Burial Insurance with No waiting Period – Basics
Burial insurance with no waiting period is the type of burial insurance where the beneficiary will get 100% coverage even if you die after the first payment your coverage. Almost all of the insurance companies provide this insurance, but the qualification is often the hurdle.
Who can Qualify for Burial Insurance with no Waiting Period?
You will have to be completely healthy to qualify for this policy. If you have any disease, or even a family history in any of the major diseases, the insurance company will not allow you to have this policy. Moreover, if you are older than let’s say 60 or 70 years, it will be hard for you to qualify.
How to Get Burial Insurance with no Waiting Period For Your Parents
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 and get the best possible final expense insurance quotes. We represent different companies, so we can shop around to find the best price and coverage for you.
As an agent, 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.
Read more: Average Cost of Funeral
What to Stay Away From?
First of all, you want to stay away from anything that comes through the mail. Generally speaking, the big-name companies advertising their ads on television are often deceiving. If you see it on TV or get it in the mail, chances are it doesn’t offer the best deal.
So if your parent has a stroke in the first 2 years of the policy, then they don’t pay the full death claim. They try to hide that from you, and they’re very good at that actually. Most people don’t realize it until it’s too late, unfortunately. Your insurance may increase in price and then cancel at age 80.
What to Look For?
The best thing you can do if you’re looking for affordable life insurance for your parents is to talk to a broker. We are a group of independent agents/ broker. Our job is to find you the best price and the best coverage.
Most of what we sell is called whole life insurance. we can sell other kinds, but most people just want enough to bury them. Whole life is a much better deal for a variety of reasons.
Never Buy Term Life Insurance for Final Expense Coverage – Here’s Why?
In my opinion, term insurance for final expense is not a good idea. You have to understand first what term means. A simple way to remember what term insurance means is that term terminates. This means when you hit a certain age the policy ceases to exist. It cancels, it’s done, and you have no coverage.
The question we ask our clients when they’re looking for some kind of plan to pay for their burial is, do you want a plan that you may outlive? Or more succinctly, do you know when you’re going to die? Of course, everybody says, “No, I don’t know when I am going to die, and I don’t want to outlive my coverage.” If that’s the way you answer, then it’s highly likely that you don’t want a term insurance policy.
What Else Is There?
Now, why would somebody consider them? Because they’re very inexpensive relative to what’s called whole life insurance. Whole life, however, is the opposite of term. It never cancels because of age, the rates never go up, and the coverage, in many cases if you work with an independent agent such as me, can start from the first day.
Sometimes we can only partially cover you, but in many cases, you can be fully covered. It’s not a guarantee, but many times we can do it. The point is that the nature of our death is uncertain. I don’t know when I’m going to die. I’m 31 years old. I may pass away before you do even if you’re in your 50’s, 60’s, or 70’s. The fact of the matter is we need a plan that we will never outlive, that will be there no matter when the time comes.
How to Select the Best Final Expense Life Insurance Plan?
This step relates to the first step. You want a final expense life insurance plan that meets your needs and covers all expenses.
Sometimes, the final expense insurance policies aren’t going to be able to cover all of the final expenses. Why? Because most people in retirement are not made of money!
So, what do you do if you can’t get a plan that covers everything? Think, “Something is better than covers everything? Think, “Something is better than nothing.”
In my experience, no funeral home refused half of the money required to bury someone. And many times, funeral directors will work with you if you can come up with part of the payment. It’s better to get some money than none, after all!
How to Qualify for Final Expense Life Insurance with no Exam, And no Visit from a Salesperson
Advancements in qualifying for final expense whole life insurance allows many get quality coverage without a visit from an insurance agent. Many people nowadays are uncomfortable having a stranger visit. More so, people are just downright leery with the way the world is these days! And I certainly don’t blame them.