Burial Insurance - An Essential Checklist

These days burial life insurance policies are so individualized that there is practically nothing that you cannot include. You are only limited if your policy is capped at a specific dollar amount. For example, Forethought Life Insurance Co, the largest burial insurance company on the market, refuses to cover more than $25,000 in burial expense insurance. The reason for this limit was created after some policy holder's families went above an beyond what is typical for a funeral. They tried to add things such as gold handles to the caskets which increased the cost significantly.

When you start looking at burial insurance it is important to know exactly what to look for a what questions to ask. This will ensure that you have a good experience shopping for burial insurance. Below is a checklist that you can follow when you are considering purchasing burial insurance for seniors:

1. You must research the state laws on preened insurance for your specific state

2. Before you make any final decisions on your burial insurance policy, you need to discuss all matter with your lawyer and your family. You need to make sure that everything lines up with your estate planning and your will.

3. Look at the actual percentage of the total insurance plan value that you receive in benefits.

4. It is very important that you verify the license of everyone that you work with before you sign the policy. There are scam artists in every industry so beware.

5. Make sure to use the “free look” law that your state may have. The law allows you to look at your policy before you are locked in.

6. You will need to get a written price list of all the goods and services that the company offers. The Federal Trade Commission requires that the companies provide this.

7. There is going to be a lot of confusing paperwork so make sure you bring a friend or family member to help you decipher it all.

8. If any documents are given to you that signed while you are not present then do not accept them.

9. You need to verify that, in the event that you move, your burial insurance policy can be moved to another funeral home.

10. Ask to see if you can cash out your burial benefits at anytime. This ability varies from state to state.

11. You need to make sure that your grave site is already located by section, row, and plot number. You don’t want any embarrassing confusing relation to your grave site.

12. Your policy should clearly state the kind of outer burial container that is included with your policy. Either it will be a grave liner or it will be a vault.

13. Your policy should also specify the type of maker you bought including size, material, and style. If you are able to get a sketch then get it.

14. You need to find out what happens if the cemetery that will hold your ceremony runs out of cash and then defaults on your policy. Find out if you have recourse.

15. Ask about what would happen in the event the cemetery runs out of burial places.

16. Get at least one statement a year that clearly states the status of your account.

17. Find out if you can be reimbursed for products and service if you cancel your burial insurance.