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Amiel Shulsinger
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Amiel Shulsinger
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Amiel Shulsinger
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Tips for buying funeral insurance
The Basics Tips for buying funeral insurance Don't want to go to your grave in pink satin? Then consider buying a burial policy that allows you to choose and pay for everything ahead, from the coffinor urn to the flowers at the service. Have you ever imagined what your funeral would be like? What kind ofservice there would be? Or even what kind of coffin you would prefer?Morbid? Perhaps. Unreasonable? Not at all. There are plenty of reasonsto preplan and, if possible, prepay your final arrangements long beforethe need arises. In fact, a product called "preneed" insurance, alsoknown as burial or funeral insurance, is intended for just that purpose. Unlike some other types of insurance, this is less a "what if" financial strategy and more a question of "when." With this coverage, you can plan many details of your funeral, including the products and services that it will entail, and pay for them in advance."People aren't buying this for the financial benefit, but rather to lock in and prearrange their funeral their way," notes Kevin Gough of Conning& Co., a Connecticut-based insurance research firm. "Whether it's avelvet-lined casket or a particular type of service, it guarantees they'llhave the funeral they want." On the surface, it seems like a relatively straightforward purchase. But a spate of funeral insurance scams across the country involving thousands of policyholders shows that you must do as much homework when buying burial insurance as any other type of insurance, perhaps even more so. In fact, there has been so much controversy in the industry -- particularly accusations that elderly people are being duped into paying more in premiums than they will ever receive in benefits --that states such as Florida have sought to ban the policies outright.READ MORE HERE ...read more
By Onine Insurance Concepts September 15, 2011
Differences between Burial Insurance and Life Insurance
Virtually everyone is familiar with insurance policies. You've probably seen many television advertisements concerning the subject. In some cases, your parents and grandparents have discussed the details of having an insurance policy to coverfuneral expenses. Determining the differences between burial and life insurance can help you make the best decision about which one to choose. Function. Life insuranceandBurial Insurancemay seem the same at first, but they are distinctly different from each other. With life insurance, you agree to pay a preset amount of money periodically to an insurance company. At your death, the insurance policy will issue a payment to your designated beneficiary. Burial insurance is designed to prepay your funeral arrangements only and decrease the burden of funeral planning for your surviving family members. Types. There are two major types of life insurance that are available for you to choose from. They consist of permanent and temporary life insurance policies. Some of the most common insurance policies include term, whole life, and universal. Term life insurance provides protection for anyone on a limited budget. It usually offers a payment to cover any outstanding loans or to help provide for your surviving family members. Whole life insurance will provide you with coverage for the remainder of your life. Pay the premiums in a timely manner and you won't risk losing the insurance policy. It also accumulates cash value and can be cashed in if you discontinue the policy. Universal life insurance offers more flexibility than the others. You're able to conveniently change the amount of insurance you'll need. Your beneficiaries will still receive the value of your insurance policy upon your death. Burial Insurance may ba also knowon as funeral insurance. Burial insurance allows you to prepay your funeral arrangements without burdening your family members and some programs include: Funeral Planning, Funeral Activation, and Funeral negotiation.Make sure you choose the one that will give you the most value. Features Burial and life insurance help to make the entire process of planning a funeral or covering family expenses easier. Once you've purchased burial insurance, it will cover most of the common expenses. Usually your burial plot, grave marker, cremation, embalming, flowers, hearse, and a few other things will all fall into this category. On the other hand, life insurance will provide a preset amount of money to your beneficiaries. The money received will go towards burial costs and funeral arrangements. Depending on the amount of the life insurance policy, some beneficiaries will have have extra money left over for other personal expenses. Considerations Before making a final decision on any sort of insurance, research it first. Not all companies provide you with the same type of life insurance or burial insurance policies. In addition, One Insurance Product available in California,for example, maybe offer diferent benefits in Texas . Another Life Insurance Company may offer additional bebenfits in Florida or Arizona. Each State's Insurance Department may approve difernt riders and feautues . If you're only looking to cover the basic costs of your loved one or self, then consider choosing burial insurance. However, if you'd like them to have extra money to cover expenses outside of the funeral arrangements, select the life insurance policy that works best for them. It is ideal to have both Insurance Plans in force. Warning Read the fine print in whatever insurance you decide to purchase. There are usually limitations and restrictions that go along with your insurance policy. Remember that aLife Insurance Policycannot be paid without the Death Certificate.Even after all required documents are sent to the Life Insurance Company, it may take day or weeks before the claim is paid.However, someFuneral Insurance policieshave the ability to pay the funeral expenses without aDeath Certificatewithin 24 hours!.This can be a great advantage when covering your burial expenses.Familiarize yourself with the each detail to verify that this is the correct insurance policy for you and your beneficiaries. Not understanding all of the details ahead of time could cost your surviving loved ones much aggravation and more grief. Being fully prepared will make the entire process of planning your funeral much easier to deal with. ...read more
By Onine Insurance Concepts March 20, 2011