Funeral insurance provides a lump sum of cash paid to your family or nominated person to cover the expenses of funeral costs in the event of your death. It is designed to reduce your family’s financial burden at an emotional time. A death in the family is a painful and difficult time, the stress of this situation is often magnified by the financial pressure to cover the costs of a funeral as you deal with the loss of a loved one.
Funeral insurance works in the same way as many of your other insurance policies, you have to decide how much your family will need to cover your funeral, i.e. $6000, $8000, $10,000 etc. and pay your insurer a monthly or annual premium. The nominated beneficiary will receive the money upon your death and will use it for your funeral.
Regardless of your age or health the insurance plans offered can be paid in a single premium or spread over 3, 5 or 10 year period and when the time comes to make the claim your fund will be available quickly. Most of the claims are paid within 24 hours after the necessary documentation is received.
What does funeral insurance cover?
It provides up to $40,000 for funeral related expenses. For coverage of $20,000 or more you will receive a 10% premium discount, you will be covered worldwide 24 hours a day 365 days a year. You will get peace of mind and the level of the coverage will also increase each year in line with inflation.
Benefits provided by funeral insurance:
Guaranteed level premiums that will never go up.
You can save up to 25% over the life of the policy.
Quick funeral covers payout.
Flexible cover with your choice of payout.
Funeral insurance offers one way to plan ahead and cover funeral costs. Different plans cover different costs, some will cover things such as burial fees, grave digging fees or cremation costs, while other plans offer tiered levels of cover. Most of the policies do not cover all of this so it is important to read the small print carefully before buying.
The cost of funeral insurance is based on the level of cover you choose, your gender and age also matters.
Applying online for insurance is beneficial as it is easy to apply, you have to fill a form to get free quotes and side by side you can compare the policies too.
Ensuring your family does not suffer from financial crises of your death is a good idea, but consumers should be very careful before signing up for funeral insurance other pre-paid funeral plans. The investigation has found out:
Under some funeral insurance plans you end up paying more premiums than the value of the coverage.
Prepaid funerals or funeral bonds and life insurance are more cost effective options for covering your funeral costs.
So before applying read the given instructions, terms and conditions of the policy carefully before signing it and also make sure that the beneficiary you are choosing is trustworthy.
Get funeral insurance today and live a stress free life.
Article Source: http://EzineArticles.com/expert/Rajesh_Sahotra/1772540