While alive, you have a lot of options. One of those options is to make sure you have a decent funeral. Don’t let that scare you because with the right burial insurance in Georgia, you may be able to do that.
Interestingly, the policy pays out a death benefit, just enough for your loved ones to inter you and have some money left. If you have been considering this, here is a detailed article that shows you how to get started.
First, what is a Burial Insurance?
It is a type of permanent life insurance policy that pays out a specific amount to your loved ones when you pass away. The coverage includes the cost of the funeral and other associated end-of-life expenses.
Your loved ones, who are named as beneficiaries of the policy, will receive the death benefit. They are to use a part of the payout to cater for the funeral expenses and the rest to keep for themselves.
Given the high costs of a funeral in Georgia, you need to consider this policy.
What Type of Insurance is It?
The burial insurance is a whole life insurance policy. It can also pass for a permanent life insurance policy, but it is common to see it as a whole life insurance policy.
What is Covered by Burial Insurance in Georgia?
Beyond the cost of the funeral, the insurance also covers other things. Your loved ones can use the payout to settle specific bills, including outstanding (medical) debts, funeral arrangements, and cremation costs.
Your burial insurance in Georgia also covers legal debts.
Do I Need Burial Insurance?
You need burial insurance in Georgia if you fall into any of the following categories:
Older and Ailing
If you are older and ailing too, consider buying burial insurance. The payout will go a long way to help your loved ones avoid unnecessary funeral expenses.
Payment for Medical Bills
If you are ill and being treated, the costs of your healthcare can add up quickly. Since you are older and unable to work, it could mean being unable to pay your bills.
However, with the burial insurance policy, you can help your loved ones settle those medical bills when you pass away.
The Policy can Pay for Legal Costs
If you have been in trouble or have a pending case in court, the burial insurance policy is for you. The coverage also covers legal costs.
Ideal for People without Health Insurance
The burial insurance in Georgia is also ideal for people who don’t have health insurance. Also, you can qualify for it without taking any medical examination.
What is the Best Final Expense Insurance in GA?
Burial insurance is also known by other names, including final expense insurance, funeral insurance, and senior life insurance.
Here is a breakdown of some of the types of burial insurance policies you can buy in Georgia.
1. Guaranteed Burial Insurance Policy
This type of policy is the easiest to get because you don’t necessarily need to pass a medical examination. It is the ideal insurance policy for older Americans who are seriously ill and unable to qualify for other life insurance policies.
Facts about Guaranteed Burial Insurance Policy
Before going ahead with this policy, note that it has some downsides. Here are some of the facts you need to know about it:
- The costs of purchasing the policy are higher, and that is because the policyholders don’t take any medical examinations. Also, since most policyholders don’t qualify for other insurance policies, it could only mean that they don’t pass the requirements. Thus, the guaranteed burial insurance provider would want to charge higher for taking that risk.
- A guaranteed burial insurance policy has a waiting period, which could be between 2 and 3 years. During this time, you wouldn’t be entitled to a death benefit. Rather, the insurance company uses this as a waiting period and activates the payout from the 4th year.
- The only time your beneficiaries may receive a full death benefit payout is when you pass away due to an accident.
Have in mind that the guaranteed burial insurance policy pays out only a limited portion of the death benefit when the policyholder passes away due to natural causes.
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2. Simplified Issue Burial Insurance Policy
This is one of the cheapest burial insurance policies because the insurer uses the previous medical records to evaluate the policyholders’ eligibility.
Although you may not be required to take a medical examination, your lifestyle, including smoking and alcoholism may limit your chances of getting the coverage.
3. Pre-Need Burial Insurance Policy
This is one of the best ways to tackle unnecessary funeral costs. Unlike the traditional process of paying the death benefit to your loved ones, it would instead be paid to your funeral provider.
For this to happen, you must have discussed with your funeral service provider the specific services required during your funeral. The costs will be calculated and forwarded to the burial insurance company.
On passing away, the insurance company pays out the death benefit to the funeral provider to start the funeral preparations.
This can turn out to be one of the ideal ways to get the cheapest funeral costs in Georgia.
What is the Average Funeral Cost in Georgia?
The average funeral cost in GA, according to PerfectGoodbyes, is $6,131. The cost also varies by county, the type of funeral service required, and the funeral service provider.
Is there Free Cremation in Georgia?
No, there is no free cremation in Georgia. Rather, you have to shop for affordable burial or cremation costs. The average cost of cremation is $800 for the low-cost variant. A direct cremation can be anywhere between $1,500 and $3,000.
Conclusion: Shop Around for the Cheapest Burial Costs in Georgia
The Consumer Protection Division of the State of Georgia encourages policyholders and their beneficiaries to compare the posted prices to those in the contract. You also want to get an itemized list and breakdown of the funeral services. Last but not least, endeavor to discuss with your burial insurance provider to get the best policy that covers your medical issues and other expenses you may have lined up.