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In some countries and cultures, it’s morbid to talk about one’s death no matter what the context is. If you think about it, it makes sense in a way, why would you talk about your demise, if you are sitting perfectly healthy and having a good time with your family? However, the reality is that funeral insurance is a completely different matter and should be discussed.
The reason behind people putting off this talk is because they feel like they are putting too much pressure and burden on themselves. After all, who likes to think about what will happen after they die. TV adverts target older people through catchy slogans like “Your death life partner” or “The surety your family needs”, which gets the ball rolling. However, the trurth is that insurance policies allow you and your family to prepare for the inevitable future and freedom insurance help to cover all important areas. Moreover, it is also important to research into the area of premium coverage.
What Are Premiums?
A premium is the regular amount you pay to maintain your insurance cover. They are calculated according to your age. The older you are the higher the premium rate. This is why it is recommended that you get a funeral insurance policy at an early age. As mentioned, it is important to fully research before taking out a policy, to ensure that the amount that you will be paying fully covers the service that you require. This can be through cost and policy comparisons and reviews. You can have a peek here at some final expense reviews for example.
Who Buys Funeral Insurance?
According to employees working in companies that provide life and funeral insurance, people with low income are the ones that usually go for funeral insurance. Since funeral insurance does not require medical records, people believe that if they have some severe medical problem, they won’t be accepted for any other policy. This is merely an uneducated guess that only leads them into hot waters.
What the Delay Will Cost You
Funeral insurance and life insurance are often talked about in the same breathe. This is because both offer something different in their own right. However, when talking about funeral insurance, one thing that most people tend to forget is the quick payout.
Funeral insurance doesn’t require a payout plan. The premiums can be easily paid and the person does not have to wait for a long time for the policy to come into fruition. The money is usually handed out in 24 hours, so that the family of the deceased can carry on the funeral arrangements easily.
Life insurance policy has an early age limit for a person to become eligible as compared to funeral insurance. This is the reason why most people refrain from buying a life insurance policy. The thought of paying premiums for such a long time and dealing with the fluctuating rates has more people opting for funeral insurance. While life insurance does offer a little more than funeral insurance, the increase in the premiums puts a financial burden on people. On the other hand, funeral insurance can be bought anytime and depending on your income and savings, you can set up an amount that suits you.
With so many policies out there in the market, one offering more benefits than the other, people usually go for funeral insurance when they have no option left. A person can obtain life insurance at a young age of 35, whereas funeral insurance can only be obtained after a person is 80 years old. On the bright side, you can be sick and still be insured!
Keeping all these things in mind, why would a person go for life insurance? The fact is that funeral insurance gives the deceased more control and power over their funeral. The beneficiary can handle all the arrangements and since a list with the set of things is already provided to the family and the funeral house, everything works out perfectly.
