When planning out your finances, it is important to consider some different scenarios – including that of when you are no longer here. That is because it may be possible that those whom you care about the most could be left with various debts and expenses – including the cost of your funeral.
Today, the cost of the average funeral in the United States can run more than $10,000 – this is especially the case when factoring in elements such as one’s burial plot, headstone, and memorial service.
This is why, in addition to having a regular life insurance policy to cover estate taxes, ongoing income, and the cost of larger debts, it may also be necessary to consider funeral insurance plans.
What is Burial Insurance and How Does It Work
Burial insurance – also oftentimes referred to as funeral insurance or final expense life insurance coverage – is a type of life insurance that is often purchased by those who are in their 50s and older. This kind of life insurance coverage will usually pay for the cost of an individual’s funeral and other related expenses so that their loved ones are not saddled with these costs at an already difficult time for them.
Having burial insurance can also be helpful for paying other types of debts. These may include uninsured medical bills, as well as personal debt and/or high-interest credit card debt obligations.
Burial insurance works in many ways just like regular life insurance coverage in that the policy proceeds will be paid out free of income taxation to the policy’s named beneficiary. This means that the entire amount of the death benefit proceeds can be used in paying off expenses and other needs.
In many instances, the insured may also opt to have some or all of the death benefit paid directly to a funeral home. That way, his or her final expense costs can be paid directly, leaving loved ones without the worry of doing so.
When purchasing a burial insurance policy, it will be significant to ensure that you have enough coverage so that potential bills will be paid off. These can include not only your final expenses but other potential costs that your loved ones may be responsible for.
In addition to having enough burial insurance coverage, you will also want to be sure that the insurance company that you purchase the policy through is known for paying out its claims to its policyholders, and that it is secure and stable from a financial standpoint.
Globe Life Insurance Company has been in the business of providing life insurance coverage to its policyholders since 1951. The company is known for its affordable life insurance coverage – primarily in the area of burial insurance policies.
There is a great deal of information on the company’s website regarding the importance of pre-planning for one’s funeral, and how it is essential not to allow unpaid expenses fall to the shoulders of loved ones. Purchasing a burial insurance policy from Globe Life can help to ensure that an individual’s family is well protected.
The company is strong and stable from a financial standpoint, and it has a very good reputation for paying out its death benefit claims to its policyholders. Because of that, Globe Life is rated as an A+ (Superior) by A.M. Best Company (as of June 2015).
In addition, Globe Life has also been an accredited company with the Better Business Bureau (BBB) since January 1, 1952. The insurer has been given a grade of A+ (on a grading scale of A+ to F). Over the past three years, the company has closed 372 complaints with the BBB, of which 123 of those were closed over the past 12 months.
Of these complaints, the majority (72) have centered on issues with billing and / or collection, and 52 of them have had to do with issues with advertising and / or sales. The remainder of the complaints have centered either on delivery issues or problems with the company’s product or services.
Burial Insurance Plans Offered Through Globe Life Insurance Company
Globe Life Insurance Company offers burial and funeral insurance for both adults and for children. This is because, while most of the other top life insurance companies will primarily offer burial insurance coverage to individuals who are considered to be “seniors,” Globe Life understands that unexpected accidents or illnesses can, and do, occur. When this happens, final expenses can be costly – and having burial insurance coverage can be helpful in keeping a family out of debt and financial hardship.
Policyholders can choose from a variety of coverage amounts on Globe Life burial insurance policies, including:
These polices require no physical exam as a part of the underwriting process with Globe Life burial insurance coverage, and there are no health questions to answer on many of the applications for coverage, other than having to designate whether you need smokers life insurance coverage. In many cases, there is also no waiting period for the coverage approval. That means that the burial insurance coverage can be obtained very quickly due to no medical underwriting requirements.
When purchasing burial insurance, it will be important to ensure that you have an ample amount of coverage to pay the bills that you will have upon your passing. Otherwise, your loved ones could be responsible – and in turn, they could be left in a financial hardship for many years afterwards.
Regardless of your current age or health status, having a burial insurance policy can be a good way to protect the financial well-being of those you love. Globe Life is a well-known entity in the insurance industry, with a strong reputation for paying out its claims to those who are counting on them.
How Much Will Burial Insurance Coverage Cost
When purchasing burial insurance through Globe Life, both adults and children can get into a policy for an extremely low initial premium price. For example, monthly rates start as low as $3.49 for an adult, and for the initial adult premium, $1 can buy $100,000 worth of coverage.
The actual cost of the life insurance policy premium will be dependent on certain factors, which will include the insured’s age, gender, and his or her state of residence. It will also include the amount of coverage that is being purchased.
For children, $1 can buy $20,000 in permanent life insurance coverage. This means that the child’s policy will immediately begin to build its cash value, starting with that very first $1 that is deposited.
Globe Life burial insurance policyholders can also purchase coverage for children and grandchildren. The premium cost for these policies can be as low as $2.17 per month for this coverage.
Once a policyholder has been approved for a Globe Life burial insurance plan, their benefits will never reduce or cancel, regardless of any changes in their health, their age, and / or their occupation – provided that they continue paying their premium.