Choosing the Right Funeral Insurance: A Step-By-Step Guide

At some point, everyone needs to review their financial house and make plans for the end. For many, this provides an opportunity to know they are leaving their affairs in order and their loved ones a modicum of comfort. Funerals are one of the most stressful events a person faces and doing so while trying to find the funds to cover it is double.

This is why many rely on funeral insurance to cover their final costs. The problem is that choosing affordable coverage proves difficult in the current market.

For those looking to secure their financial future, it’s important to keep in mind how much you will need to set aside and for how long. This becomes more pressing with age, especially as the average expectancy in the US is about 78.6 years

Keep reading to go step-by-step through the process of choosing insurance for a funeral.

Funeral Insurance Priorities

One concern you face in purchasing funeral insurance plans is the rising costs. Since the early 90s, the price of funerals has risen by almost 30%. These additional costs come from a variety of factors and are expected to continue trending upward.

Insurance is meant to cover a specified amount at the policy creation, so it behooves you to look to the future and possible prices. A buffer is better than a gap when it comes to your family’s stress and comfort.

It’s easy to qualify for burial insurance and the assorted whole life policies that deal with funeral coverage. The rates, for the most part, remain static as long as you and your payments continue. 

Term life policies don’t work the same way and can increase drastically as you age, as they come with specific cut-offs. Keep this in mind when selecting a funeral protection plan.

The following steps guide you to chose in a bottom-up fashion to winnow your decision down easily. We start with the broad strokes and arrive at a final decision.

How Much Coverage

Start by considering what you want for your funeral plan. You want to make certain that the coverage you purchase provides enough funds to do everything you require. 

While the upper cost on funerals is in the tens of thousands of dollars, the lower end only requires a few thousand. Frequently purchasers separate out the different elements of the funeral cost.

These include the body preparation, the service, and the chosen form of burial. You can’t usually pick a specific availability date (as you never know when that will be) but only a few locations that host funeral services have peak pricing. 

A secondary thing to consider when choosing coverage is any outstanding debts one might have. It’s best to cover a portion of a mortgage (by six or more months) to assist a spouse in making payments or to hold the property while it’s being sold. 

People often consider leaving gift sums for grandchildren or such. These amounts do a lot to help remember the passing with fondness, rather than depression and debt.

Research Features

Once you know how much you’re looking for from coverage, it’s time to research where you will find that coverage at the best rate.

The end payout is important, but it is not the only important aspect of a policy. Additional features that make the transition period and purchasing go smoothly are worth their costs.

In general, you need to look for an insurance company with a solid A.M. best rating. Look for something with an A- score or better. This score, representing excellent (or better) indicates the services will honor their agreements without hassle and is credit-rated for the funds promised.

As was already touched on in regards to term life insurance, you don’t want premiums that increase, especially ones that jump as you age. Look for a policy that offers level premiums to avoid budgeting short-falls.

A medical exam should not be necessary for burial insurance. No matter how healthy or what lifestyle you live, death comes to everyone. A few questions regarding your overall health are to be expected to generate a considered plan. However, you should not be turned down based on a questionnaire or forced to get a full exam to acquire coverage.

Whole life policies work best because they take into account several of these features from the outset. It’s important that a policy accumulate value for you, instead of dropping off or decreasing. You shouldn’t feel pressured or punished for staying healthy and with your family.

Get Quotes

With the information acquired to select what you need it’s time to get quotes and chose the best coverage for you. A good place to start, if you’re unsure before you start requesting quotes, is to take a look through a checklist of your choice. 

These types of checklist help you organize and prioritize your needs. This way you can give a score along with the direct money values quoted. A company that works with you in answering all of your checklist questions is far more likely to attend to your needs and keeps its promises than one thing that tries to simply close a sale.

Instant quotes and online values are a good place to start. These will help you narrow down your search quickly and hassle-free. Once you have a few numbers in hand, it benefits you to discuss any additional concerns with a live person. 

Make Your Choice

The final step in any funeral insurance search is the decision to get a plan started. This guide provides everything you need to look for and why each part is important. Still, many people have questions and concerns that require a personal touch.

Not everyone gains information in the same way and you may be torn in a few places about which course of action is best when forming your coverage wants and feature musts. 

Contact us and get a quote to see what places Choice Senior Insurance above the rest. 

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