So first of all, what is affordable burial insurance, or what is burial insurance? Well, burial insurance is going to be a final expense. Life insurance policy structured his whole life.
Not term, it’s going to be something you never have to worry about expiring. It’s the last life insurance policy you’ll ever need. Most likely, unless your demands or the demands of your beneficiaries change over time, but a burial insurance policy or again, a whole life final expense, life insurance policy is going to be something that’s going to be anywhere from typically 5,000 to 40,000 in coverage. It is never going to expire. It’s never going to change, meaning the price will never go up and never go down the coverage, the five to $40,000 that it is today, it’s going to be that 40 years whenever you die. There’s no expiration date to it. Also, they have the added benefit of building up a cash value over time which is a really good thing. It’s essentially an emergency fund. Now, this is not extra money above and beyond the death benefit to your beneficiaries. What I mean by that is when you have a burial insurance policy, let’s say in 20 years, you have a bill that creeps up on you that you didn’t expect.
You can tap into your policy and you can pull out your cash value, or anything, your cash value or below. But bear in mind, there are a couple of consequences. The biggest one being that if you die the day after that, that your beneficiary is going to receive death benefit minus whatever you pulled out.
I can always look into that and get you that answer. If you want to click on the link below, I’d be happy to do that for you, but it pulls out that money. So you just need to be aware of that, but it’s a great feature because that’s why I refer to it with my clients as an emergency fund. If you need it, it’s there.
It’s a valuable thing. Turn policies, they do not have that. So just know that. And of course. Term life insurance policies, they’re going to expire anyway. There are tons of differences. Now, one last thing I want to say that’s really important. There are whole life insurance policies that are larger dollar policies, but you need to know that to get the larger dollar policies, meaning 100,000, $1 million, 5 million, 10 million, 300,000, whatever it is, but more than 40,000 or 50,000, you have to be exceptionally healthy to qualify for them.
It’s essentially a very strict in terms of getting approved, getting qualified for this. It’s like a very strict term policy they’re going to look at, does this person have maybe one prescription medicine? One might be okay. It depends on the prescription med, but if you have two or three, you’re probably going to get disqualified.
A is this person at a relatively low weight for their height. is this person have any diagnoses that are going to scare us away? It’s okay to have some, in most cases, it’s okay to have diabetes. It’s very common. But if this person is taking insulin, sorry, we’re not gonna approve them. So policies like this are going to be a lot more strict.
Now, if you’re on zero to one prescription medicine, especially if you’re younger being, let’s say I’m talking really young. like my age, 40, or younger, or maybe 50, 55, you know, but it just started to get more expensive. But if you’re looking like most of my clients are going to be 60, 70, 80, up to 85 and.
They’re going to have a very difficult time affording a large burial insurance policy, a life insurance policy, Mike fees, so most people, they’re looking at 10 I know I said five, and that’s usually the starting point. You can even get policies as low as two or 3000 but five 10 15 2025 30 35 $40,000 in coverage on a whole life insurance policy, a burial life insurance policy.
That’s the way to get one. The most affordable is to focus on that. Find an agent that’s going to have access to a lot of different programs and have that agent shop for you. It’s that simple. You don’t need to meet with 20 agents. Just meet with an independent agent, not a captive agent, someone that can pull a lot of different companies, a lot of different programs, find you the best price.
and that’s how you get affordable burial, life insurance. I hope that this has been helpful. Hope this has been good for you. Please know that anytime you do. Click the link, get in touch with me, call me. Just reach out to me. I’d be happy to help you. Look forward to get to know you. Good luck and stay safe out there.