If you want to know the difference between death insurance & funeral insurance and what were their Guaranteed Burial Insurance then look out the complete details here? These two types of insurance do not have the same purpose, although their name is very close. The first contract was invented to protect loved ones by paying capital. The second insurance finances your funeral and prevents the family from taking over the payment of death bills.
Funeral insurance is, therefore, a way to build a reserve. This money is used to finance funerals in the event of death, regardless of the cause such as illness, disability, disability, or accident.
Guaranteed Burial Insurance in case of Death for Illness
Funeral insurance is a contract that is accessible to everyone, including people who are already sick, old or who want to predict their future death, for whatever reason.
It guarantees you, including in case of illness, and no certificate or medical report is required for the subscription of the contract.
In addition to this funeral insurance policy, Guaranteed Burial Insurance may supplement your coverage. They cover an identified risk and can add up (it increases the amount of the contribution, but it is a logical mechanism since your protection is more important).
Indeed, Burial insurance companies do not require a medical report for a funeral insurance subscription. However, some insurers suggest you make one feed your file. It is not mandatory but rather recommended.
In any case, it is essential not to lie about your state of health. This can only serve you, regardless of the insurance contract you wish to take out. Several contracts have clauses that can cancel the payment of compensation due to a misleading practice during the subscription.
Funeral Insurance Age Limit
You have the right to take out a funeral insurance policy from the age of 18, although it is for people between 50 and 80 years old. This is one of the youngest contracts in the range of contracts in the theme of death.
Be careful, because generally, insurance companies limit the maximum age of underwriting because of the risk. The age limit is therefore 80 years.
So if you’re not sick, take the lead and sign up for a contract before the age limit. The financial burden is controlled and minimal when looking at the current Burial Insurance cost of a death that must be borne by the family.
A Funeral guarantee Policy
The disease is a difficult test, both for the person and for those around him. So, even though this moment of decision making can be tricky, it is important to talk about it and especially to prepare your funeral during your lifetime. Ask your wishes and conditions when signing the contract so that everything really goes according to your requirements.
- The rate saved to fund the funeral is secure. You can inquire with your Life insurer.
- The amount contributed can be between 2500 dollar and 10000 dollars. Funeral costs are on average 3500 dollars. This contract allows you to cover all expenses related to funerals.
- You relieved your parents from this financial burden through Guaranteed Burial Insurance.