Are you getting old and unable to save enough money per month or year to support any extra expenditures? Are you a spendthrift? Does your income not match your expenses? Are you unsure whether will you be able to save enough money after retirement? If this is the case, then this article will be perfect for you. We will be discussing top 5 signs it’s time for you to get a funeral insurance.
The number one thing I can suggest is typically with a younger age comes better-than-average health. So, it is always good to work with somebody who has competitive companies that will give you the better price.
There are a lot of carriers out there that have very high prices that are unnecessary for people 50 to 60 years old. You want to work with an agent, that works with many companies and will shop around to find you the best deal. That is number one.
Number two, you want to make sure that whatever plan you pick fits the goal you want to accomplish. So, if your main goal is to have just enough insurance to cover a burial, make sure you get what I call a whole life plan. A whole life plan never cancels, never goes up in price, is locked in place, and hopefully has first-day coverage.
What you want to stay away from in most cases is term insurance. Term insurance terminates after a period. Meaning it can go away before you do, and it goes up in price. You have got to be very wary of that and make sure you stay away from those kinds of plans if your goal is to keep a plan for the rest of your life.
If you’re in your 30s, 40s, or maybe even older and you’re looking for some kind of life insurance that would be the best value for your parents, fill the form to get the most suitable quotes possible.
We represent different companies, so we can shop around to find the best price and coverage for you. We have a lot of experience selling to people 60 and older who need just enough to bury or cremate them and maybe leave some money behind. We’ve got some pretty strong opinions on what to look for and what to stay away from.
Can’t Quit Smoking
tobacco usage causes higher prices, working with the right agent minimizes the actual price you’ll pay for your burial insurance. Who wants to pay more than necessary, right?
First things first. Make sure when getting a quote for burial insurance that you avoid “guaranteed acceptance life insurance,” or “no-questions asked life insurance.” While premiums may seem competitive, the truth is those plans do not give first day full coverage.
What does this mean? If you die within the first two years of the policy, your beneficiary does not receive the full death benefit. Actually, the beneficiary only receives premiums paid back plus interest.
That’s horrible! Look at it this way. If you die of natural causes twelve months into your guaranteed acceptance life insurance plan, your beneficiary may only receive several hundred dollars back. And this is not enough to properly pay for a burial.
Sometimes, smokers have a COPD diagnosis. Moreover, they are concerned their diagnosis eliminates eligibility for quality insurance. Here’s the good news. When working with a broker, you can commonly find first-day full coverage. Even if you have a diagnosis of COPD, bronchitis, emphysema, or lung disease.
Unfortunately, many companies you see on TV and in the mail force you to wait two years before fully protecting you against natural causes of death. Increase your chances of avoiding this and work with a broker.
What If I Smoke Cigars?
Historically, cigar smokers have an easier time of qualifying for life insurance coverage than smokers. While not always the case, cigar smokers can qualify for preferred non-tobacco rates often.
At Buy Funeral Insurance Coverage, we work with carriers that rate cigar usage at non-tobacco rates. In many circumstances, we have saved clients hundreds of dollars a year on their life insurance. How? Because we work with carriers that view cigar smokers as having less serious health consequences, compared to cigarette users.
Recently Had a Heart Attack
Many think heart disease health issues eliminate burial insurance eligibility. Luckily, this is not the case! With enough time passed since the health even, you’ll have plenty of opportunities to purchase quality life insurance for final expenses. Let’s break it down.
If you’ve had a heart attack, stroke, stent implant, open-heart bypass, aneurysm, or pacemaker implant within the last 12 months, a guaranteed-issue final expense plan is your best life insurance option.
Guaranteed issue life insurance is designed to approve coverage, no matter the applicant’s health. However, if you pass away from natural causes, guaranteed issue life insurance limits the death benefit for the first two years.
So, while you’re covered fully for accidental death, any natural cause of death – related to heart disease or not – will not give your beneficiaries a full death-benefit payout.
Here’s the truth. You could have another heart attack, or heart-related health crisis. You could develop a new disease like diabetes. Or your doctor may prescribe you a new medication. Why does this matter?
Because ALL future health events may prevent you from qualifying for quality life insurance for final expenses. If you wait for better options for burial insurance coverage, negative changes in your health will eliminate qualifying for anything better.
Bottom line – this means you may STILL have to wait two years before your natural death coverage begins… when you COULD have been fully covered. IF you took the final expense coverage out earlier on!