subject: Funeral Insurance – Step-by-Step Instructions on Getting Funeral Insurance [print this page] Funeral Insurance Step-by-Step Instructions on Getting Funeral Insurance
The first step in getting funeral insurance involves determining how much insurance you should get. It is difficult to judge just how much money will cover your final expenses. However, with a bit of legwork, you can get a rough estimate. The first thing you need to do is find out the average cost of a funeral in your area. The costs vary widely across different parts of the country. The best way to find this information is to contact a local funeral home. But, do so with caution. They may try to sell you on a preplanned funeral. Do not take this step unless you want to. They should provide you with a cost list without any problems. Determine what costs are required and which are optional. That can help you determine the amount of an average funeral or cremation. Add a bit for inflation and you have a rough estimate.
The next step to getting funeral insurance pertains to determining who the beneficiary to your policy is. You need to choose your beneficiary carefully. When you do a preplanned funeral, the funeral director will often require you to purchase a life insurance plan that names the funeral director as beneficiary. The costs of the funeral come out of that insurance plan. However, that is not the only option. You can name your executor as the beneficiary. The only proviso with that is the beneficiary can use that money in any way he or she chooses. They do not have to use it for the funeral costs. Another option is to designate your estate as the beneficiary. That will delay the pay out until your estate settles, but it will make sure the money goes where you want it.
The third step to obtaining funeral insurance is filling out a simple application. Most insurance companies who sell this type of insurance require very little information. They want to know where you live, how old you are, what kind of health issues you have, and if you smoke or not. With that information, they can determine the amount of the premiums. Most do not require any type of health exam.
The final step to getting funeral insurance is signing the insurance papers. Once the insurance company offers you the policy, all you have to do is sign the forms. But, before you do that, make sure you have a good price. Do not just take whatever policy comes first. Get quotes from several sources and find a policy at a good price.
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