How to Find the Best Funeral Insurance Policy￼
There should be one less thing bothering you while you are on your last journey. Hence just like you plan your retirement as soon as you start your work life, it is equally detrimental to plan the proceeding of your last journey. Today, there are numerous plans available to ensure you are comfortable with a varied range of benefits for your funeral services along with extended monetary support to your family and loved ones. However, if you are still confused about how to find the best funeral insurance policy for yourself, here are a few ways which may help you shortlist some best ones:
- Estimate your final budget
One of the first steps to find the best funeral insurance policy for yourself is estimating the cost and finalizing the budget will help you shortlist and select the best insurance policy for yourself. It also includes additional and miscellaneous costs that you need to take into consideration.
- Geographical Location and Trends
It is important to take into consideration the place of your residence while searching for funeral services for yourself, it varies state, and country-wise and plays a huge role in the various benefits you may draw while purchasing the policy. While in India, funeral arrangements are looked after by the immediate family members, whereas funeral services in Sydney are majorly undertaken by funeral directors taking care of all the requirements and proceedings. In many countries, the state has many programmes that cover your funeral charges if you are unable to afford a funeral. Henceforth, it is crucial to look for the various options and select the best one for yourself given geographically.
- Types of Funeral Insurance Services
There are a few policies know-how you should know while choosing the best funeral insurance services which vary in minor ways from one another, here are three broad types to choose from:
- Simplified Services: In this type, your health will be evaluated on the basis of your medical history which may or may not necessarily include a medical exam. There are certain factors in which you may not be able to avail of this policy depending on your pre-existing health condition, your lifestyle etc.
- Guaranteed Services: As the name suggests, your request for policy won't be denied and there is no need for any medical questions or medical exam per se. As it does not involve any health check-up and is guaranteed to take your funeral services request, the cost is inevitably higher than the simplified services. This policy also includes certain more conditions to avail the benefits which means that your death won't immediately won't allow the usage of the funds if there is a waiting period going on which is typically 24 or 36 months. In such a case, if you died a natural death only a limited amount will be released to your beneficiaries. The complete benefits can be availed on accidental death.
- Pre-need insurance: This type of insurance forms a contract with the funeral service provider or cremation house. The agreement incorporates only certain services and arrangements you choose through the funeral provider, and the policy is payable directly to the service provider instead of the beneficiary.