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What is Burial Insurance?
Burial Insurance is a whole life insurance policy that has a guaranteed premium till age 100 that you can use towards burial costs. In 2023, the average cost of a funeral and burial was about $10,000. That doesn't include the cost for a gravesite or memorial marker. Social Security provides only around $250 for burial benefits. Advantages of Burial Life Insurance No Cancellations or Benefit Reductions. Just pay your premiums on time and the insurance company cannot cancel your final expense insurance coverage under any circumstances. They will never reduce your benefits due to your age or any health issues that arise. Tax-Free Benefits. Your beneficiary will receive all benefits from your insurance policy free from federal income tax. 2 Ways These Policies Are Approved: Immediate Coverage & No waiting period. You can have minor health conditions, but no major health conditions. The death benefit is available when you make your first payment. Guaranteed Issue 2 year waiting period. Approved as long as you are not in a nursing home or terminally ill. The policy is graded, meaning the death benefit is partially payable the first and second year. 3rd year forward, the full death benefit is paid. |