Burial insurance is designed as a form of life insurance at a relatively low face value, usually between $10,000 and $15,000. Find out how much premiums are for burial insurance with information from an insurance agent in this free video on burial insurance.
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Hi, my name is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. Questions come up within the senior community about what is burial insurances. Basically what happens is whether someone body has been deemed to be terminal by medical professionals or whether they just want to prepare for covering that cost in advance. Burial insurance is designed as basically a form or life insurance, at a relatively low face value. Typically between 10 and 15 thousand dollars face value. That way it covers the expenses in most areas for a final expense funeral. The market is varied though in different parts of the county, so what I would presume to suggest to those that might be interested is check with funeral directors in your local community to find out what an average cost of a final burial procedure would cost in your particular area. There are no medical questions or medical underwriting issues on what is called a guaranteed issue type of final expense policy. What that means is, somebody could be terminally ill and still be insurable depending upon their age. In most states, age 80 and under at the time of issue of the policy, there is no underwriting involved. Therefore, the person is considered to be insurable and can buy the policy. The premiums are relatively inexpensive in compared to the traditional life insurance policies but it does alleviates the concern for the family members left behind to have to pay for that funeral at the time the demise of the insured. Any specif questions, you can look in to that further in your particular market area. And again, I would encourage you to contact local funeral directors to find out how much coverage you may need for the average cost of the funeral in your particular area. Again, thank you for the question. My name again, is Bill Hager and I'm a licensed life, health and annuities agent in the state of Florida. Thank you.