What Are The Different Payment Schemes For Burial Insurance For Seniors
Getting yourself a new house will require a monthly amortization in span of 30 years or so. Getting yourself a new car will also be needing a monthly installment. Even in paying your credit card, or your insurance. But what are the common among these bills?
Well, obviously, you are asked to whatever payment scheme you would like to avail for it. Most would prefer the monthly installments to make it easier. However, are there any options?
Insurance agents will likely go in between, but remember that more than their praises and suggestive inputs, they are in for commission. Monthly premiums payable every month has additional charges in it. It could be more interests, commission for the agents or both. Getting yourself for your future an insurance plan like burial insurance for seniors will be best if you pay in other options.
Burial Insurance Payment Schemes
1. One Time Payment
This is perhaps the most effective payment scheme you would want to avail. If you have enough money to cover the burial insurance in full payment, then, by all means, pay it upfront in full. This will allow you to invest in other properties or other services. You just have to wait for your death of course. Paying it full will lessen the monthly dues or monthly calls and email message from the insurance company.
2. Revocable Trust
A contract that allows you a monthly premium terms that are more flexible but more time consuming. If you are on a tight budget, this is highly recommend option you should avail. This will allow the funeral owner to deposit your monthly installments in an account until such time that it will be used for your funeral expenses.
3. Irrevocable Trust
The same as revocable trust, however, this is permanent and can't easily change.