Insurance

The Benefits of Having a Burial Insurance Policy

March 15, 2013 by Al in Insurance | Leave a comment

Funeral expenses are high up on the list of things that we don’t want to think about or plan for, but unfortunately, it is one of life’s inevitabilities and in order to make a difficult time simpler and less worrisome, it may be worth your while to learn more about burial insurance, which also goes by “final expense” or “funeral” insurance.

Burial insurance is basically a life insurance policy with low value, typically topping out at around $50,000. Unlike other types of insurance, burial insurance is made available at the time of death, meaning that the beneficiary you have previously named can use your burial insurance plan to pay for funeral expenses.

Another perk of burial insurance is that the money does not have to spent on just funeral expenses. The beneficiary, usually a trusted member of your family, can use for whatever they wish the balance of the policy after paying for funeral expenses.

Burial insurance is unique in that you can have a policy for as little as $5000 in coverage, which you can’t do with standard term or whole life policy. Any life insurance policy can be used to pay for a funeral and you can instruct your beneficiary to use a portion or all of the death benefit for your funeral. However, if you are seeking just a policy to cover your funeral expenses and maybe a bit more, then a burial policy is likely right for you. However, if you have many financial obligations or dependents who need financial support, you will probably be better off with a policy that covers more than just funeral expenses, such as a standard or whole life policy. That is why burial insurance can be very useful. You don’t need to purchase more insurance than you’ll actually need when taking care of funeral expenses only.

Burial insurance can give you peace of mind at an otherwise very stressful time.

Buying Medicare Supplemental Insurance

March 13, 2013 by Al in Insurance | Leave a comment
Medicare, whether it’s part A or B, is relied on by hundreds of thousands of people for their insurnace needs. However, while Medicare does provide a great deal of benefits to those who qualify such as seniors and the disabled, it often falls short in a number of different areas. Rather than simple doing without coverage, the solution is to buy medicare supplemental insurance.What is Medicare Supplemental Insurance?Medicare supplemental insurance are insurance policies that are specifically designed to fit together with a patient’s existing Medicare coverage and to offer a more complete shield. Cheaper than a full coverage insurance policy, these supplemental policies only kick in once the policy holder has gone over and above what he or she is entitled to through Medicare.

What Do They Cover?

These policies are meant to cover things that Medicare either doesn’t cover, or to extend the amount of money that Medicare offers for certain services. For instance, say that a person needs medication, but Medicare will only cover so much of the drugs that this person needs. By investing in a supplemental insurance policy once the Medicare coverage runs out on paying for medication, the supplemental insurance policy kicks in and picks up right where the Medicare left off. That’s the whole point of the policy; making sure there’s no gaps in coverage.

These policies cover a variety of different areas, depending on the plan you choose. For instance, they might extend hospital stay coverage, prescription payments, surgery, check ups and all of the other areas that Medicare covers. Often people shopping for one of these policies will want to find one that is specifically geared towards their needs, thereby letting them get the most value for their money. When looking at Medicare supplement quotes, you will see the price increases from plan to plan as more of the Medicare gaps are covered.

Why Get Supplemental Insurance?

Medicare supplemental insurance is a halfway point that offers flexibility and coverage with a lower price tag than patients could find anywhere else. While there’s no law that says people who qualify for Medicare can’t get their own insurance policies, many of them simply cannot afford to do so. At the same time though, Medicare is not enough for those individuals to get all of their needs taken care of. So for those who need a bit more and don’t want to pay a lot for it, supplements act as a patch over the places where they’re exposed, but don’t require buying a whole new, and expensive policy.