Burial insurance is a way to cover the final expenses that come after a loved one dies. A funeral, burial, or cremation can be an expensive process, and it helps to know that you’ll have the money on hand to pay for what you need. However, not every parent is willing or able to get burial insurance for themselves, or else they might not know it’s an option. In that case, it may be up to you as their child to have a conversation with them or take out a policy on their behalf.
You Can Get Burial Insurance For Someone Else
Burial insurance is a form of life insurance, and like some forms of life insurance you can take out a policy that makes you the beneficiary and someone else the policy’s subject. Of course, you’ll need your parent’s permission to purchase this policy unless some advanced illness prevents them from understanding it. If that’s the case, you’ll need the permission of whoever is acting as their guardian if it isn’t you.
You Can Choose The Beneficiary
If you take out a burial insurance policy on your parent’s behalf, and if you get their permission, that usually means you’ll be responsible for paying the premiums. However, you can designate a beneficiary who doesn’t have to be yourself. For instance, if your parents and your sister both while you live and work in Europe, you can pay the premiums remotely and have your sister be the beneficiary so she can handle things while you’re still on your way home.
You Can Get A Policy At Any Time
To get the best premiums possible, you should take out a burial insurance policy when your parents are still relatively young and in fairly good health. However, you can still find affordable coverage even if your parents are over 80 and suffering from multiple conditions. In fact, some burial insurance policies are available for subjects who are currently suffering from a terminal illness, and with a leveled, guaranteed policy you can get the full payout as soon as coverage begins.
You Can Get Enough Coverage
Funerals can be surprisingly expensive, so it’s important to get enough coverage to pay for the event and have something left over for unexpected costs. Many seniors shop around and make their own arrangements with funeral homes, churches, and cemeteries, but if your parents don’t or can’t then you should do this research yourself. Once you have the numbers, you’ll know exactly how much burial insurance coverage you’ll need.
It’s good for seniors to handle their own final arrangements, but sometimes it’s up to their children to take care of things for them. This can include taking out a burial insurance policy to cover the final expenses, and since the average ceremony can cost $10,000 or more it’s good to have that policy ready when the time comes. Be sure to contact your local insurance broker to learn more about the companies and the policies you and your parents may qualify for.