Affordable Life Insurance Philadelphia For 2024
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you’re like many people, the idea of death is something that is hard to think about. The reality of it can be downright scary, and for some people, this fear leads them to not plan ahead for their burial.
This article will provide a simple solution for those who want to ensure they are properly taken for long-term care in the event that they pass away: affordable burial insurance in Philadelphia.
Table of Contents
How Does Burial Insurance Work
Why You Need To Consider Getting Burial Insurance
What type of policy pays a death benefit to pay for funeral costs?
Often referred to as final expense plans, Pennsylvania burial insurance policies provide a person with the coverage for his or her last expenses, like a funeral. Well, burial insurance policies will not expire, like other term life insurance policies.
Before delving into the details of choosing reliable and affordable burial life insurance in Philadelphia, it is essential for you to get an understanding of burial insurance.
Burial life insurance as senior life insurance, final expense insurance, or funeral insurance covers your final expenses.
While it does not provide complete life insurance coverage, it will help you pay out the obvious expenses for burial and associated events.
Not to mention, burial insurance gives you the peace of mind since it will cover the expenses related to the funeral.
In contrast to burial insurance, a traditional life insurance policy allows your dependents to use the death benefit for every expense, including everyday living, college, and mortgage, in addition to burial costs.
However, with burial insurance, your beneficiaries will know for what they should use the amount, which eventually takes much of the nuisance out of planning your funeral.
What Does Burial Policy Cover
One of the greatest advantages of burial insurance is its fairly simple process. You will only need to answer a few health-related questions.
However, some guaranteed-acceptance policies may not require you to answer any health questions. No medical exam is required to qualify for Philadelphia life insurance.
In comparison to other life insurance policies, the burial insurance policies are quite modest.
Nevertheless, it is important to know that this type of cover does not include plans that funeral home insurance usually offers e.g. pre-need funeral coverage.
Also, the burial insurance expense offers the beneficiaries a death benefit in terms of cash value that they can use after they lose a member.
It is important to mention here that the beneficiary has the full right to save any amount left after the funeral expenses. In general, there are two types of life insurance policies: term life insurance and whole life insurance.
Term Life Insurance
A term life insurance policy doesn’t grow cash value and expires after a specified period. In case of death during the term, your beneficiaries get the death benefit.
If you are alive at the end of the term, the policy doesn’t pay a benefit. After the term life insurance policy expires, it can be converted to a permanent policy for a set period.
You can choose a policy term length ranging from one to 30 years. Term life insurance premiums remain level throughout the term, and if you decide to renew it, you won’t need to prove insurability.
A ten-year life insurance policy with $100,000 coverage for different age groups costs less than a whole life policy. The higher the coverage, the higher the premiums.
Permanent or Whole Life Insurance Policy
Whole life insurance is a permanent life insurance policy that lasts your entire life. This life insurance comes in many forms, differing in how its cash value grows.
The whole life insurance typically comes with a death benefit and guaranteed cash value. Universal and variable whole life insurance provides cash value that is not guaranteed and is determined by market conditions.
If your permanent life insurance policy lapses or is surrendered, you can choose from various nonforfeiture options that determine how You will deliver your cash value.
The cash value of your permanent life insurance policy belongs to you. It is more expensive than term life insurance because it grows in value and lasts for a lifetime.
The cash surrender option gives you your policy’s cash value as a lump sum if you surrender it.
Determining The Burial Coverage Amount
What is the cost of burial insurance?
Well, in short, that all depends on your personal profile as universal life insurance, in general, is not a “one size fits all.”
When you lost a family member, you probably never regret spending money on expenses associated with the burial.
However, if your major focus for shopping the burial insurance policies is to pay for the funeral, memorial, cremation, and burial, then you may prefer visiting the funeral houses in your neighborhood to get an estimate of how much money you will require.
However, here is an average amount that the National Funeral Director’s Association revealed previously:
1) Memorial service is different for each, depending on several factors
2) Direct urn and cremation will cost around $2,000
3) Full burial service with cremation will amount $6,000
4) Full service with burial and vault will cost around $8,500
It is crucial to bear in mind that you may also have to pay for transporting a body and for other expenses associated with the funeral and burial.
In case you are the beneficiary, it will be your responsibility to decide where to allocate the funds you have.
It is worth noting that these prices may increase over several years ( 10 year, 20 year); the price for burials and funeral increased by 30% over the past decade.
Considering that, if you add another 30% to the mentioned price you can have a clear idea of how much life insurance amount you would need for the burial. Therefore, it is best to purchase a burial life insurance to avoid any hassle during the burial of your loved ones.
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Choosing A Burial Insurance Policy In Philadelphia
When it comes to choosing the best burial insurance policy, you may find the process intimidating. However, once you have come across the coverage details, it becomes quite easier for you to decide. Besides, your next concern would be choosing reliable burial insurance in Philadelphia.
If that is the case, opt for the best life insurance companies that have coherent policies. But before that, keep in mind that not all types of burial policies in the state provide complete coverage.
That means, if you want minimal coverage and low premium, then choosing a 3-year graded death benefit rather than 2-year can save you a few extra dollars.
However, if your health is not so good, then picking a 2-year graded death benefit is a better option for health insurance.
People with adult children often prefer to purchase this type of burial insurance plans.
In case a child is buying burial insurance for his or her parents, they must ensure their parent has acknowledged and signed the agreement to the selected life insurance company to complete policy requirements.
However, it is in your best interest to discuss your options with a professional insurer before opting for a burial insurance policy.
These professionals, with their experience in the field, will be able to assist you in laying out all the options for getting the right burial insurance policy for you. While burial insurance is permanent, choosing a reliable plan is important.
Finding A Reliable And Affordable Burial Insurance In Philadelphia
While it is an internet era, you are likely to turn to it for searching the reliable and affordable burial insurance in the state.
However, before you begin the search, make sure to decide which burial insurance policy would suit best to your requirements.
Moreover, comparing the benefits and premiums for burial insurance life policies will certainly help you in choosing a reliable and affordable insurance company.
Find out the Policies that Best Suit your Requirements
When you are planning to shop for burial insurance, make sure to find out what issues with your health and pre-existing conditions could possibly disqualify you for an issued policy, such as COPD and the use of Oxygen.
This will help you decide whether you need to find guaranteed acceptance policies while searching for a reliable burial insurance company. To find out these details, you can contact an insurance agent.
Keep in mind, there are many qualifying health impairments that will allow you same day instant coverage. Ask us!
Assess Customized Quotes for Comparison
Once you have gathered the basic information regarding policy disqualification, the next step is to find out the customized quotes for a variety of death benefits.
It will help you to balance the size of the burial policy against the price. In addition to it, compare some insurers of your town to find out the reliable one.
Other than this, get the burial insurance quotes online from this insurer to compare and find the most affordable burial insurance in Philadelphia.
Be Sure That It Is the Best Option Available
While doing thorough research for burial insurance, you can decide whether your family member would benefit from prepaid plans or final expense insurance.
Meanwhile, you can go ahead and look for some life insurance options other than burial insurance, such as putting your asset or property on sale. This way, you will be able to make the right decision while shopping for burial insurance.
Instead of commuting to an insurer office nearby, it is more convenient to do complete research online. Along with getting various insurers to send you insurance quotes, you will be able to begin the process by applying for it online.
How To Use Burial Insurance
Now that you have come across the details for choosing the reliable and affordable burial insurance, it is vital for you to know how to use final expense insurance.
While this insurance is meant to be used for funeral expenses, the beneficiary is not legally or technically required to do so. In fact, they can use the death benefit for anything.
However, the policyholders usually name someone as a beneficiary, so that the trusted person can use the accelerated death benefit money from the burial insurance to fulfill the funeral plan.
After death, the beneficiary will be intended to use the amount from burial insurance to pay out the expenses associated with your funeral.
In case you do not have any trusted beneficiary, some funeral homes will accept your death benefit payout. Your funeral home will proceed with your funeral while covering the associated costs with your burial insurance.
Nevertheless, when you are making an agreement with an insurance industry, make sure that they would handover the amount to the funeral home.
The Takeaway
Well, finding a reliable and affordable burial life insurance can be often daunting and confusing.
In this guide, we ensured to outline all the essential details that would help you in purchasing reliable and affordable burial insurance in Philadelphia. However, burial insurance is the best way to save your family from final expenses.
For more information on public records in Philadelphia, CLICK HERE.
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Conclusion
Burial insurance is essential for everyone that wants to be prepared with the financial strength needs in case of death. InsuranceForBurial.com is an Insurance Agency is an independent insurance provider serving Philadelphia and the surrounding communities.
We have a great deal of experience in this field, and we’re dedicated to providing the best possible service to our customers.
Our extensive range of insurance products includes life and disability insurance, coverage options, and Financial security.
Our founder has over 26 years of experience helping clients with insurance needs at our company. We are licensed in 49 states and only represent top-rated A+ insurance companies.
We can help you find the best and most affordable final expense insurance coverage from the best insurance companies, even if you have another serious health problem.
If you are looking for a reliable and affordable burial policy, we can help!
