As one grows old, the inevitability of death approaches fast. Most adults would have agreed that purchasing life insurance focuses on paying for burial expenses. However, burial insurance is only a portion of what life insurance can be. If you want to prepare for the inevitable and couldn’t decide if burial insurance is right for you, read on to know more.
What is Burial Insurance?
Most of the time, burial insurances are marketed towards senior members of the family as it protects their loved ones from significant expenses. Also, burial insurances are affordable geared towards members of the family who don’t earn a living (senior or disabled members of the family). Last but not least, getting one is as easy as 123.
How Does Burial Insurance Work?
Burial insurances can be granted to an individual with or without a medical exam (may depend on insurance provider). Moreover, the terms of burial insurance may vary from one provider to another. For this matter, it’s crucial to understand the benefits you’ll gain and the situations wherein your payouts are deemed, qualified.
How Much Does a Burial Insurance Cost?
You’ll be surprised to discover that the most basic burial insurance costs around 500-1,000 PHP (depending on provider and package inclusions). If you need an affordable yet comprehensive burial plan, you may want to check out the Angelica Life Plan. For starters, the Angelica Life Plan costs you PHP 540.00 only per month!
How Much Do People Have to Spend for Burial and Funeral Expenses?
In an average, burial costs in the Philippines go up to PHP 150,000. If you don’t have that amount before finally saying goodbye, it would be quite the bother to your family, especially if they’re already struggling.
However, this PHP 150,000 amount can still go down and be customized according to the individual’s need.
Is Burial Insurance Right for Me?
There are two major classifications of burial insurances which an individual can choose from. First one is the simplified issue burial insurance. And the other is guaranteed issue burial insurance.
Depending on the terms of the insurance, the graded benefit works best for individuals aged 40 to 80 who have health concerns or impairments. The payouts may differ, so it is important to read on the terms of the insurance.
How to Choose a Burial Insurance for You?
Before finally settling in on burial insurance just for you, we have compiled the following tips to make your decision beneficial for you.
- Estimate how much you’re able to pay for monthly premiums.
- Assess whether you need burial insurance or not.
- Request quotes from three insurance providers.
- Ask on the inclusions of the packages you’re about to choose.
Final Notes
Although death is inevitable, there is only one thing you can do to prepare for its imminent occurrence. We can prepare for its financial burden by alleviating the worries of expenditures from our loved ones and family members. Burial insurance is a possible method for a financial cushion.
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