Burial insurance is a type of life insurance meant to cover funeral and burial expenses.
It is also an affordable way for those with health issues or people at an advanced age to get a permanent life insurance benefit.
Why burial insurance?
Purchasing a burial insurance policy is a way for you to prepare for payment of your final arrangements so your family doesn’t have to do so.
The average price for a funeral and burial are hovering near $8,000 right now and that number is expected to increase every year.
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Does social security pay for funeral costs?
Social security does provide family members with a lump sum payment when a loved one passes away, but it is only $255.
Pre-paying for a funeral
Trying to pay for a funeral in advance isn’t always something seniors can afford to do.
Even if you can, you could save thousands of dollars by purchasing a burial insurance plan. Because these policies offer smaller death benefits, the premiums are affordable. And if you were to pass away before you finished paying for your funeral, your family has to pick up the rest of the bill. A burial insurance policy will pay out its benefit according to policy terms.
Cremation vs. burial
Some think the way to curtail the high costs of a funeral and burial is to have their bodies cremated instead. The prices of a cremation vs. burial are, on average, cheaper. However, the average cost of a cremation is still over $5,000. So, it may still be in your best interest to purchase a burial insurance policy.
What coverage is available?
Coverage amounts span from just a few thousand dollars up to $50,000. The amount available to you will depend on the answers to your health questionnaire.
No exam required
Most policies require just a few questions to make sure you do not currently have a terminal illness. There are also policies with guaranteed acceptance.
