Whole Life Insurance Policy Coral Springs FL
Reader’s Question:
What is burial insurance and does it come with my whole life insurance policy or do I have to buy it separately? My policy is from a local insurer in Coral Springs, Florida.
Joey
Coral Springs, FL
Hello there, Joey!
Burial insurance refers to whole life policies with death benefits ranging from $5000 to $25000. As the name implies, this policy provides money for funeral and burial costs for themselves and/or other family members. It is possible to buy such a policy by just answering a few health related questions on the application and without a medical exam.
Premiums can be made payable weekly or monthly. The premium is generally collected at the policy holder’s home or workplace, and is usually a small round number, such as 2 or 3 dollars a week. The death benefit is whatever the premium will provide given the insured’s current age.
Burial policies might be designed to cover just one person or everyone in a family. Coral Springs, Florida laws might allow funeral homes to sell burial insurance, but is generally sold through brokers and agents associated with insurance companies.
An approach similar to a burial life insurance is the pre-payment of your funeral arrangements. You may then select the funeral home, service type, casket/cremation, flowers, headstone and burial plot, the filling and digging of the grave, and other such details, and lock in the prices by paying for them in advance.