When it comes to buying life insurance to cover final expenses, you need
to know the best type of burial policies in Utah. Let’s go over the ins-and-outs of the burial policy before you buy it.
Life insurance to cover burial expenses, also known as burial insurance,
final expense insurance or funeral insurance has one main goal, to cover
those expenses associated with your funeral. Let’s talk about the best type of burial policies in Utah.
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The problem is, a lot of these policies have some things in the policy that you have to watch out for. There are three questions you need to ask about your burial policy: When does my coverage start? How much is my premium? How long does my policy last?
Immediate coverage
A lot of burial policies on the market have a two-year waiting period. You need to watch out for these. They will not pay the benefit if you die in the first 2 years. Most of these policies are sold through the mail or on TV. They market the policy as what’s called “a guaranteed issue” life insurance policy. They guarantee to give you the policy without asking any health questions at all. That is why there’s a two-year waiting period.
To get an immediate benefit policy, meaning that the policy will pay the full benefit the day the policy starts, you need to go over a list of health
questions with your agent. Don’t be intimidated by this, most company’s list of health requirements are very lenient. The main thing they look for is if you have some sort of major illness in the last 2 years like heart
attack, cancer, etc.
The best way to know if you would qualify for an immediate benefit policy is by calling us and we can go over the health requirements in just a couple of minutes. By doing this, we will know which company will give you the best price.
Price
The price of a burial insurance policy in Utah will vary from company to
company. For an average burial policy of $10,000, you might pay 20-40%
more in premiums just because you didn’t have a broker help you get it.
The price of a burial policy in Utah will depend on 3 main things: Your
age, your health, and your gender.
–
Your age
Obviously it will cost less money for a 50-year-old buying a
burial policy than it would an 80-year-old. The older you get, the more
expensive burial policies are. That is why it is advantageous in most
circumstances to buy a policy when you are younger because not only are you usually healthier, but you lock in lower prices.
–
Health
The healthier you are, the better price you are going to get. Some companies give you the same price whether you are healthy or not. Don’t go with a company that doesn’t reward you for being healthy. Take advantage of your health and get a company that will give you a better rate. We know which life insurance companies in Utah have the best rates
for healthy people. Call us and we can go over your options.
–
Gender
There is not much you can do in this department. Females get
better rates than men, sorry guys! Women live longer and therefore are rewarded with better burial policy rates.
You also want to make sure that your price is locked in. There are a lot of
policies on the market where the price increases on you every 5 years. So it starts out cheap but then gets super expensive as you get older. Make sure your policy premium will never go up on you as you get older.
Policy duration
If you are buying a burial policy to cover your burial, does it make sense
to buy a policy that will expire when you turn 75, 80, or even 90? No way!
There are a lot of burial policies on the market that expire on customers.
These policies will be cheaper, but they will expire on you at a certain
age. I have personally talked with hundreds of people that have had these
types of policies and they didn’t even know that their policy was going to
expire on them. Don’t get fooled by a policy that will not be there for you
when you need it the most.
To recap, when you are looking to buy a life insurance policy to cover burial expenses, make sure you know the best type of burial policies in Utah: Immediate coverage, Price that doesn’t change, and coverage that lasts as long as you last.
Call us today and we can help you find the perfect burial policy for your
needs!
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