WHAT IS THE DIFFERENCE BETWEEN LIFE INSURANCE AND A FUNERAL INSURANCE?
While life
insurance and death insurance are policies that are
activated with the death of the insured, the truth is that they are very
different, and their coverage are different. Although both cover the same risk,
the death of the insured, with a financial benefit, each insurance makes it differently.
Another point that life insurance and insurance
of deaths have in common is that both are contracted to give things to the
heirs and loved when the insured is missing. Although, once again, the
guarantees offered by one and other
insurance deal with different aspects.
The main difference between both insurance be refers to what type of
delivery or services offered to the death of the insured. When a person hires a
funeral insurance, the insurer
guarantees the provision of funeral services and the costs generated by it.
However, life insurance offers
financial compensation for the death of the insured, which shall be received by
the beneficiaries of the policy, and does not usually provide any type of
service related to burial. However, some insurance
companies offer products that include coverage of deaths that you can contract
additional or complementary way.
One of the differences that exist between both insurance refers to the additional
coverages. Funeral insurance tend to
offer additional coverage related to the repatriation of the deceased, travel
assistance for companions, travel expenses for the identification of the
deceased, psychological assistance and conservation of DNA, among others.
Furthermore, coverage related disability
following an accident, so the insured would take on in life insurance can be
contracted with life insurance. With life insurance can also
be ordered an advance payment of compensation to deal with payment of
inheritance taxes and the burial costs. However, this would not include the
realization of administrative formalities and other services included in the
funeral insurance.
Regarding the reasons that lead to hiring one
or other insurance, life insurance enables to protect the economic situation family to which
the beneficiaries after the death or disability of the insured. Compensation
allows you to deal with pending payments and various future issues, such as
university education of the children, for example.
To meet the funeral expenses, if insurance is charged by the death of
the insured, may be requested, normally an advancement. In any case, some insurance companies offer life insurance an additional coverage of deaths.
In what refers to the funeral insurance, the main objective is
associated with everything that involves the burial. In this sense, this is
immediate, and the family does not have to take any charge or you preocupares
perform any procedure related to the funeral, more than notify the insurer.
Life insurance you should review
coverage and, where appropriate, apply for an advancement for expenses of
burial. With funeral insurance, the
beneficiaries do not have to worry about any management.
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