5 Signs You Need To Look Into Burial Insurance

5 Signs You Need To Look Into Burial Insurance

It’s crazy how expensive a funeral can be. Still, it makes sense when you remember that one of the biggest moments in a person’s life is its end, and people across the globe like to mark this important moment with an equally important ceremony.  Whether it's a cremation with ashes sprinkled over a significant location, a Catholic funeral and burial followed by a lively Irish wake, or a big memorial event held in the deceased’s honor, death is a big occasion.

Because death can be so expensive, insurance companies offer burial insurance, also called final expense insurance and funeral insurance.  These policies cover end-of-life costs like caskets, graveyard plots, and funeral arrangements.  If you don’t have burial insurance yet, there are a few important reasons why you might want to take out a policy.

1. Your Health Is Deteriorating

You may reach a point where you wonder whether you’ll still be around five years from now.  You might already be past that point.  If so, you should get a burial insurance policy right away.  Burial insurance doesn’t provide full coverage until two to three years after you start the policy, so it’s best to get it while you still have some time left.

2. You Have No Other Life Insurance

Burial insurance is a form of life insurance, and like many life insurance policies it pays a benefactor after you pass on.  A life insurance policy can often cover end-of-life costs, but many senior citizens don’t have any.  Burial insurance is a good way to cover these expenses even if you’re already too old to build up a good life insurance payout.

3. You’re Planning Your Funeral

Funeral homes, churches, graveyards, and other businesses in allow people to reserve some time and places so they can be sure they’ll get the funeral service they want when they pass on.  However, most places don’t send out their bills until the time comes.  This means you’ll know just how much burial insurance to get.

4. Your Family Has Financial Issues

A death in the family is bad enough when you aren’t dealing with thousands of dollars in funeral expenses, especially if you have to go into debt to pay them.  Your estate may have enough money to cover the costs, but handling an estate can take a lot longer than the funeral’s timetable.  Burial insurance gives your family the money they need right when they need it.

5. You Don’t Qualify For Good Life Insurance

Life expectancy is a big factor in who qualifies for which life insurance policies.  That’s why many policies demand a medical exam if you want to sign up, and you might not get a good policy depending on the results.  However, anyone can buy burial insurance and at most you’ll have to answer a few basic health questions.

Burial insurance is a useful policy to buy when you’re getting on in years.  It only covers certain end-of-life expenses, but it’s easy to get with low premiums.  If you’re a senior, consider whether burial insurance would make a good next move.

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