senior-benefits-united

Why Your Children Need Life Insurance

Thu, 30 Sep 2021 22:14:47 GMT

The primary purpose of life insurance is to replace your income and provide financial security to your dependents when you're gone. And therefore, most people do not see the need to buy life insurance for their children, given that they don't depend on them financially.

However, several other reasons why buying life insurance for your child may be a good idea.

GUARANTEED FUTURE LIFE INSURANCE COVERAGE

Buying life insurance for your child when they are young and healthy will guarantee life insurance coverage for their future. If they develop medical conditions that might affect their insurability later, such as diabetes, obesity, high blood pressure, and cancer, they won't lose the coverage obtained when they were younger. Also, they won't have to take a medical exam if they are already insured.

Some children's life insurance policies have an optional rider that may be available at a minimal fee. As they grow older, they can get additional life insurance coverage above the current policy's face value (during certain periods and specific increments).

Children's life insurance ensures lifelong financial security for them, and when they have their own family, the coverage you get today will benefit their future generations.

AFFORDABLE POLICIES

Since you will be buying children's life insurance, you won't need a million-dollar policy. You can start with any amount between $5,000 and $15,000. A policy with such low amounts will be affordable.

CASH VALUE BENEFITS

Children's whole life insurance policies have a cash value component that builds up over time. And the longer you keep the policy, the more the cash value accumulates.

Your child can continue paying the premiums when they become the policyholder after 21 and borrow from the grown cash value. They can also surrender the policy and receive the accrued cash value to support them as they start their adult lives.

Whole life insurance for children has more lasting benefits. If you encounter financial challenges as your child grows, you can borrow against the policy's cash value, as long as you are still paying your premiums.

If you go for children's whole life insurance, ask about penalties charged for early withdrawals before your child reaches a certain age.

LOCKED-IN RATE

Life insurance for children is affordable. When you buy a policy for your child now, you will lock in your rate for the plan's life. The premium will remain the same no matter how long you have the policy. For instance, if you paid a monthly premium of $15 for a $15,000 policy, it will still cost the same in 20 years.

The affordability of children's life insurance makes it easier to fit into your budget and your children's in the future. Your children will enjoy coverage they won't have to pay for their entire lives.

Since life insurance policies vary among companies, it's always good to ask lots of questions to investigate and confirm what you want out of the policy. It will ensure that your children will get the full benefit of their policy even when they become adults. If you need help figuring out the right child life insurance for you, talk to us today. We'll help you find the policy that will safeguard you and your child's future.

A Beginner’s Guide to Burial Insurance for Seniors

Tue, 03 Aug 2021 14:33:12 GMT

Burial insurance, or final expense insurance, is a type of life insurance policy that covers end-of-life expenses such as funeral costs, medical bills, and other expenses that you may leave behind after passing on.

It’s a helpful insurance tool because for you to qualify for a cover, you don’t need to take a medical exam. Unlike traditional life insurance policies, you can be covered even if you have underlying health conditions. Final expense plans are usually affordable and are issued immediately after the insured dies.

WHAT DOES BURIAL INSURANCE COVER?

A burial insurance policy, like other life insurance policies, covers your life. The death benefit is usually paid after the insured dies to cover the funeral costs.

It eliminates the need for your beneficiary and loved ones to pay for the following expenses:

Funeral home services.
Casket or urn costs.
Burial.
Transport costs.
Headstone, flowers, and burial plot costs.
Accommodation of funeral guests.
Cremation facility.
Medical bills.
Personal loans, mortgage, or car loans.
Credit card debts.

A final expense policy usually offers the beneficiary a cash benefit. Whatever they decide to spend the money on depends on them. For instance, they might use it to cater to funeral expenses and save the leftover cash as a small inheritance for their spouses, children, or grandchildren.

HOW TO CHOOSE THE BEST BURIAL INSURANCE PLAN

When choosing the best burial insurance cover, there are essential factors to consider, including:

The amount of coverage you need.
The cost of a funeral in your location.
The requirements your insurance provider has for the qualification process.
The premium rate. Some burial insurance policies have fixed or guaranteed premiums, while in others, the premiums increase as you grow older.

It’s important to note that various types of burial insurance policies depend on the insurance company. This has to do with how benefits are paid and the application process. The fine print will separate the policies. Ensure you select the policy that best supports your reasons for getting a final expense life insurance plan.

IS BURIAL INSURANCE WORTH IT?

If you already have a life insurance policy covering your funeral and other end-of-life expenses, you don’t need to have a burial insurance cover. However, keep in mind that it takes longer for beneficiaries to receive the cash benefit from the insurance company for a life insurance policy. The case is not the same for a final expense cover.

Burial insurance comes in handy if you haven’t qualified for a life insurance policy due to poor health or age. It provides substantial financial relief to your beneficiary and loved ones since it does not require a medical checkup, and it’s cheaper. You will only need to answer a few health questions to determine your coverage.

A final expense plan is also worth getting if you’re older or on a fixed income, given that the premium rate is affordable, depending on the coverage.

The best thing about a burial insurance policy is that your beneficiaries receive the payout almost immediately after you pass on. They won’t have to worry about the financial burden associated with funeral costs, mainly if you were the breadwinner.

Are you worried about the financial strains of your funeral costs on your loved ones? At Senior Benefits United, we know how confusing it can be to get suitable coverage, and that’s why we want to make sure that you fully understand all the options and what they offer so that you can decide on the best choice for your needs. Consider getting burial insurance today, and let us worry about the rest. Contact us today for the best coverage.

The Importance of Burial Insurance

Thu, 01 Jul 2021 14:45:41 GMT

The topic surrounding death and burial arrangements is usually uncomfortable. But as we get older, we realize the importance of planning to relieve our loved ones of the financial burden associated with funeral costs.

Burial insurance allows loved ones to give their departed ones a dignified and stress-free send-off. It gives them peace of mind knowing that if their breadwinner passed on, they could manage to pay for the funeral expenses.

WHAT IS BURIAL INSURANCE?

Burial insurance is a type of life insurance policy that covers your funeral costs – memorial service, cremation or burial, transportation, and other final expenses. Besides catering for final arrangements, this policy can help pay your debts, such as medical bills, personal loans, and mortgage loans.

You may be wondering if getting a burial insurance policy is necessary. According to the latest reports by NFDA, an average funeral costs over $8500 in the U.S – a 30% increase since the last decade. And given that these costs are expected to increase, the financial burden may be too much for your loved ones.

A funeral expense cover is crucial because more and more people are approaching retirement with little funds. And as you get older, you end up paying more in premiums. It is advisable to get a cover as early as possible. You can pay the premiums yourself, or a loved one - in most cases, your beneficiary - can pay for your policy.

WHY BURIAL INSURANCE IS IMPORTANT

Apart from relieving your loved ones from the financial burden associated with funeral expenses, burial insurance is important for the following reasons:

Guaranteed death benefit – As long as you pay your premiums on time, the death benefit will never decrease. Your premium is also fixed and does not increase due to advanced age or health issues.
No medical exams required – Most people qualify to buy burial insurance because they do not need to go for medical exams. You will only answer a few health questions.
Burial insurance is affordable – Unlike other life insurance plans, this coverage is more affordable. The monthly premium is low for lifetime coverage.
Burial insurance is flexible – With this policy, you can have a beneficiary and funeral service provider of your choice. It does not tie you to a specific funeral home, leaving your options open. So if you move to a new location, you can change to your preferred funeral home anytime.
Burial insurance covers your debts as well – If you have debts that you may have left behind - credit card debt or car loan - your beneficiary can use the leftover money from your funeral expenses to take care of them.
Easy access to payments – Burial insurance payment does not have a probation period. So in the event of your death, the cash will be released to your beneficiary immediately, allowing them to start making funeral arrangements without delay. Other life insurance covers may take a while before your loved ones can access the payment due to legal procedures.

CONCLUSION

Do you need burial insurance coverage? Finding the best policy is simple, and if you use an independent agency like Senior Benefits United, you will get a plan that will meet your needs and budget.

Talk to us today for the best deal.