Most people probably don't like to think about their own funerals but burial insurance can help you stop worrying about who is going to pay for yours. Although it might seem like little consolation after the death of a loved one, burial insurance can help defray the cost of the funeral and some of the emotional toll as well, especially after a sudden death. Suffering an unexpected loss can be overwhelming enough without being handed a hefty funeral bill on top of it.
A burial insurance policy covers any costs related to your funeral. This can be done in two ways. The policy can specify a cost for each related service, or it can be paid in a lump sum. Oftentimes, you can purchase burial insurance from a funeral broker who will design a policy specifically for you. This policy can include things like the casket, the burial plot, flowers, headstone, funeral service, hearse, maintenance, and minister fees. In addition, you can buy a burial insurance policy that covers other costs that can arise from the death of an individual, such as credit card debts, unpaid bills, mortgages, and legal fees.
One of the main advantages of funeral insurance is that it can be a relatively easy way to arrange and fund your funeral in advance, offering peace of mind to the loved ones who would otherwise be tasked with handling everything quickly during a potentially difficult time. This is especially important when you consider that funerals can average $5,000 and cost well upwards of that. This is why many people opt to buy funeral insurance rather than risk being a potential financial burden to their loved ones.
A burial insurance policy is usually a whole life insurance policy with death benefits. This can sometimes be part of a larger life insurance policy but is often purchased as a separate policy intended solely to pay out funeral and other death-related costs.
Which Policy is Best?
However, just like with most every kind of insurance, the decision to purchase a burial insurance policy is much easier than deciding what kind of policy is right for you. And just like with other kinds of insurance, you can help yourself make the best decision by first asking yourself a few important questions. Consider these questions: Am I insurable? What kind of premiums should I expect to pay? What do I expect the policy to cover?
First of all, when it comes to burial insurance, you'll almost definitely be insurable. However, depending on age and health issues, you will have to choose between a few different options. If you are in good health, with only minor health issues relative to your age and gender (high blood pressure or cholesterol, for example), you will be eligible for a standard burial insurance policy. If you are currently facing more serious health problems, such as cancer, then you will likely need a more specialized policy.
The cost of burial insurance can vary widely, and is based on several factors. Your age and health play a significant role, as does the degree of coverage you're seeking. One burial insurance policy might pay out $2,000, while another policy could pay out $50,000. Depending on these factors, the cost of a burial insurance policy can range anywhere from $5 to $500 or more a month. You can usually purchase burial insurance just for yourself or for a group, such as your family. Buying a group policy is usually the most cost-effective route when it comes to keeping your premiums low.
Burial insurance policies can cover a wide range of issues. While the most basic policies serve to alleviate your family from the costs and stress of having to plan and pay for your funeral, other policies can be expanded to protect your family from inheriting your debts. You can also purchase a "pre-need" burial insurance policy. A pre-need policy helps you plan the details of your funeral such as the casket, headstone, service, music, flowers, and such, and then arrange to pay for each in installments via your policy.
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