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What Is Burial Final Expense Insurance?
What To Expect
Types Of Burial Insurance
Why Should You Consider Buying Burial Insurance For Your Parents?
Buying Burial And Final Expense Insurance For Your Parents
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Death is a part of life. But death can be a hefty affair, emotionally and financially. On average, a funeral costs between $7000 to $12000.
To bear such high costs is not something everyone can afford. That’s where burial insurance comes in. It helps us pay for funeral and final expenses without worrying about finances.
If you’re considering buying final expense insurance for your parents, do it the right way. Here’s everything you need to know.
Burial insurance is a whole life insurance policy with a death benefit. It’s designed to pay for a person’s funeral expenses and medical costs upon their death.
If you buy this insurance for your parents, you’ll receive a payout to organize and host their funeral and burial without worrying about the costs. It’s also a more flexible way that allows you to choose a funeral home of your choice.
Most burial and final expense plans come with the following:
- An easy application process
- Fast approvals
- Whole life insurance
- Fixed premiums
- Cash value
- No medical exam
- Affordable rates
When you’re applying for burial insurance, you’ll need to go through an underwriting process that consists of the following:
- A health questionnaire
- A phone interview
- Prescription look-up
However, there are no medical exams required. Once you’ve applied for the insurance, your insurer will decide within a few days and call you.
This is where many people get confused. Different types of burial insurance are available depending on a person’s health. They include:
In this insurance type, it does not matter when the insured individual passes away; they’ll get the death benefit as the payout is the same throughout the policy duration. This is what you want to get for your parents.
It’s a type of permanent life insurance where if the insured person passes away within the waiting period, their beneficiaries receive only a percentage of the benefit.
Guaranteed Death Benefit
It’s a safety net that ensures people get a death benefit if a parent dies, even if the contract has not yet reached a point where payments are made. This policy is best for people with severe health conditions; no other policy covers them.
Still unsure whether purchasing burial insurance is the right thing to do?
Funerals can be expensive, but that’s not all. There will always be other costs when a loved one dies, like hospital bills.
Burial insurance takes the burden off you and provides you with financial security. All you have to do is contact a reliable final expense life insurance company like Franklin Life & Annuity and let our experts guide you through the process.
Let’s delve into the process.
Before applying for the insurance, you’ll need two things:
- Parent’s consent to review their medical history
- Insurable interest
So, essentially, you need insurable interest, which means you agree to a financial loss if the person you’re insuring passes away—and your parents need to decide to share their health history with the insurer.
Without these, you can’t purchase burial insurance for your parents.
After these must-haves, here’s what you need to do:
Consider how much coverage you want to go for
Most insurers allow up to $25000, but this can change depending on your parent’s health.
Learn more about your parent’s health history
This step determines the type and cost of insurance they are eligible for. You should ask your parents:
- Their height and weight
- Medications they consume
- Any hospitalizations in the past year
- Any health conditions that were diagnosed and treated in the last five years
Contact Franklin Life & Annuity
Once you have the necessary information, contact us. We’ll review the information with you and come up with a quote.
Apply for the Insurance
Next, we’ll select the best insurance option and discuss it with you and your parents.
Approval and Payments
Once approved, you’ll need to set up a payment method.
If you’re looking for a premier life insurance agency for your parents, get in touch with us at Franklin Life & Annuity. We’re a leading family life insurance agency based in Houston, Texas, committed to providing families with financial support in times of need.
Benefit from our professionally-curated burial and final expense insurance policies to deal with the illness or death of a loved one.