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No one wants to think about their or a loved one’s death. However, planning funeral details in advance can help friends and family members grieve without scrambling to locate documented final wishes and financial resources. You can protect your family from such chaos by completing a burial insurance policy approval application process to consolidate your funeral plans.
While our team at Insurdinary believes in thorough preparation for all potential outcomes, we also prioritize helping clients focus on the here and now in their lives. We will walk you through various types of funeral coverage policies and insurance applications. You can get the ball rolling on covering funeral expenses and promptly return to enjoying the present moment.
Funeral insurance, otherwise known as final expense insurance and burial insurance, is a subtype of life insurance policy that strictly covers the policyholder’s funeral expenses. Premium amounts depend on your age, health status, sex, and other factors that may or may not put you at greater risk of passing away unexpectedly.
Most policies strictly cover funeral costs with little left over for the surviving family members. Before you fill out an application for insurance policies, you should consider the costs of services you want for your funeral, including:
These services will significantly impact your overall funeral expenses and influence the type of coverage you should consider.
Some people mistakenly believe that only terminally ill or elderly people should apply for funeral insurance coverage. However, anyone can benefit from learning about and undergoing burial insurance enrollment procedures to procure a policy. According to NFDA, a modern funeral may cost between $7,000 and $10,000, depending on the services you include.
These expenses may fluctuate over time, leaving family members to anticipate unpredictable expenses in the event of an untimely death. Purchasing a generous funeral insurance policy gives you peace of mind and protects your family from hefty expenses.
Before you begin shopping for the perfect burial insurance policy, consider which type of coverage will best fit your needs. Most providers offer one of two policy types: standard and pre-need.
Many policyholders prefer a standard policy as it offers more flexibility and control to the family. You’ll designate a family member to receive the policy funds following your death. Then, the family member will arrange your funeral based on your final wishes.
Next, they’ll use the policy benefit to pay for the services. They can distribute any remaining value to other family members or entities according to your will.
Pre-need policies might cost less than standard ones. However, they are also less flexible. You purchase the plan from an insurance provider or a preferred funeral home. Following your death, the funeral home immediately receives payment.
If your funeral services cost less than their policy payout, the funeral home still keeps the excess funds. Your family members cannot access or benefit from them.
Once a provider accepts your coverage request submissions, they’ll implement one of the following premium models to obtain payment:
Choosing burial coverage based on policy and premium type ensures you obtain affordable coverage with benefits that suit your family members.
As mentioned above, funeral insurance is a subtype of life insurance. Many life insurance providers cover burial expenses as part of their comprehensive policies. However, you might purchase funeral insurance outside your life insurance policy because:
No matter the reason, you complete funeral insurance applications to procure the personalized coverage you desire. Let’s examine different policy application processes to find the simplest route to coverage.
Modern technical advances have significantly streamlined the insurance application process. Instead of completing and mailing paper documents, you can do so digitally from the comfort of your home. You will likely undergo one of the following application processes listed below.
Purchasing from the provider means choosing an insurance company, navigating to its website, and completing the application. The application will request basic personal information, such as:
The provider may also ask a few questions regarding your current health, medical history, and similar topics. Upon approval, the provider mails you a hard copy of your policy. If they deny your application, they will send you a notification or email with the reasons behind their decision.
You’ll likely circumvent speaking to a representative and undergo a speedy process. You might also forgo medical exams. However, most providers offer qualifying guaranteed plans, which have higher premiums.
You also can’t compare prices and coverage options. The health questions often feature ambiguous wording, leading to rejection if you fail to answer them correctly. Previous application denials can limit your future options should you elect to explore policies from other providers.
Insurance agencies like Insurdinary are entities connected to a diverse network of providers. The agencies employ licensed and certified agents to assist policy shoppers in finding coverage options that suit them. Some people wrongly assume that shopping through an agency or marketplace results in more expensive premiums.
However, this assumption is a myth. Your agent’s primary role is to connect you with policies that fit your budget and coverage needs. They also aim to identify policies that accept your health status, age, and other health factors.
Your insurance application submittals will work similarly to applying directly to an insurance provider. You will supply the same personal information. However, you might speak with an agent to confirm your information and finalize the submission.
After submitting your application, your agent will call you later to inform you about the provider’s decision to accept or deny your application. If you receive a denial, you can work alongside your agent to choose the next best coverage option. This process eliminates the guesswork and coverage. Plus, you’ll reap additional benefits, such as:
After acquiring coverage for your funeral expenses, you have a few other loose ends to tie up.
Applying for and receiving burial insurance is only the first step in planning for the end of your life. You’ll also want to check off the following to-dos:
Make funeral insurance applications a breeze with Insurdinary’s marketplace services. Get quotes today and enjoy peace of mind tomorrow. Our agents look forward to helping you!