Burial insurance is a type of coverage designed to offset the rising costs of a funeral after the death of a loved one. The average funeral costs just over $8,000, although many families spend well over $10,000 to pay their final respects to their loved ones. Although typical families experience a funeral only once every 15 years, the costs often times strain a budget, especially if the family breadwinner passes away.
What is Burial Insurance?
Burial insurance covers the costs of a funeral, burial, and numerous other end-of-life expenses, depending on the policy type. Other names for burial insurance include final expense coverage and funeral insurance. Like most types of insurance, burial insurance works when the party pays a monthly premium to an insurance company who then pays out expenses to the beneficiary of your choice upon death. Each burial insurance company sets its own prices for coverage, as well as what is and what is not included in the plan.
Do I Need Burial Insurance?
Most people benefit from holding a burial insurance policy. This includes people without a lot of money in savings, people without life insurance, and people without intentions to pre-pay their funeral expenses. However, some people, such as those with large estates that cover the expenses of the funeral/burial or those with great life insurance, may not benefit from burial insurance coverage. Young, healthy people may also avoid burial insurance, for the time-being, bless they suffer from life-threatening injuries. Most people appreciate the fact that burial insurance can serve as a nest egg for the family that’s left behind after they’re gone, regardless of their current financial situation.
How Much Burial Insurance Do I Need?
Choosing the proper amount of burial insurance comes down to two important factors: the anticipated costs of your funeral and the amount of money you can afford to pay for the coverage. Most burial insurance policies offer up to $25,000 in burial insurance protection, plenty for the average person, although you may find companies that offer as much as $50,000 in burial insurance protection. Sit down and determine the things that you want for the funeral to determine the amount of coverage you need. Experts also offer assistance to those who need help deciphering burial insurance.
Burial Insurance Benefits
Individuals choose burial insurance over life insurance for any reason. First is the cost. Life insurance rates are based on factors such as your age, current health conditions, and a medical exam. This can leave rates for coverage while out of a person’s budget. On the other hand, the best burial insurance costs a fraction of the amount.
Money left over after funeral expenses have been paid can be used by your surviving family member to pay for other expenses incurred due to the end of life. This provides your family with comfort during one of the most difficult times of their lives. Once you find the best burial insurance, you also enjoy peace of mind knowing that your family won’t be burdened with the costs of putting you to rest.
How to Get a Burial Insurance Policy?
The first step in buying a burial insurance policy is to sit down and determine the type of coverage, amount of coverage, and the budget in place for your needs. This may seem complicated from the outside looking in, but with the help of Golden Memorial experts and online tools, it’s easy peasy. Next, compare the costs of coverage with a few companies. Quotes cost nothing (get a free quote), although they help save both times as well as money when you need a great burial insurance policy at a price you can afford.