Advertorial Planning for when you've gone: The difference between Funeral/Burial and Life insurance

[ASEAN NOW Sales]

 

When planning for what happens after your death it is important to know the difference between the different kinds of insurance available.

 

Burial insurance - often called "funeral insurance" - and Life Insurance are two different entities with different kinds of payouts and policies.

 

Life insurance is a a broad category that includes aspects such as whole, variable and annuity to name but three.

 

Lump sum or monthly amounts can be paid. Depending on the type of insurance and the amount of coverage, benefits can be delayed. Policies can be worth tens of millions of baht. 

 

These kinds of policies require medical exams, family history, health questions and enquiries into occupation as determining factors.

 

Insurance may expire before you die depending on the type of policy selected and a cash vale may not accumulate.

 

Burial Insurance and Funeral Insurance is a different kettle of fish.

 

It is a very specific life insurance that aims to cover funeral costs when you die.

 

Because the sum insured is normally much smaller than regular insurance it is usually paid up promptly on the death of the holder. Policies don't normally exceed 1.5 million baht in the US.

 

In Thailand they could be lower though repatriation of bodies can be very expensive if that is stipulated and can be covered by an insurer.

 

Medical exams are not required for burial insurance. It remains in place until you die - so long as premiums are kept up - and usually accumulates a cash value.

 

Life insurance's main aim is to provide for your loved one's when you die. 

 

But Burial Insurance is what it says on the tin - it covers those immediate needs in the event of death.

 

It attempts to shield relatives from the burden of immediate payments on your death.

 

Costs for a casket, urn, memorial services, flowers, headstone, burial plot and maybe catering services can all quickly add up to hundreds of thousands of baht.

 

By including a special provision of burial insurance in your estate planning you can ease the complications for those left behind when organizing your funeral. 

 

Talk to your insurance provider about such policies as well as insuring against the repatriation of a body to your homeland.

 

It could save added grief to those left behind when your days are done. 

 

For more information on health insurance, including a choice of coverage up to 30M baht and premiums starting from just 882 baht/month* contact Aetna now