Choose Burial Insurance For Times Of Need

Choose Burial Insurance For Times Of Need

The median price of a funeral today is over $7,000. Sadly, that price has been rising in recent years, and there are no signs that it will stop. Between 2004 and 2014, the average cost of an adult funeral increased by 29 percent. Final expenses can be a difficult topic to discuss with loved ones, but unless you want to pass the cost onto your family when you die, it’s a conversation that must be had. 

What Is Burial Insurance?

Burial insurance is a very specific form of insurance coverage. It covers the expenses that occur after you die, such as funeral costs, headstones, and more. It provides monetary support to those you leave behind to ease their financial burden. 

Adults who might have trouble obtaining a term life insurance policy, such as those with health problems, typically have no trouble obtaining a burial insurance policy. Applicants are not required to take a medical exam, nor can they be turned down. The burial policy will remain active as long as the premiums are paid. And the rates never increase. Rates can vary from state to state, however, based on local rules and regulations.

How To Decide If You Need Burial Insurance

Your first step is to figure out how much you’ll need to cover your end-of-life expenses. The largest cost is the cost of the funeral, but there are other costs to consider. Additional expenses can include: 

  • - Medical bills left behind

  • - Legal costs

  • - Living expenses

  • - Credit card bills

  • - Headstones or monuments 

Next, determine if you will be leaving enough money behind to cover these final expenses. Will your beneficiaries have immediate access to these funds to pay the bills? Your money might be tied up in probate, which can be a big problem since most funeral providers expect money at the time of the funeral. There could be other bills that will need to be paid upon your death, and you don’t want to leave those payments to your loved ones to figure out. You might need to speak with a financial advisor to sort this out. 

Finally, if you determine that you will not have immediate, available funds at the end of your life, a burial insurance policy is right for you. Even if you have a large estate to leave behind, you don’t want all of it to go to funeral expenses. A burial policy can be used to cover your final expenses so your entire estate will remain available to your loved ones. 

Planning Makes Perfect 

As with any major expense, it makes sense to plan ahead and prepare a budget based on what can be afforded. Keep in mind that burial policies are not the same thing as prepaid funeral policies, which pay the funeral director well in advance for your final arrangements. Burial insurance is different. It’s there to help you take control of end-of-life planning while making things even a little easier on loved ones during a difficult time. Contact us today for more information. 

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