Burial Insurance in Memphis, TN

What is burial life insurance Memphis?

Burial insurance, also known as final expense insurance, is a type of life insurance specially designed to cover the costs associated with funerals and other end-of-life expenses. In Memphis, TN, burial insurance can give you much-needed peace of mind by helping to secure the financial resources needed to honor the memory of a loved one. Whether you are looking to cover the costs of a burial plot, funeral services, or other related services, burial insurance in Memphis can provide the financial resource necessary to ensure that your loved one will be remembered in the way you want.

Can I increase or decrease my coverage amount for burial insurance quotes in Memphis after purchasing a policy?

Yes, you can increase or decrease your coverage amount after purchasing a burial insurance policy in Memphis, TN. Depending on the policy provider, you may be able to do so without having to submit additional underwriting paperwork. Contact your insurer to determine if this is possible and if so, what changes need to be made to your policy. Should you need to submit revised paperwork after modifying your policy, it is best to do so expeditiously in order to ensure that all changes are processed and reflected properly and quickly.

How much coverage do I need with a burial insurance policy Memphis?

The amount of burial life insurance coverage you need depends on your financial needs and goals in Memphis, TN. To determine how much you'll need, consider the cost of your desired funeral and burial services, as well as any other financial obligations you may have, such as supporting a disabled family member or paying off debt. To receive an accurate figure, consider talking to a financial advisor in Memphis, as they will be able to take into account all of your needs and then segment how much coverage will be the best fit for you and your family.

Can I get burial insurance near Memphis with a pre-existing medical condition?

Yes, you certainly can get burial insurance with a pre-existing medical condition in Memphis, TN. There are many providers in Memphis that specialize in providing life insurance and burial insurance for those with pre-existing conditions. You will typically have to go through an extra level of paperwork and provide more medical information to find the best options for your unique situation; however, with a bit of research and guidance from an experienced agent, you can get the coverage you need.

Can I get a burial insurance quote Memphis for my parents?

Yes, you can purchase burial insurance for your parents in Memphis, TN. There are many options to choose from, depending on your family's needs and budget. Maybe you are looking for just a basic burial policy or a plan that offers additional benefits such as cash value, a fixed death benefit, and accelerated benefits for certain terminal illnesses. You can speak with local insurance agents and financial advisors who are familiar with the options available in the Memphis area to help you find the best coverage for you and your parents.

Will Memphis burial insurance companies let me cancel my policy?

In Memphis, TN, most burial insurance policies come with a 30-day free look period during which you can cancel the policy for a full refund. During this period, you can change your mind and cancel the policy. If you decide to cancel after the 30-day period has ended, then you will generally not be refunded any premiums you have already paid. However, depending on the policy, you may be able to get a pro-rated refund based on the remaining term of the policy depending on the carrier and policy issued.

Are benefits from burial insurance policies near Memphis taxable?

In Memphis, TN, the benefits from a burial life insurance policy are generally not taxable. Generally, the Internal Revenue Service (IRS) does not treat death benefits from term or permanent life insurance policies as taxable income. The proceeds from a burial life insurance policy are typically paid to either the beneficiary or to a funeral home to cover funeral expenses. In some situations, taxes may apply, such as if the policy has a loan attached to it or has been placed in an irrevocable trust.

What happens if I outlive my burial insurance in Memphis?

If you currently have a burial insurance policy in Memphis, TN and you outlive the coverage period, you may want to consider reevaluating your options for burial planning. You may wish to consult with a financial advisor or funeral director to discuss possible options such as career life insurance policies, pre-funded funeral expenses, or transferring the policy to a beneficiary. Additionally, TennesseeFuneralCare.com offers an online search tool that allows you to find the best mortuary service and burial insurance policies to fit your specific needs.

What are the typical exclusions in my Memphis burial life insurance policy?

In Memphis, TN, typical exclusions in burial life insurance policies may include suicide, drug and alcohol-related deaths, war-related deaths, and high-risk activities such as skydiving or cliff diving. These policies may also exclude deaths caused by pre-existing conditions and natural causes, such as death from old age. In many cases, pre-existing conditions are excluded from coverage and an extra fee could be charged for coverage during a waiting period.

Can I switch providers if I already picked my Memphis burial insurance company?

In Memphis, TN, due to Tennessee Department of Commerce and Insurance laws, you are able to switch to a different burial insurance provider or policy even after purchasing. The process can be complicated so it is best to contact your insurance agent or the Department of Commerce and Insurance to ensure all proper forms are filled out so you can make a smooth transition. It is important to remember that you cannot cancel the current policy until you have been approved and accepted in the new policy. If you are unsatisfied with your current plan, the process of switching to a different provider or policy is available to you.