Retirement planning, for most of you all, constitutes planning for all the expenses until the end of life. Often, you forget or overlook the burial or funeral expenses that your family will have to bear after you pass away. So, if you plan on availing an affordable burial insurance plan like Colonial Penn 9.95, you are thinking in the right direction. These days, both small and larger insurance companies are providing burial insurance plans to their clients.
A funeral insurance plan comes under the ambit of life insurance and is specifically designed to cover the funeral expenses. This is not only a responsible, practical, and financially feasible decision but also represents a caring gesture for your family after you pass away. There are a plethora of such financial schemes available in the market. However, you must know the process of selecting burial insurance that not only fits your budget but also provides you the best-guaranteed acceptance.
What Is a Burial Insurance Plan?
Burial insurance is known by multiple names, including funeral insurance, final expense insurance, or preneed insurance. Burial insurance is a specifically constructed life insurance policy to cover your funeral, burial, and other miscellaneous expenses in the immediate aftermath of your passing away. Simply put, it is a variant of a full-fledged life insurance policy. Such policies are increasingly becoming popular among people because they are cost-effective, conform to your finances, and available easily. By paying an extra amount, you may also avail yourself of additional benefits along with burial insurance. Burial insurance plans like Colonial Penn 9.95 also stand as a heartfelt gesture, ensuring your family’s well-being in your absence. Moreover, it lifts off a substantial burden from your family’s back in your absence.
Doesn’t Life Insurance Cover Funeral Costs?
The common notion about life insurance is that they cover specific expenses and provide financial security for your family members. After your passing away, life insurance shall compensate for the burial costs. It may also offer some amount of money as an inheritance to your children if you don’t have any available assets. However, burial insurance is designed and restricted to finance funeral requirements. Therefore, to make systematic arrangements for your family, availing of funeral insurance is wise.
What Are the Steps to Buy the Best Burial Insurance?
Burial insurance is easy to avail, cost-effective, and includes certain steps that you must follow. The first step involves estimating the final or end-of-life expenses, and funeral costs cover a heavy chunk of those expenses. You must also analyze and determine whether you shall leave enough money and assets for your family. The third step includes deciding whether or not you need any funeral insurance. If you do, you must decide which sort of funeral insurance you need, i.e., funeral, burial, or final expense insurance.
Burial insurance or funeral insurance is an essential financial plan that is specially designed to help your family afford funeral expenses. However, to avail of burial policies like Colonial Penn 9.95, you need to understand your financial conditions and determine whether you need and can afford a policy or not. However, there shall always be a burial insurance plan suiting your requirements.