Choosing The Best Policy For Your Funeral

Choosing The Best Policy For Your Funeral

The death of a family member is a stressful grief-filled experience. Having to plan a funeral and the financial hardship it can cause, only adds to the pain and sorrow. The purchase of a burial insurance plan can eliminate much of the hardship your family faces at this sad time. 

What Is Burial Insurance?

Burial Insurance, also known as funeral insurance or final expense insurance, and the terms are interchangeable. It is a type of whole life insurance that is used to cover the cost of your funeral or burial. It is a simplified coverage, usually limited to $50,000.00 per person. Some of the reasons for such a policy include the following:

  • Burial Insurance Is Affordable: the average cost of Burial Insurance runs around $50 a month
  • Burial Insurance Does Not Require A Medical Exam: Nearly everyone qualifies including seniors and those with pre-existing medical conditions.
  • Burial Insurance Provides A Prompt Payout: Most companies pay out in 48 hours compared to traditional life insurance policies which usually take 10-30 days.
  • Burial Insurance Makes It Easy For Your Family: You can assign the funeral home as the beneficiary and they will refund your family any monies not used.
  • Burial Insurance Plans Do Not Disappear: Unlike term insurance it does not expire as long as the payments are up to date.

What Type Of Burial Insurance Should I Ge?

Once you have shopped around and determined what type of funeral you want and how much you want to spend, you want to then look at purchasing a Burial Insurance Policy.

  1. Find a good company. You will want one that is secure and stable with a good history of doing business. Make sure the insurance company pays out the funeral costs in a timely manner.
  2. Your premium should fit into your budget, not just now, but in the future. You can always increase later, but err on the safe side.
  3. Be sure that the policy you choose does not have a mandatory waiting period but will pay an immediate death benefit.

How Do I Determine How Much Burial Insurance I Need?

Unless you have been involved in planning a funeral in the last few years, most people are unaware of the actual costs of a funeral. There are so many items that the average person does not think about. These include unexpected costs such as:

  • Funeral and staff fees
  • Transportation of the remains to the funeral home
  • Legal fees
  • Obituary fees
  • Graveside services
  • Burial Vault
  • Opening and closing of the grave
  • Any catering fees after the funeral service
  • Thank you cards for those who attended.

The best way you can determine how much you will need is to take the time to think about how you would like to be remembered. Then spend a few hours calling different funeral homes and determine your budget. Planning ahead and making sure the expenses are covered is the best way you can take care of your family when the time comes for them to say goodbye.

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