Recent statistics show an increasing death rate due to an ever changing and polluted world. An increase in death rates could be attributed to many factors, diseases and accidents being the leading factors in that category. No one is immune to death, so it’s always good to be prepared. It is good to have a backup plan in cases everything doesn’t go as expected. Funeral costs have also risen and this rise can be attributed to many factors and inflation the main contributor. In the event a person passes away, their loved ones may find it difficult to cover such funeral costs. Canada could be taken as a good example where the costs of managing a funeral averages at about $8000. Without a proper funeral insurance plan, one may find themselves penniless after burying their beloved. Funeral insurances become handy in helping the bereaved to cover all the costs that are related to the loss of their loved one.
Reasons for having a funeral insurance
- Reduction of the financial burden.
- Release from the stress of hustling extra financial resources.
- Ensuring those surviving members have something to live on once their beloved departs.
- Clearance of hospital and other related bills.
The working mechanism of funeral insurance
The funeral insurance also known as burial insurance is similar to other insurance policies. The aspect of being consumer friendly is making these plans increasingly popular. Burial insurance policy is recommended for those who are in the age gap of between 40 to 80 years. Those offering the insurance policy argue that the age below forty is too young while that above 80 is associated with higher risks. The plan usually covers cremation costs in the cases where the deceased is to be cremated instead of being buried. The burial costs are also covered by the plan. The remaining family members can make a claim to the insurance funds within 24 hours after the occurrence of the death. The payout procedure is usually very easy, so it will be simple for the beneficiaries to access the funds. Claiming of the funds after death will also depend on the insurance terms and the firm providing the insurance.
There are usually two approaches with regards to funding of a funeral. One could come up with the amount of funds that they think would be sufficient to cover all the expenses and clear the bills. Alternatively, the insurance provider could provide the client with several policies from which the client could make a selection depending on what suits them.
Application requirements for funeral insurance
The application for a funeral insurance plan could either be made online or offline depending on the insurance firm. The companies would require some basic details such as the full names of the applicant, the age of the client which is also vital since the application is limited to a certain age. The gender is also a must since one can register as gender-less. The smoking status is also needed since smoking is known to be a cause of death, so basically any factor which could contribute to death needs to be included. The health status of the client is divided into poor, average or good and is also required for the registration to be completed. The client would also need to state the amount they need to be covered or even make a selection depending on the policies available. The address of the client needs to be filled, and this includes their email, phone number, city and Zip codes.
What to Look For
Getting a reliable insurance firm provider could be strenuous especially if you don’t have the information. When searching for your final expense insurance it is ideal to search for a company that offers most of the points listed below.
- Flexible insurance policies which will suit all the needs of the clients.
- An insurance company that will settle the very first payout after only 24 hours from the occurrence of death.
- The claim settlement procedure is very easy and fast, meaning that the beneficiaries will be able to access the insurance funds without any problems.
- The firm offers consumer-friendly insurance policies which would suit almost every need of their clients.
- The firm offers negotiable policies meaning that the clients can talk their way to what suits both parties.
- The policies offered don’t require any renewal which means that the beneficiaries can continue to make use of the plan even after the original client departs.
- Offers constant premium rates meaning that the clients will not be surprised by fluctuating rates.
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