Burial insurance: to do or not to do
People do not live forever, and with years we understand this more clearly. Particularly severe, these thoughts become when you are the main breadwinner of the family, keep elderly parents, helping to arrange life of your children, next to you there are those who depend on you, can’t live without your help and support.
Of course, human life is priceless, and even all the money in the world can’t give us back those whom we love. But everyone who cares about their loved ones, should take care of their financial security, as relatives, shocked by the death of a loved one, usually can’t take care of themselves.
One of the classic forms of life insurance is burial insurance, when insurer is liable for the period of the contract. It may be temporary (term) or for life. All types of life insurance for the payment of insurance coverage in case of death of the insured, establish different insurance events, which are recognized by insurance causes death or destruction. In most types of burial insurance death insurance is recognized if event has occurred as a result of any causes (accident, illness, etc.), except for suicides and other events. Life insurance provides for payment of the sum insured only upon the occurrence of death of the insured during the term of the contract.
As a rule, a contract can be completed with persons over the age of 16 years, but not older than 60 years, for period of 1 year to 20 years. According to the second type of contract entered into with persons who are to any surgical intervention in a hospital, aged 16 to 75 years. The contract is concluded for a period of 1 year, the recipient of the insured sum may be any person designated as insured.
If the policyholder (insured) died before he could get the burial insurance amount due to him for survival, or in connection with the loss of health insurance is paid to his heirs (under current law are the legal heirs in the first place in equal shares), children (including adopted children), spouse (husband) and their parents. Heirs of the second stage, the brothers and sisters, grandparents on both sides. Heirs of the second stage became owners only in the absence or non-acceptance of the inheritance heir of the first stage.