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Purple Cross Burial Insurance: A Complete Guide and Tips

Purple Cross Burial Insurance

Burial insurance, also called final expense insurance, is a type of life insurance plan designed to cover the burial and funeral costs of the insured. Purple cross burial insurance is also one such option that aims to provide people and their families with mental satisfaction during hard times. 

The policy offers affordable premiums, flexible payment options, and additional riders so that policyholders can customize their plans. The introduction of this plan into the market has ensured a reliable and reasonable solution for individuals planning for their end-life expenses. 

In this blog post, we will discuss the details of Purple cross funeral insurance including its features, benefits, and some considerations while getting the plan. Read out the post thoroughly to get your queries clear! 

What is Purple Cross Burial Insurance?

Purple Cross Burial Insurance is a type of whole-life insurance plan specifically designed to cover the cost of end-of-life expenses. The purpose of this insurance policy is to alleviate the financial burden on left-behind family members after the death of a policyholder. 

However, purple cross is not a common name, it is crucial to understand the particular aspects of this plan especially if you are taking it as a means of  preparation for your final expenses

Features of Purple Cross Funeral Insurance

Here are some of the features of Purple Cross Insurance that are worth mentioning.

1- Fixed Premiums

One of the significant features of purple cross insurance is that it offers fixed premiums. The premium amount remains the same as you pay for the first purchase throughout the lifespan of the policy. This predictability can act as a reassurance for the insured and their family members.

 

2- Small Coverage Amounts

Funeral insurance plans, including purple cross, generally offer small coverage amounts that often range from $5,000 to $25,000. Although it’s a small amount, enough to cover funeral and burial expenses like caskets, burial plots, memorial services, and other related costs.

 

3- Guaranteed Issue

This insurance plan is marketed as a guaranteed issue plan which means your policy’s acceptance is guaranteed. Unlike standard life insurance plans, purple cross doesn’t require a medical exam or any health underwriting process. Consequently, it’s more accessible for those having some pre-existing health conditions. 

4- Cash Value

Same like other whole life insurance plans, this insurance policy also has a cash value component that grows with time. Insured can borrow an amount against this cash value or even surrender the plan for a cash payout, but it will affect the death benefit. 

5- Instant Coverage

Mostly, purple cross offers immediate coverage from the moment the policy is issued from the insurer. It means in case of the death of a policyholder, the designated beneficiaries will get the full death benefit even if the insured dies shortly after getting the plan. 

Pros of Purple Cross Insurance

The main advantage of this insurance is the peace of mind it offers to the surviving family members of the policyholder. Aside from this, the following are some of the other benefits of purchasing purple cross:

 

1- Financial Security

The financial security that purple cross burial insurance offers you and your family is one of the primary benefits of this plan. It helps the surviving ones to focus on healing from the grief without getting worried about funeral expenses. Having such a plan in place makes sure that your family will not have to face a financial crisis. 

2- No Medical Exam

As mentioned before, the guaranteed issue nature of purple cross insurance makes it an attractive choice for people who can’t get a traditional life insurance plan due to any health issue. The application process is very easy and simple as there is no medical exam required to get qualified. 

3- Fixed Premiums

The policy comes with fixed premium payments that remain the same throughout the plan. Knowing that your premium won’t increase gives you mental satisfaction and also helps you budget your finances. 

4- Cash Value Accumulation

The cash value component of the policy grows over time. It becomes a potential source of funds for any unexpected expenses or emergencies. Insureds are allowed to take loans from cash value even when they are still alive. 

What to consider before getting Purple Cross Funeral Insurance?

Following are the considerations before getting purple cross funeral insurance:

 

1- Cost

No doubt burial insurance plans offer great accessibility and convenience, but they also tend to be more expensive as compared to other life insurance plans. Before buying a plan, always compare quotes and understand the long-term costs before making a decision. 

 

2- Coverage Limitations

In case you want to leave a substantial financial legacy for whom you care or maybe want to cover other significant expenses like debts and college fees of your kid, burial insurance coverage will not be sufficient. 

 

3- Waiting Periods

Some burial insurance plans like guaranteed issues come with a waiting period that usually lasts for 24 to 36 months. During this time frame, the death benefit is not payable. If the insured passes away during the waiting period, only a port of death benefit will be given to his beneficiaries or maybe a refund of paid premiums. 

 

4- Alternative Options

It’s important to explore some alternative options before getting one. To cover your end-life expenses you can pre-plan your funeral or can also set aside funds in a dedicated savings account. 

 

The Bottom Line

Purple Cross Funeral Insurance is all set to offer financial support to your family when they need it the most. It’s a valuable tool that helps you in your financial planning, however, don’t forget to consider the cost and coverage limitations of this plan before buying. 

 

Frequently Asked Questions (FAQs)

 

1- Is purple cross insurance the same as standard life insurance?

No, it’s a specific type of life insurance plan for covering the cost of final expenses. It focuses on finding funeral and burial costs, whereas standard life insurance plans have broader coverage and also serve other financial needs.

 

2- Can you get purple cross insurance for someone else like a parent or grandparent?

Typically, yes! You can purchase burial insurance for someone else, but they have to be aware of and agree to the plan. The policyholder also has to answer some health-related questions or provide consent according to the requirements of the insurance company. 

 

3- Is there any age limit to buy a purple cross insurance plan?

Age requirements usually vary among different insurance providers. Funeral or burial insurance is mostly available to people between the ages of 50 and 85. However, some insurance companies may also offer coverage to younger people as well. 

 

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