A burial insurance policy, also called funeral coverage, is a permanent type of life insurance. Basically, this means that the policy doesn’t have a specific term or period of coverage and it will not expire once the premiums are paid. This is why most people invest in burial insurance for parents.
These policies are smaller life insurance plans which are designed specifically to cover the last expenses that an individual’s family would have to pay. The insurance companies typically offer final expense or burial life insurance policies to persons who are between 50 and 85 years old, but some will provide coverage for people over 85.
If you buy the right funeral insurance plan for parents and it comes with a low monthly premium, you could have adequate funds to cover all their funeral expenses. You could have thousands of dollars to cover a basic funeral service, cemetery plot, flowers, and casket.
In addition, this type of insurance will come with a cash value component in which tax-deferred savings are accumulated over time for your parents. These funds can be borrowed against or withdrawn if you opt to do so. Just bear in mind that any unpaid withdrawal or loan amount will go against the death benefit on the policy.
Finding Affordable Burial Insurance for Parents:
If you want to find the most affordable life insurance for parents, you should start by checking the different policies and package levels available for burial insurance.
One of the important things to know about the packages is that the affordable burial policies for parents are available in two basic varieties. These are the traditional and graded benefit policies. The differences between them are notable and should be considered when you are buying.
The traditional policy gives 100% of the insurance benefits when it’s issued. This means that the full benefits are going to be covered if a parent dies the day after you are given the policy. The graded benefit policy provides benefits which come in steps when there are medical or health concerns.
To buy the best burial insurance for parents you have to shop around to find and compare multiple quotes. This way you can get information from different companies in order to find the right premium to benefits ratio that is best suited for your budget. In the end, proper burial insurance for your parents means getting an early start, finding a good policy with low premium, and at least ten thousand dollars of funeral expense benefits.