Does New York Term Life Insurance Cover Burial Costs When You Die?
If you are the only breadwinner in your family, you must take the necessary precaution methods so that your family will not suffer financially if you die unexpectedly.
Death is not something pleasant to think of, but it can happen. Your death, besides leaving them without a financial source of income, will create new expenses for your family like burial costs. Your funeral can be covered by using the money from a New York term life insurance benefit or from life insurance no exam required!
How much does a funeral costs?
Making arrangements for a relative’s final resting place is one of the biggest expenses a family has to face. Funeral costs are exceedingly high in New York as it can cost over $10,000 to properly burry someone. A funeral home can charge a lot more, depending on the options the family chooses.
How can life insurance cover funeral costs?
Life insurance can help your family pay for your own burial because it pays out a death benefit to the insured’s family and loved ones (called beneficiaries). In the case of term life insurance, the benefit is paid out ONLY if the insured dies during the policy’s term.
The benefit is received tax-free and the beneficiaries can use the money in any way they like. Besides covering for funeral expenses, the insurance payment can also pay for:
- Daily expenses
- Mortgage loans
- College education
- Debt or car rates
How to qualify for life insurance?
In order to qualify for life coverage, you will need to go through a series of medical examinations. Besides this, completing an application form will also be necessary. Details about your health, age and other physical characteristics will be used to determine your policy’s premiums.
You can also get life insurance no exam required which lets you skip medical tests. These plans are issued in 24 hours and in order to qualify, you only have to answer a questionnaire about medical issues.
In conclusion, funeral taxes can be a high unexpected expense which can put your family through great difficulty. By purchasing a life insurance plan, you can financially secure your loved ones against the worst.
Our website can help you find quotes! Click here and with our help, you will find the best life coverage for you and your family!