Give The Gift Of Burial Insurance Policy This Holiday Season
As the New Year approaches, people are already planning and setting goals for 2022. Like most people, you probably have a lengthy list of resolutions you’re determined to stick to. But what about adding something new to your list this year—a gift that could benefit your loved ones after you’re gone?
Consider gifting a burial insurance policy to your family or friends. It may not be the most traditional of gifts, but it’s indeed one of the most thoughtful. This policy type can provide your loved ones with much-needed financial assistance at a difficult time.
Not sure why it’s a great gift for 2023? Or how much would a policy cost? Keep reading to learn about the average final expense policy cost in Tennessee.
There are many reasons why the final expense policy makes a great gift for the new year of 2023. Perhaps most importantly, it ensures that your close ones will be taken care of financially if you die. Also, it can help to cover the costs of your funeral and other related expenses, which can be a great relief for your loved ones during a difficult time.
Easy Navigation
Reasons To Gift Burial Insurance Policy This Holiday Season
No waiting period
There are many reasons why it makes a great gift, but one of the best is that there is no waiting period. They can get coverage immediately. That means that if something happens and the policyholder dies right after making the single premium payment, the beneficiaries will still receive the total amount their loved ones were covered for. That can provide peace of mind and help with funeral expenses, which can be a burden for families during a difficult time.
Benefits paid directly to your beneficiary
Beneficiaries of final expense policies often receive their payments straight, which can be a notable help during a difficult time. Additionally, because the benefits are given directly to the beneficiary, there is no need for probate or other court proceedings. That can save time and money for the beneficiary.
Coverage starts with minimum premiums
It can help them get coverage for a much lower price than you would for other types of insurance. It can make it highly affordable for you and your loved ones.
An investment that will only grow in value over time
Burial insurance is the best gift for many reasons, one of which is that the cash value accrues with time. That means the more time passes, the more value the policy will have. It can be a great way to help their families cover their funeral costs and other expenses after they’re gone.
Help cover the costs of a funeral or other end-of-life expenses
When you lose a loved one, the last thing you want to worry about is how you’re going to pay for the funeral. It can help cover those costs, giving you one less thing to worry about during a difficult time. If you’re looking for a thoughtful gift to give someone, it is a great option.
Affordable and easy to obtain
It is the best gift because it is inexpensive and easy to obtain. This type of insurance can help cover the costs of a funeral, which can be expensive. It is also easy to get. That means the recipient will not have to go through much hassle to get it. They can avoid going through the medical exam and receive pre-approval at the point of sale.
Financially helpful during difficult times
When someone experiences a difficult time financially, it can be a huge relief to know that they have a final expense policy. This type of insurance can help cover the funeral cost, which can be a tremendous burden for someone already struggling financially. For this reason, it makes a great gift. It can give the recipient peace of mind knowing they have one less thing to worry about if they experience financial difficulties.
No expiration date
While most insurance policies have an expiration date, the final expense policy does not. That is because the premiums are current as long as they are paid. So, the policy will remain in effect till the premiums are paid on time.
Helps pay debts
Because burial insurance is flexible, the cash value can be used however their loved ones see fit. That makes it possible to pay ongoing costs that aren’t covered by preneed or burial insurance, like medical bills, probate or legal fees, and other outstanding liabilities.
They can choose how to distribute the funds
Burial insurance is a type of insurance that pays out a lump sum of cash to a designated beneficiary upon the policyholder’s death. The beneficiary can use this money to cover funeral and burial expenses. The policyholder can also leave instructions for the beneficiary regarding how they would like the cash value of the policy to be distributed. That can help to ensure that the policyholder’s final wishes are carried out and that their loved ones are not burdened with financial worries during a difficult time.
So, these points contribute to it being the best thing to give someone. We have discussed why it is the perfect gift for this new year. Let’s look at the cost of burial insurance. .
So how much does burial insurance cost?
That depends on several factors. It includes the policyholder’s age, sex, the extent of their coverage, and current health status. Request a customized quote from any insurer you are considering because every person who needs coverage and every provider are different.
However, the typical coverage can be anywhere from $5,000 and $20,000. But most of the insurance for both men and women range around $10,000. It’s crucial to consider their desired final arrangements when calculating how much they’ll need and whether they want any money left over to pay off debts and other obligations.
For instance, the cost of a funeral in Tennessee ranges from $7,000 to $12,000. Make sure the insurance is sufficient to cover any additional debts they have. That includes mortgage or credit card debt if they want to pay it off.