How to buy the right cremation insurance policy

The death of a family member can be a traumatic experience for loved ones. On top of this, the financial burdens left behind can wreak havoc on the family. Though it is not possible to keep them from feeling heartbreak and grief, you can help reduce their financial misery by buying a cremation insurance policy at the right time.

If you have not bought a cremation policy yet, read more to know its benefits and how to buy the right policy.

What is a Cremation Insurance Plan?

Also known as end-of-life insurance or final expense insurance, a cremation insurance policy is a type of small-value life insurance policy. The payout that you receive from this insurance can be used for any form of funeral expenses like postmortem arrangements and more.

You can buy and set up the cremation policy through a cremation provider, funeral home, or insurance company. While buying, you can select the level of coverage that you need and pay the amounts every month.

In the event of an unfortunate death, the money you paid for the insurance policy will be passed over to the beneficiary in the form of a tax-free cash benefit.

Remember that, though cremation insurance is intended to be used for end-of-life expenses, your loved ones and beneficiaries can also use the money for other purposes at the time of payout. For instance, if there is any money left over after the cremation process, the family members can utilize it to pay the medical bills, travel expenses for the visitors, and more.

With so many benefits in tow, cremation policies can offer significant services, especially in the time of need. So, you must find the right policy and buy it from reliable insurance agents that you can trust immeasurably.

How To Buy The Right Cremation Insurance Plan?

Once you have chosen to buy a cremation policy, you must now research and find the best insurance company or agent to work with. As there are many agents out there offering cremation insurance, you have to shop around and find an insurer who provides good deals.

Here are some tips for finding a cremation insurance plan that is best for you and your beloved ones.

Research Different Plans

Though it can be hard to imagine, having a good picture regarding your final wishes will be helpful when it comes to choosing a cremation insurance policy. This way, you can easily estimate different costs and also settle on the amount of money you would like to leave behind for your family members. Once you know this, you can compare prices and choose the right insurer to work with.

Buy What You Can Afford

One critical point that you must always keep in mind is, no matter how much coverage you are going for, at the end of the day, the monthly payment must count up to a comfortable amount, well within your budget.

For this reason, carefully consider the cost of burial insurance and cremation insurance and research the different policies available to you, and make sure to buy coverage that you can afford. After arriving at a final number, you can start to discuss it further with your insurance agent.

Avoid Agentless Policy Approval Processes

Many policies available online do not include working with an agent or a company. The policy mails you receive may offer guaranteed acceptance of life insurance plans without any medical underwriting or health-related questions. Though this may sound tempting, signing up for such policies without talking to an agent is a bad idea.

Such plans can cost more because such companies are taking risks as they are shrugging off health concerns and related paperwork. For this reason, such guaranteed acceptance plans usually cost 50% to 200% higher than the other cremation policies.

Work With Reliable Independent Agents

Usually, independent agents are those who work with and represent multiple insurance agencies. Such agents evaluate your health and then determine which insurer is the best for you. As mentioned earlier, shopping around is the only way to find the right agent and insurance policy.

While working with independent agents, you get to do just that. Instead of you shopping around, your agent will do the hard work for you. According to Gary P. Cubeta from Insurance for Final Expense, working with an independent agent is the right choice, especially while buying a cremation insurance policy. It is because, as such agents don't have their roots buried in a specific company, they will not hesitate to point you to a top-rated insurer.

Work with a reliable agent to find the right insurance company to buy the cremation insurance plan. This way, in the future, you can give your loved ones peace of mind and space to grieve without the need to worry about money.