Term Life Insurance
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BURIAL INSURANCEBurial insurance is a policy whose terms specifically provide that the proceeds can be used only to pay the burial expenses of the insured.Burial insurance pays toward the cost of a funeral. Some policies pay only the expenses of a funeral; however, the average cost of most funerals today far exceeds a single burial insurance policy amount. As a result, several burial insurance policies may be purchased to pay the expenses of the funeral home you want to provide the service. It is important to understand the difference between life insurance and burial insurance. Life insurance pays a cash payment to any beneficiary designated in writing by the owner of the policy, while burial insurance pays burial costs to a designated funeral home. Generally speaking, the burial insurance policy is honored by the funeral home named on the policy form. Other burial insurance policies issued years ago have language that promise the policyholder a complete funeral, listing specific services and products provided under the policy. Under these policies, the burial association is obligated to provide a complete service; however, you may be restricted to a certain type of casket and limited services by the funeral home (for example: only one day for the body to lie in state rather than several days; no vault; or other restrictions). Some older burial insurance policies promise to provide a complete funeral consisting of a casket, preparation of the body, etc. However, you should realize that the casket provided with this service may be a low-grade wooden or cloth-covered cardboard casket only. This kind of burial insurance policy will not entitle you to select any casket you want. This older type burial insurance policy may also have other restrictions on the type of funeral provided. If the next-of- kin decides to change any of the items provided under a complete funeral in one of these older type burial insurance policies, the funeral home may not be required to provide the complete service but credit the amount of the burial insurance policies towards a higher priced funeral. It is important to read burial insurance policies very carefully and clarify any questions with the issuing burial association. BUYING BURIAL INSURANCEA Single Policy- This type of policy will provide benefits only for the named insured. A Family Policy - This type of policy will provide benefits for those family members listed as named insureds. The policy remains in force until all named insureds are deceased, as long as premiums are paid to the burial association. |
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