Burial Insurance – How Does It Work?

All of the plans we recommend are whole life insurance. Whole life insurance guarantees that the insurance company will send a check to your family when you pass away. This money will prevent your family from going in to debt or tapping in to savings to cover your final expenses.

Permanent – A whole life policy is good for your entire life. There is a 100% chance you will die. Therefore you need a solution that is permanent. Whole life accomplishes this goal.

Death Benefit Will Never Decrease – The death benefit of a whole life policy will never decrease. You know exactly how much your beneficiary will receive and can plan accordingly.

Monthly Payment Will Never Increase – We help you find a plan that is affordable and sustainable for your budget. That payment will never increase. All of our clients are on a fixed income. It’s important to know that there will not be any surprises in the future.

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BEWARE OF PLANS SOLD THROUGH THE MAIL

Many plans from AARP/NYL and Globe Life increase in price every 5 years. These increasing price plans are not permanent either. They end age 81 or age 90 depending on the plan.

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Changes In Age Or Health Do Not Change Your Whole Life Plan – The insurance company issues your policy based on your age and health at the time the policy starts. If your health worsens after the policy is in force, the company can not, under any circumstances, change your plan. The insurance company can not change your whole life plan based on age.

Cash Value – All whole life plans accumulate cash value. There will be a page in your policy that shows exactly what the cash value will at the end of every year the policy is in force. The cash value typically starts to accumulate after two years. The policy owner can borrow cash from the policy in the event of a financial emergency. If the cash is not paid back in to the policy, the loan amount will be deducted from the death benefit payout.

Tax Free – The death benefit payment is tax free for the beneficiary. This allows your family to use the money without having to worry about a big tax bill at the end of the year.

Protected Asset – The death benefit pay-out is not part of your estate. This means the death benefit does not have to go through probate and if you have any outstanding debts, the bill collectors can not go after the payment to your family.