“Age is just a number”. While the quote stands true, there’s no denying the fact that death is inevitable. Buying burial insurance for the inevitable truth might be something you don’t even want to think about. But, it is a necessary step to protect your loved ones. You need to consider many aspects before buying burial insurance for seniors over 70 that are covered here.
Elements of a Good Burial Insurance Company
When buying burial insurance, make sure that you choose a good policy that has guaranteed benefits. Most importantly, choose a provider with positive ratings and great reviews. A good burial insurance company should have the following attributes.
Financial Security – Always go for a good insurance company that is financially capable of settling your claims. Your financial security depends on the stability of the company.
Low Premium – You have to find the perfect policy for you where the premium you are paying should be as low as possible. Compare the premium options with other final expense companies as well.
No Waiting Time – If a company offers a low premium policy, but there is a waiting time involved, avoid it. Generally, insurance companies have a two-year waiting period for availing of the benefits. Choose a policy that benefits you right from the start.
Hiring an Independent Agent
Generally, you can’t directly establish contact with an insurance company. Companies delegate their work to independent agents for their work. These agents will quote you rates from 10-12 carriers, and you can accordingly decide your insurance policy after comparing the benefits of each.
Your agent should be able to understand your requirements and suggest the best for you. Agents like Gary Cubeta from Insurance for Final Expenses will offer you the cheapest options possible in burial insurance for seniors over 70.
Choosing an independent agent is always better than choosing a company. The company will never recommend a competitive insurance company but will instead recommend its services, convincing you with a comparative advantage. So, it’s always better to go for independent agents for their impartial services.
Understand the Working of Burial Insurance
It’s essential to understand the working of burial insurance before buying one. The burial policy is specifically taken out to cover final expenses. Burial insurance refers to a specific type of insurance where the plans are small face value with limited underwriting.
You just have to continue with your monthly payments towards the policy, and in case you pass away, there will be a payment to your beneficiaries without any deductions. Insurance plans do not require any physical examinations. Though, you might need to answer specific health-related questions.
Buying Burial Insurance Online
Buying Burial insurance online can be a tricky task because most companies use their websites as lead aggregators, and there are no quotes. You can fill in your details and get quotes from them. It is crucial to check if the website is authentic or not before doing so.
It is imperative to hire the right agent for burial insurance for seniors over 70. Also, go through all the beneficiary related options before choosing your policy.