5 Factors You Need to Consider When Buying a Funeral Insurance Policy
So, you’re looking for an insurance plan that can cover the expenses of your funeral so as to protect your family from monetary problems after your death? You should get a funeral insurance plan!
Many people confuse life insurance policy with funeral insurance, which is why they tend to avoid buying it. However, it’s a great way to ensure that your family won’t be burdened with the costs of your funeral services.
You can get a prepaid insurance policy and pay the expenses in your life. It’s not enough to keep enough money in your bank account for your funeral services. It’s because your bank account will be frozen on your death and your family will be able to withdraw amount only after the court approves. If you have an insurance plan in place, your family won’t need to worry about expenses.
However, it’s another task to find the right funeral insurance plan. Here are some tips to help you out:
1. Waiting Period
Before buying an insurance policy, make sure you discuss the terms with the insurance broker. Ask them about the waiting time on the policy. Ask them how long it takes to get the due amount once your family makes a claim after your death.
Many people opt for a funeral plan when they are suffering from a terminal illness. Some insurance providers restrict the buyers that they can’t make a claim during the first month of buying the policy. You should discuss it beforehand to avoid any issues down the line.
Freedom Insurance offers different cost-effective funeral insurance plans.
2. Funeral Insurance Premium
Before you buy a funeral insurance plan, you should ask the agent about the costs. Premium depends on your overall health. You can get quotes from multiple insurance providers to make the right choice.
Also, ask them about the payment methods they accept. A majority of insurance companies prefer scheduled bank payments. If you’ve enough money in your bank account, you won’t need to worry about making payments.
3. Insurance Plans
Insurance companies offer various insurance plans to meet the needs of customers. You should take a look at the terms of these policies before making a decision.
4. Free-Look Period
What if you buy a funeral insurance policy and later regret your decision? Don’t worry as many insurance companies offer policies with a free-look period.
During this period, you can cancel your subscription without any penalty. You can inquire the insurance agent about the duration of this free-look period.
5. The Reputation of the Insurance Provider
Always work with an insurance firm that has a good reputation. You can ask your friends for recommendations or browse the internet for customer feedbacks.
It’s extremely important to check the accreditation of the firm. Buy an insurance policy only if they are legally authorized to operate in the area.
You should compare funeral insurance policies offered by different insurance providers. This will help find the right funeral coverage solution that suits your needs.