Is Burial Insurance Right for Me?
No one likes to think about death – but dying becomes even more frightening when you think about how much it costs to pay for burial expenses, funerals, and all of the end-of-life costs. Too many loved ones are left trying to find the money to cover final expenses like these, which can bring on financial insecurity and debt. However, burial insurance could help pay for these expenses. Search online to discover burial insurance policies and options that’ll give your family financial security.
Burial insurance could help you prevent your loved ones from facing huge expenses after your passing. It could alleviate significant financial burdens, providing them with the money they need to take care of your final costs. If you’re interested in burial insurance and its benefits, search online to find a policy that meets your needs.
What Is Burial Insurance?
Burial insurance is pretty similar to life insurance – whole life insurance in particular. It’s often called final expense insurance, funeral insurance, or even senior life insurance. There are several different plans and plan types available.
So, like life insurance, burial insurance pays out a financial benefit after the policyholder’s death. Those funds are designed to be used to pay for a funeral, burial costs, and other end-of-life expenses. The primary difference between life insurance and burial insurance is that burial insurance is specifically meant to be used for funerals and their related expenses.
This unique type of life insurance is typically only sold in small amounts. Burial insurance tends to range between benefits totaling $5,000 and $25,000. Because they’re designed to simply cover end-of-life costs, the benefits are lower and aren’t really designed for large families or younger individuals who are looking to replace their income.
Burial insurance is offered by insurance companies big and small. You can purchase a plan from big names like State Farm or smaller, more local insurance companies. Even funeral homes and mortuaries sometimes sell burial insurance.
Types of Burial Insurance
There are two primary types of burial insurance: burial insurance (or final expense insurance) and pre-need funeral insurance.
Burial insurance, which can also be called final expense insurance, is a term or whole life insurance policy that’s bought directly from an insurance company. These policies tend to be the most affordable, and the policyholder is able to name a single beneficiary (usually a family member). Your beneficiary can use the cash benefit of the policy to pay for costs at any funeral home. However, there is one drawback: there’s no requirement that your beneficiary must use the cash to pay for your funeral and other end-of-life expenses.
Pre-need funeral insurance is actually offered from funeral homes or funeral service providers. It’s typically a whole life insurance policy that’s sold through a funeral home and connected to an actual insurance company. These policies often name the funeral home you choose as your beneficiary. Once you die, your chosen provider receives the financial benefit and takes care of your funeral. However, this can be a negative if you move away, die somewhere else, and aren’t actually able to have a funeral with the funeral home you selected.
It’s up to you to do your research to determine which is best for your needs. Make sure to search online and discover the benefits and disadvantages of each option before you choose a plan.
The Benefits of Burial Insurance
Burial insurance can offer peace of mind as you get older and consider your end-of-life plans. There are plenty of other benefits of these insurance policies too.
Here are some of the biggest benefits of buying a burial insurance plan.
Burial Insurance Is Easy to Get
Unlike traditional life insurance, burial insurance is quite easy to get. You don’t have to worry about being rejected – and there are no medical or health exams. You can shop for and purchase a policy online or over the phone.
Some policies even offer guaranteed acceptance. These plans are specifically designed for individuals who may not qualify for any other type of life insurance.
Burial Insurance Can Protect Your Family Financially
If you’re worried about your loved ones and how they’ll cover the costs of everything from your funeral to burial, burial insurance offers a great level of financial protection. A burial insurance policy eliminates this financial struggle, providing your family with a way to easily pay for your end-of-life wishes. You can choose the benefit amount to make sure your family doesn’t have to pay much, if anything at all, out of pocket.
Burial Insurance Offers Varied Benefit Amounts
If you’ve been unable to qualify for life insurance, burial insurance gives you another option. And you can even get a benefit amount that’ll suit your needs.
Burial insurance is typically offered in amounts designed to cover funeral expenses, so you can opt for a policy with a $5,000, $10,000, or even higher benefit total. You just need to search online for a personalized quote to see how much of a benefit you can choose.
Burial Insurance Can Be Affordable
Perhaps most importantly of all, burial insurance doesn’t have to cost you a ton of money. You can secure a policy for an affordable monthly rate and still get a great benefit total that’ll cover all of your burial and funeral costs.
On average, a 50-year-old male can expect to pay $46 per month for a burial insurance policy that lasts 30 years and offers a $10,000 cash benefit – without any medical exam or health questions required.
This makes burial insurance a great option for older individuals with health concerns. You can get the life insurance coverage you’d hoped for without having to qualify or meet medical exam benchmarks. It’s a great, affordable alternative if you don’t need lifelong coverage. And you can easily search online to find a policy that suits your needs.