If you are over 50, and sometimes over 45, you have probably been approached with an offer for a burial insurance policy. Many people think that these are affordable ways to plan for the high expenses of modern funerals, but many consumers do not reallly understand what they are buying. In essense, a burial insurance policy is a whole life insurane policy with a fairly small face value ($2,500 – $25,000).
Furthermore, since life insurance companies understand that they are marketing life insurance for middle aged or senior citizens, these policies are usually either simplified or guaranteed issue. Before you buy, please learn about simplified issue vs. guaranteed issue life insurance. In summary, these type of policies will be designed for older people who may have health issues, and they probably won’t have the stricter underwriting requirements of term life insurance, though you can find no medical exam life insurance.
burial insurance, senior citizen life insurance, no medical exam life insurane
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[...] CloneRich: Financial or Loan Problem,Make & Save Money Resources wrote an interesting post today onHere’s a quick excerptBurial Insurance Policy Primer March 3rd, 2008 If you are over 50, and sometimes over 45, you have probably been approached with an offer for a burial insurance policy. Many people think that these are affordable ways to plan for the high expenses of modern funerals, but many consumers do not reallly understand what they are buying. In essense, a burial insurance policy is a whole life insurane policy with a fairly small face value ($2,500 – $25,000). Furthermore, since life insurance compan [...]