Cremation and final expenses… and how to plan for them… it’s a common dilemma that can be helped with Cremation Insurance Plans. As with most costs, cremation expenses are rising. Seniors’ life expectancy is longer than ever and people don’t have as much in savings for their retirement leaving loved ones unable to pay for final expenses when their family members pass away.
With other living expenses to add in, it can be easy to put off planning ahead for cremation or memorial expenses to be paid. However, selecting one of the many cremation plans available can be a wonderful gift to give your family which will give them peace of mind and protect them from the financial hardship of paying for your final expenses during an already difficult time. Cremation Final Expense Insurance is the great plan for those who aren’t prepared for paying final expenses.
What are cremation insurance plans?
Cremation Insurance Plans are a specific type of whole life insurance intended to pay for final expenses upon a person’s death. Those expenses might include cremation, memorial services, legal fees, an urn, remaining debts, and even a monetary gift to a loved one. Cremation insurance plans are customized for each policy holder because you will name your beneficiary who can determine how you would like your final wishes handled. It is important to make your wishes clear to your beneficiary so they will know how you would like the death benefit spent.
How do Cremation Insurance Plans work?
Cremation insurance plans are a type of whole life insurance. They have the same benefits as any life insurance plan that falls under the whole life category.
Those benefits include:
*Policy is good for your whole life
*Plan cannot be cancelled as long as payments are being made
*Monthly payments are guaranteed NEVER to be raised
Benefit #1- Easy application process
Cremation insurance plans and other types of whole life insurance have a simple application process. One of our experts can help you through the simple application process in just minutes. Clients are approved either immediately or usually within an hour. First you answer a few simple questions and then the health section has a list of yes and no health questions, which are easy to answer. The criteria for plan selection is based on your age and health. Around 90% of all applicants are approved for immediate DAY ONE coverage which is the preferred level of cremation insurance plans.
Benefit #2- Policy is good for your whole life
Cremation insurance plans are good for your whole life. Taking this step to protect your family will take care of their financial needs upon your death in order to pay for your cremation and other expenses. Cremation insurance lasts your whole life. This is convenient because unlike other types of insurance which are renewed yearly, whole life insurance stays in place permanently as long as premiums are paid. This means your policy cannot be cancelled due to your age or a decline in health. Other common life insurance plans, such as term life, expire. Whole life insurance does not expire and lasts your whole life.
Benefit #3- Plan cannot be cancelled as long as payments are being made
After a bad accident, rates go up or sometimes auto policies get canceled. Suddenly a health issue can cause health insurance rates to skyrocket. Thankfully, cremation insurance plans cannot be cancelled, regardless of if you have a diagnosis, surgery, or other health problem that means you are a high risk client. Cremation insurance plans base their premiums on the age and health of the applicant at the time the application is received.
After that approval, and the payments are begun, the policy can NEVER be cancelled as long as the monthly premiums are being paid on time. Many clients purchasing final expense insurance are seniors and as they age, health problems develop. The great thing about cremation insurance is that even if your medical history becomes worse, your insurance cannot be cancelled.
Benefit #4- Monthly payments are guaranteed NEVER to be raised
Some seniors worried that as they get older, their cremation insurance premium will go up. This is usually true for health insurance, insurance riders, and other types of insurance. Thankfully, cremation insurance plans do not work this way. As soon as your policy begins, as long as monthly premiums are paid on time, your rates can NEVER be raised, regardless of a change in health, medication, or other circumstances.
How do you find the best Cremation insurance plans?
The best plan is found NOW because approval and rates are based on age and health. There is also a sense of urgency if you currently have no way for your family to pay final expenses and they would be left struggling to figure out the finances upon your death.
The best way to know you are getting the best cremation insurance at the lowest price is by using an insurance broker. As an insurance broker, we work with numerous companies who provide cremation insurance such as AIG, Mutual of Omaha, Liberty Bankers Life, and more. These well known, nationwide companies can be counted on to pay out your death benefit in your family’s time of need. Using a broker means you will be placed with the insurance company who specializes in your health profile. Most insurance companies have a specialty area and because our team works with so many companies, we are able to match up your age and health profile with the company that can provide you the highest death benefit at the lowest monthly premium.
Cremation insurance plans range from $3,000-$50,000 death benefits. They can pay for the most basic expenses such as your cremation and legal fees but larger plans can also help you leave a monetary gift to a loved one or pay for college expenses as a lasting memorial.
Do not delay…. Be sure you are protected so you and your family can have the peace of mind to know your final expenses will be taken care of.