Two Types Of Burial Insurance
When you finally decide to take the plunge and buy burial insurance for yourself, you will have to make a decision. This decision is between two different types of policies. They are called a guaranteed issue and a simplified issue. Let’s look at the similarities and the differences.
On the one hand, you can go with a guaranteed issue burial insurance policy. This is, as it says in its name, guaranteed to be approved for you. There is no medical exam required in order to receive this policy.
No Medical Exam Burial Insurance
How can they accept everyone into this type of burial insurance, you ask? Our actuaries have determined that by raising rates a little bit, we can afford to insure your burial costs even if you don’t proceed through a medical exam. This is only natural, since there is a bit more risk that we take on in insuring you without knowing that much about you. Nevertheless, this has been a very viable option for many people throughout the years.
With a guaranteed issue, you may have to wait a couple years until you’re vested into the death benefits. This is another effect of the increased risk you present in someone insuring your death expenses. It still pays to take this burden off of your family (and yourself).
Simplified Issue Burial Insurance Costs Less
The other type of burial insurance that you can choose will cost less. This kind is called a simplified policy. This is the ideal type that you would want to get. In order to get it, you’ll just have to go through a medical screening or questioning.
Once we have this information, we will feel very confident in making an offer of insurance to you. And you, in turn, can feel confident that you have done the right thing and removed any burden of your final expenses off of your loved ones.
Whichever way you determine makes the most sense for your family, you can act confidently in that direction. Once you have your policy, you and your family can let go of any associated worries. It is nice to be able to enjoy the later years of working and then retirement knowing that you have truly provided for your family, and will continue to do so in every way possible even beyond your own passing. The later years of your life will be all that much better because you have “taken the bull by the horns” and bought a burial insurance policy.
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