find out it’s not what you thought it was. Pretty tough, right?” Get Free Quotes Customized Options Await Quotes Now Let’s have a look at these final expense companies to avoid 1- Colonial Penn Colonial Penn is a final expense insurance provider known for its late-night low-cost marketing tactics, particularly a graded death benefit plan. This plan, often advertised with paid spokespeople, may initially seem affordable at under $10 per month. However, it has been criticized for its potentially misleading nature. The coverage is structured in units, where each unit costs $9.95. Despite assurances that the price will never increase, coverage decreases each year as the policyholder ages. This can result in policyholders paying substantial premiums over time for a diminishing final expense coverage, raising concerns about transparency and fairness. 2- Globe Life Globe Life is another final expense insurance provider mentioned for potentially misleading practices. While they offer coverage of up to $100,000, the company is criticized for promoting their policies as whole life insurance when, in reality, they operate on a 5-year renewable term basis. This means that premiums increase every five years, and coverage ceases at age 80. The marketing strategy may attract individuals with seemingly attractive rates, only for them to face significantly higher premiums as they age. Globe Life’s policies have been noted for potentially putting seniors in a precarious position, especially if they are healthy and have longevity in their family, focusing on the importance of understanding the terms and conditions before making a decision. 3- AARP (New York Life) AARP, while widely recognized for its membership benefits, also offers life insurance policies through its partnership with New York Life. However, these policies have faced criticism for being one-size-fits-all, potentially disadvantaging healthy seniors who may be grouped with individuals facing severe health issues. AARP’s life insurance plans appear extremely costly when compared to other guaranteed issue whole life insurance choices on the marketplace, even if they have positive ratings from many organisations. Concerns regarding the general pleasure and suitability of AARP’s life insurance services have also been identified by negative feedback from clients that include issues with customer service, pricing increases, and policy cancellations. 4- Lincoln Heritage Lincoln Heritage has been mentioned for its relatively high monthly premiums compared to other final expense insurance providers. It justifies these higher rates by offering a “free” funeral concierge program, which critics argue may not truly offset the increased costs. The funeral advantage program has been labelled as a stunt, suggesting that policyholders may end up paying significantly more in premiums compared to competitors without gaining substantial additional benefits. While they do offer a modified plan, it still may not compete favorably with other competitors in terms of pricing. Potential policyholders are advised to carefully consider the value they receive for the premiums paid when evaluating Lincoln Heritage’s final expense insurance options. 5- AAA Life AAA Life , Provides great services for its final expense insurance, and also known for its roadside assistance services, Therefore if someone ages 45-85 offers $25000 so the AAA Life comes under careful examination, therefore its a good amount , AAA provides full death coverage and its not include in Final Expense Companies to Avoid so , meaning that individuals in good health receive the same policy as those with severe health issues. This lack of differentiation based on health status raises questions about the accuracy of the policy for healthy individuals. Furthermore, AAA Life has received negative customer reviews, citing billing issues and long wait times for death claim payouts, suggesting potential challenges in customer service and claims processing. Prospective policyholders are advised to carefully assess the suitability of AAA Life’s final expense policy based on their health and preferences. What are the checking parameters for Final Expense Companies to Avoid? Securing the financial future of your family requires selecting a suitable final price insurance provider. Unfortunately, it’s possible that certain businesses don’t really care about you. Here are some warning signs to be aware of: Limited Coverage at Excessive charges: Some businesses may charge high fees for little coverage. Finding an appropriate combination between reasonable costs and sufficient coverage is essential. Unknown Terms and Conditions: Companies with unclear terms and conditions should be avoided. In the insurance sector, transparency is necessary, so any confusion should be taken seriously. Bad Customer Reviews: Look for customer reviews and testimonials before choosing your final cost insurance company. Poor Customer Reviews: Before committing to a final expense insurance provider, research customer reviews and testimonials. Consistent negative feedback may indicate subpar service or unmet expectations.so you consider Final Expense Companies to Avoid as given Unreliable Payout Histories: Investigate the company’s track
