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Both life insurance and funeral insurance provide a lump-sum benefit in the event of death or terminal illness, but both products still offer different benefits that can impact your decision of what option will work best for you. We’ve outlined what each covers and what can be right for you depending on your situation.
In order to make a more informed decision about which form of coverage is best for you and your loved ones, consider the following pros and cons:
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Yes, this is the same thing. However, this kind of insurance has two different types of policies:
Most life insurance policy benefits are enough to cover the expense of a funeral. If you feel the amount you’re currently covered for isn’t enough, you can add additional coverage to your life insurance policy.
It’s important for people over 50 and senior citizens to consider whether life insurance or burial insurance is the better option. You should assess your current financial situation, as well as your loved ones circumstances in order to make a more informed decision. Reaching out to an adviser is also a good start for figuring out what will be best for you and your family.
The basic purpose of burial insurance is taking care of all funeral expenses. The following reasons make funeral insurance a useful product:
Depending on the type of life insurance policy you take out, you can be covered for death, accidents and illnesses. The key difference between life insurance and funeral insurance is that you get a lump sum benefit that you can use for whatever you’d like.
The benefits of life insurance include:
Whether you get funeral or life insurance, here are some of the benefits you can get from it.
Just remember that before you sign your name on the dotted line, read the fine print carefully so there will be no unpleasant surprises or false expectations when you make a claim because of some misunderstanding.
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