Why Buy Life Insurance?

If you're considering life insurance you may be wondering what are some common reasons people purchase a life insurance plan?

Actually, life insurance can do more than you might expect.

Many people buy life insurance to provide funds for their final expenses, or to replace their income for their family.

In addition, life insurance death benefits can help to pay off the mortgage, pay for your child's college education, pay off debt, provide for your family's living expenses, fund your wife's retirement, or for any other purpose the beneficiary of your life insurance may wish to use the proceeds from your policy.

Learn more about why you should buy life insurance protection.

How Much Burial Insurance Do You Need?

If you're looking to purchase burial insurance to cover the cost of your final expenses, you'll want to consider how much insurance you need.

Today, the average burial and funeral costs are around $8,500 in the US.

This total may include common expenses related to a burial including the cost of burial, burial casket, funeral, headstone, hearse, embalming, flowers, memorial service, etc.

Several insurers now offer up to $20,000 or more of burial insurance to cover your final expenses.

These plans usually offer guaranteed approval for anyone who meets the age requirements for acceptance.

Learn more about how much burial insurance you need.

How Life Insurance Premium is Calculated?

When you buy life insurance, the insurance company develops a premium based on several factors they take into consideration to determine the risk you present to be insured for life insurance.

The type and amount of life insurance are important in determining your premium.

However, the insurer begins with your personal risk factors that affect your longevity - life expectancy.

Risk factors usually include your gender, age, health, tobacco use, location of residence, driving record, height-to-weight ratio, among other things.

The insurer uses the information provided by your health exam, application for coverage, and review of your MVR to develop a rate per $1,000 of life insurance protection.

Learn more about how life insurance premiums are calculated.

Can You Purchase Cremation Insurance?

Yes, you can purchase life insurance to cover the cost of a cremation.

Usually, cremation costs are around $500 to $2,500 or more, depending on the type of urns you need.

There are cremation insurance policies available that can provide up to $5,000 or more of coverage to meet your specific needs.

These life insurance plans are usually offered with guaranteed approval, which means if you meet the age requirements, you cannot be turned down for coverage due to any health problems you may have.

Learn more about how to purchase cremation insurance.

Can I Buy Life Insurance for My Wife?

Yes, you may purchase life insurance on your wife.

Married couples have an Insurable Interest in one another.

Insurable Interest is required if you wish to insure someone else.

Many husbands buy life insurance policies on their wives to replace their income, or to cover the cost to hire someone to perform all of the work a wife may do for her family.

Learn more about buying life insurance for your wife.

Life Insurance with No Exams for Your Parents

Can I buy life insurance without any exams for my parents?

Yes. There are no exam life insurance policies available for adults, which adult children may purchase for their parents.

Many adult children buy life insurance for their parents to cover final expense costs, or provide for the future of their children or grandchildren.

There are guaranteed issue no exam life insurance policies available for people ages 45 to 85.

So, even if your parents have health problems, or they have been denied life insurance by other insurers, they can still get insured.

Here's how to buy life insurance with no exams for parents.

Funeral Insurance Companies

What are the best life insurance carriers offering funeral insurance?

When out comes to funeral insurance, there are several highly-rated insurers offering plans, including United of Omaha, MetLife, Colonial Penn, AIG, Fidelity Life, AAA Life, and Gerber, among others.

However death benefits may be limited the first 2 years you are insured.

Keep in mind, many of these plans offer guaranteed approval for anyone who meets the age requirements.

Here's a list of funeral insurance companies for your review.

Burial Insurance for Parents

Is there burial insurance I can purchase on my parents?

Yes. There are burial insurance plans available from several different insurance carriers, including United f Omaha, Gerber, AIG, MetLife, and Colonial Penn, among others.

And, adult children may purchase burial life insurance on their parents, because they have an insurable interest in their parents, which is required in order to buy life insurance on someone else.

Most burial insurance policies offer guaranteed acceptance for anyone who meets the age requirements; for example, people ages 45-85.

That means, if your parent meets the age requirements for guaranteed acceptance, he or she will not have to take any health exam, or answer any questions about their health.

Here's how to get burial insurance for parents.

What is Funeral Insurance?

Funeral insurance is a type of permanent life insurance plan that provides a limited amount of insurance to pay for your final expenses, including the cost of your funeral and burial.

Usually, these funeral plans are guaranteed issue, which means you will not have to take a health exam or answer any questions about your health.

Many funeral policies offer from $3,000 up to $20,000 of life insurance protection.

Approval for funeral plans may be guaranteed, but the age requirements for guaranteed acceptance will vary by insurance carrier.

You may be able to buy a funeral insurance policy for yourself, your spouse, and/or your parents.

Learn more about how funeral insurance works.

Buy Life Insurance for Elderly Parents?

Can I buy life insurance coverage on my elderly parents?

Yes. Adult children may purchase life insurance plans on their parents.

However, if your parents are old, they may be in need of guaranteed issue life insurance coverage, especially if they have health issues, or they are over 75 years old.

Guaranteed issue policies guarantee your parents acceptance for coverage regardless of their health.

Here's how to purchase life insurance for your elderly parents.