December, 2021

Types of Funeral Insurance Plans

There are several types of Sunlife Funeral Insurance Plans, and it is important to choose one that is appropriate for your needs. Term and whole-life policies are the two most popular types. These policies allow you to decide what kind of service you want and lock in today’s prices. This is an excellent option for people who do not want to risk the costs rising with inflation. You can choose a prepaid plan or a term-based policy that requires monthly payments. Term-life policies usually have a three- to 10-year period, and most companies accept people with any age.

How to Choose Types of Funeral Insurance Plans

Term and whole-life funeral insurance are two of the most common types. You can select from one of these options. Term insurance is more affordable than the other two, but it is limited in its benefit period. The term choice is usually 10, 20 or 30 years. Additionally, if you decide to change plans or move out of your service area, you may have to pay a higher premium for the same policy. In addition, term insurance does not protect you against the increasing costs of a funeral.

Preneed insurance is a good option if you can afford it, but you should carefully review the contract and consider consulting with a lawyer before signing. These policies often have restrictions on the time and amount of coverage you need, and you should read the terms and conditions very carefully. While you may be saving money, you will likely pay more in taxes in the future. However, if you can afford to do so, you should choose a pre-paid plan.

Details