People WANT to KNOW, How Does Burial Insurance Work??? скачать в хорошем качестве

People WANT to KNOW, How Does Burial Insurance Work???

In this video we'll go over How Does Burial Insurance work. So you can better understand your life insurance options. 🚨🚨 Visit me directly at https://www.arrowfinalexpense.com/ 🚨🚨 Hello my fellow Insurables I'm Kelli with Arrow Final Expense and in today's video we're gonna go over how does burial insurance work so burial insurance is a type of life insurance that can sometimes also be known as funeral or final expense insurance and these type of plans are popular among older adults because of the affordable monthly rate the smaller benefits and of course because the policyholder knows that their funeral arrangements are going to be taken care of with this type of policy now with traditional life insurance such as term insurance those type of policies are meant to replace income with when a breadwinner dies or another family member passes away and this is very important when your family is still young and you have you know a mortgage to cover a car payment or even a child's education to pay for however as you get older your children leave home your needs are going to change so your life insurance needs are going to change also and that puts more emphasis on the need for your funeral costs to be covered and any other end of life expenses you may have left behind I can tell you with what's happened in my own family uh back in the early 80s when my grandfather died my mom's father um you know luckily he did leave a small life insurance policy for my mom he knew that he wasn't going to be around very long and she was still pretty young you know she was only in her late 20s and he passed away she was responsible for arranging the funeral paying for the funeral and still had his home and other obligations to take care of so fortunately he did have that policy in place and like she said she wasn't only you know devastated but you're overwhelmed with grief and you also have this huge obligation of someone's funeral arrangements and the rest of their obligations that you have to take care of when they pass away so let's get into exactly how these burial funeral insurance plans work first and foremost they're really just a whole life insurance policy that pays out a lower death benefit than a traditional life insurance policy and they're easier to qualify for because there's never any kind of a medical exam when you are applying for coverage and that's why they're also known as a simplified issue policy so these policies are available to older adults ages 50 to 85 I will say however there are certain insurance companies that will write a policy on somebody as young as 40. typically coverage is going to range from two thousand dollars up to fifty thousand dollars now a burial policy can be your Standalone policy or just as many other seniors have done you can purchase it to supplement your life insurance and just to pay for those funeral expenses that you will leave behind now here's another reason that these are very popular so just like any other whole life policy your premiums are always going to stay the same they will never increase the death benefit that it's going to pay out is never going to decrease it does build cash value over a period of time and the benefit will be paid to your beneficiary tax-free so obviously as I've stated these policies can certainly pay for funerals cremations whatever plan you have for after you leave this world but that money can also be used to help your loved ones settle your medical bills any credit card debt or any mortgage or rent payment that you may have left behind but your beneficiary is ultimately going to decide how exactly to use that benefit now something else to keep in mind just like any other life insurance policy your loved one can take that life insurance policy directly to a funeral home or a Crematory after you've passed away and the funeral director can contact the life insurance company on your behalf that way the funds will get paid out right away so that that funeral or cremation can be paid for so because there are no medical exams involved with burial or funeral Insurance you will be asked medical questions about your medical history your prescription history and also of course if you smoke or not and they're going to use your social security number and other forms of identification to check what's known as your MIB record which stands for your medical information Bureau record that way they can confirm that you are as healthy as you say you are because these type of policies were designed specifically for older adults the underwriting is more lenient and accepting of those who are not in perfect health making it easier to qualify than when applying for traditional life insurance coverage well there we have it you guys that wraps it up that if you have questions about today's video about burial insurance or other life insurance questions just let me know down in the comments.