Burial Insurance is always an emotional issue for anyone and their family. It stretches beyond the difficult emotional acceptance of the person’s inevitable death; it also includes the sometimes difficult discussion regarding their situation’s financial aspects.
The likes of Colonial Penn offer burial insurance worth looking into, and Colonial Penn Reviews will ease your decision-making process. They come with life cover as well and are made especially for senior citizens.
Factors to Consider Before Buying
Your personal situation will dictate what plan on offer will suit you best. The policies come with questionnaires that ask relevant questions about you to ascertain if you’re even eligible based on certain factors. Personal information that is up-to-date in those factors will help you get the advantage and prevent you from being misled by the agent or company.
Ask about the Age
Colonial Penn has the Guaranteed Acceptance Whole Life Burial Plan and the Immediate Benefit Whole Life Plan. Of the two, the former is the most popular and marketed one. Both come with age constraints that will determine your eligibility.
The guaranteed acceptance plan has an age range of 50-85 years. It doesn’t expire. There is, however, a caveat: the 2-year waiting period. If your death occurs during this period, the beneficiaries will not get paid the insured amount. The only exceptions are deaths due to the type of accidents covered under the terms of the policy.
The immediate benefit plan also has lifetime coverage with fixed premiums and payouts. It doesn’t have a waiting period like the previous one but comes with its own set of conditions and terms. Generally, the younger you are, the better the chances of eligibility.
Consider the Budget
A crucial factor and one which an insurance company works to mislead you the most is finance. You must go through the policy terms and conditions’ nitty-gritty to know what exactly you’re paying. A preset budget will also prevent you from losing your money unnecessarily.
Colonial Penn Reviews show plans that come with hidden costs. The advertised starting price is $9.99, but that is the best-case scenario under a lot of conditions that favor the company. The company is known to mislead its customers by shrouding its pricing under its “per unit” method.
It sells its policies in “units,” and you can only purchase a certain number of units. The pricing per unit maybe $500 or $1000, and the reason for this disparity is not made available upfront. This can overshoot your budget easily if you’re not mindful of it.
The payout also varies across plans. Your budget will give you an idea of what sort of insured amount you’ll need. The guaranteed acceptance plan pays between $418-$16,664, and the Immediate Benefit plan gives a coverage ceiling of $50,000. The price is high for a Guaranteed Issue plan.
Inquire about Health Questions
The Guaranteed Acceptance plan makes the medical exam exception and gives you a policy regardless of your condition. But it’s premium might be fixed at a higher value based on your health condition. Also, there is the 2-year waiting period to consider, which will skip on benefit payment if you die of any health condition.
The Immediate Benefit plan comes with a similar straightforward issue of policy but has an eligibility clause that you must pass to get it. That eligibility is determined by answering NO to all questions on the application form. They are:
- Do you need a wheelchair, oxygen assistance? Are you under hospital/nursing home care? Any disabilities?
- Do you have AIDS, AIDS Related Complex, or positive HIV antibody test results?
- Does your past 3-year history have treatments for Chronic Obstructive Lung Disease, Heart, Brain or Liver Diseases and /or Disorders, Coronary Artery problems, Kidney failure or Chronic problems, Cancer, Muscular Disease, Diabetes hospitalization, Substance Abuse, Mental or Nervous Disorder?
- Do you have any surgery advised but not performed yet? Any other Chronic or Serious condition(s) that require(s) periodic medication or medical care?
- Are you currently undergoing diagnostic treatment /testing, evaluation, or pending advice to get the same done?
This plan disregards smoking, e-cigarette, and other tobacco product usage. Doug Thompson of Burial Insurance Pro also states the following ” Colonial Penn will also do a prescription drug background review on applicants. This is done to simply make sure that the health questions were answered honestly. In some situations, being prescribed certain medications may disqualify you from the immediate death benefit plan no matter how you answer the health questions.”
Other Things to Consider
Gender is another consideration, with women paying less, usually compared to men. The location also matters as some states don’t offer some plans, have different terms/benefits, etc. The frequency of payment can also be chosen for your convenience.
Burial plans needn’t bury you in debt. Work with an independent agent to get the best policy suitable for your age, health conditions, and coverage requirements.
