4th Common Mistake Burial Insurance Buyers Make

Get a plan that may seem too good to be true…

You may get a dozen to two dozen pieces of mail a month with very enticing offers, you may see commercials on TV or hear ads on the radio that have celebrities that we all know and trust speaking about final expense or burial insurance plans.

 and there’s nothing wrong with these plans. They are legitimate plans.  But what I have found, is that there are two underlying challenges  with these types of offers.

1. The product itself may not be the right fit for you. Even though some may say you could start with a dollar a month. No medical exams.  which sounds sometimes too good to be true, we know is very often not the case. you need to be aware that some of these insurance programs Aspire at age 75 or age 80. And at that point when you’re the most vulnerable you’ll have limited amount of options. (some people don’t even realize that their policies expire at age 75 or 80,  and they think they’re covered and their families think they’re covered. And they learned otherwise after the person passes.)
2. the monthly premium tends to go up every few years. (anywhere from every 3 to 5 years) for example someone may start out by paying $10 a month. But fifteen years later they could find themselves paying $300 a month. and as many people in this situation will happen to be on fixed incomes. At some point when that price keeps going up it just becomes too expensive and unaffordable, and then the unfortunate thing happens where the person gives up the policy. Thereby giving up their Financial Security and peace of mind.

These two challenges could be avoided but either reading the fine print. Or asking out right about these two matters:  does this policy expire? Do these premium payments go up or are they guaranteed to stay the same for the life of the policy?