About Pre-Needed Funeral Insurance And Its Manifold Benefits
Today you will find life being so fast-paced and hectic that anything can happen. It is possible for a health problems or a sudden twist of events to make an earning member suddenly pass away leaving behind dependent family members.
It is in such a situation that having life insurance policy becomes important as payout from it will help meet financial obligations big and small.
How Does Life Insurance Help?
It is to be noted that while life insurance helps to meet many financial obligations that arise when an earning member passes away. It does not pay for immediate and urgent funeral expenses.
Yes. Such expenses have to be met with by family member through some arrangement for money from local community or money lenders, if they are unable to make the payment by themselves.
As such an average final expense cost range from $3000 to $10000 and such amounts can be difficult to manage when they arise suddenly. It is such circumstances that call for the need of having pre-needed funeral insurance. It has been designed to solely take care of immediately a passing away expense and in doing so relieve grieving family members of the same.
Pre-Needed Funeral Insurance
A pre-needed funeral insurance is one in which money from the policy is used to pay for immediate funeral expenses.It has been designed to provide financial compensation specifically for such needs and hence money from it is paid out quickly.
In the event of the policy holder passing away and claim being made, the pre-need insurance policy comes into effect and it pays out in just one or two day so that survivors can cope with immediate and urgent financial expenses as well as other critical financial expenses.
Getting this type of policy is easy as it can be quickly purchased online. If an individual were to go to the insurance company to avail it, the application form is simple, just one page and requires no medical exam.
Pre-Need Cremation Plan Policy
Money for the policy can be paid as a lump sum else it can be paid on a monthly basis over a period of time with automatic bank account deduction.
In the event of the policy holder passing away, benefits are paid to the funeral home and whatever remaining comes to the hand of the survivor is used to pay of any remaining financial obligations. There is no tax obligation on the amount received, which can be further clarified by consulting a tax advisor.
Filing a claim for a pre-needed funeral policy is simple and easy. All that is required is contacting the funeral home, based on which various types of paperwork and correspondence is managed with the insurance company providing the policy. Claim is processed soon and money is given by the insurer of the funeral home in just 24 to 48 hours.