If you are the kind who likes to plan, you would have thought about the inevitable too. Your loved ones will be stranded at the expense of your burial. With government benefits amounting to only $255, you will want to leave a little something behind for them. Burial insurance from providers is your answer to end-of-life expenses.
Many insurance companies offer final expense insurance, and it is difficult to find the best burial insurance for seniors. This article discusses the features you should look for when searching for an insurance company to meet your needs. Armed with these details, you can shop for the best policy.
“A” should be the Minimum Rating
Insurance is a financial product, and the issuers are rated through rating agencies based on various criteria. Before you sign up for a burial policy, ensure that the insurer is at least “A” rated. The ratings vary from A++, A+, A, B++, B+, B, C, and D. The rating agencies can be Moody’s, Fitch, A.M. Best, Better Business Bureau, or Standard & Poor.
Provide a Paid-Up Clause
Life is unexpected, and so is death. Paying premiums can get expensive after a few years. A paid-up clause means that you can stop paying the premiums after you have achieved the stipulated age. Your family members will still be eligible for the death benefit.
Return on Premiums Paid If Death Occurs During the Waiting Period
Usually, the best burial insurance for seniors has a waiting period for 24 to 36 months. This means that you pay the premiums, but if you die before the end of the waiting period, your family is not eligible to get the policy’s cash value.
In such a case, the insurer should return the premium you have paid so far and interest upon it. Therefore, you are not duped out of your savings. This suggests that the company is highly professional.
Offer Multiple Options
Age can affect your health. However, you want to keep your medical condition private. This will disqualify you from most insurance plans. The best insurance company should be able to offer you an option, such as a guaranteed issue policy that does not dwell into your health. Being able to offer something that suits every customer’s requirements sign that you are dealing with professionals.
Premiums Are Fixed
With so many insurers out there, you are bound to come across a few out to get your money. They will add an unnecessary fee to your premiums and balloon your payments. They will also try to hike up the premiums with every birthday.
A quality insurance company will stand out from the rest when it pegs the premiums to a fixed amount that does not change throughout your lifetime.
A final expense insurance policy can be a handy tool for your family to meet with the expenses that incur upon your death. The best burial insurance for seniors should have the above features to ensure that you are dealing with a professional insurance company. Independent agents can help you make this choice with their experience and expertise in the industry.