Why You Can Have More Than One Burial Insurance Policy
Funeral Insurance is the type of life insurance that guarantees to cover all of your final expenses in the event of untimely circumstances. When deciding whether or not to purchase burial insurance, you must take into consideration expenses in addition to those associated with the funeral, such as hospital costs, litigation costs, and any additional overdue debts that could be left after you pass away. Although the payouts from burial insurance policies are just a fraction of the payouts from life insurance policies, they should nevertheless be sufficient to meet expected final expenses in a reasonable manner.
Buying more than one burial insurance policy
It is not against the law to purchase and maintain more than one policy for burial insurance. In the tragic case of your passing, your beneficiary has the legal right to file a claim against any and all life insurance policies you currently own. Multiple policies provide an additional layer of protection, a benefit that a single policy might not always be able to offer. Having more than one insurance policy gives you an additional layer of protection, which you might not get from only having one.
How does buying funeral insurance work?
If you have burial insurance, the death benefit of your policy will be paid straight to your beneficiary when you pass away. Your recipient is free to put the money to any use they see appropriate. Your beneficiary may decide to use the additional money to pay for those other final expenses. For instance, if you have a burial insurance policy for $15,000 and the costs of the funeral come in at $10,000, your beneficiary may decide to use the additional money leftover on anything they see fit..
Additional Burial Insurance Reduces Financial Burden
You could assist your loved ones in meeting the financial burden of your funeral expenses by purchasing burial insurance as a financial instrument. It is a sort of life insurance policy; however, the benefit amount it provides is significantly less than that provided by regular term life insurance. This is due to the fact that its emphasis is narrower.