How Can I Benefit From Burial Insurance?

How Can I Benefit From Burial Insurance?

How Can I Benefit From Burial Insurance?

 

Most people take steps to secure their families financially should something happen to them. They pay into retirement funds, paying monthly life insurance premiums, and start saving. You may be thinking that a $100,000 life insurance policy will care for your loved ones for a while. Yet half of those benefits could be eaten up by your funeral costs, leaving your family with little to cover your final expenses like outstanding debt. A better option is to obtain a burial insurance policy. Burial insurance will cover all of your funeral expenses.

 

How Does Burial Insurance Work?

 

Burial insurance is a policy that can be purchased up to $50,000 to cover the cost of your funeral expenses.  Here are some guidelines on how it works:

 

  • You can be over 50 and still qualify
  • The average cost of burial insurance is $50 a month
  • Cash benefits go immediately to your beneficiary or the funeral home as you choose.
  • There is no expiration date as long as you make your premium payment
  • Your premiums will not increase.
  • You do not need to get a medical exam.
  • Extra benefits are provided if you are killed in an accident

 

For many people getting burial insurance in addition to their other life insurance gives them the peace of mind that their loved ones are spared the stress of having to make all the last minute decisions during a time of grief.

 

Doesn’t Social Security Cover Burials?

 

Social Security currently will provide your spouse or child $225.00 to help with funeral expenses. Average funeral costs include:

 

  • Cost of Casket: $2,000 and up
  • Embalming: $700 and up
  • Funeral home, viewing and staff starting at $900
  • Transfer of the body (from hospital, morgue, etc) $325
  • Hearse and vehicles $400 and about $150 per family vehicle

 

The cost of the plot, vault, headstone, opening and closing of the plot averages around $3,000 more. It is easy to see that your social security fund will do little to help cover expenses.

 

The Biggest Benefits To Having Burial Insurance

 

Your family will be the ones who will have to make the hard decisions unless you take affirmative action to help them. With Burial Insurance in place you can ensure the following:

 

  1. Burial Insurance Can Be Personalized: Tell your loved ones you have burial insurance and explain you will leave plans for your beneficiary. In this way your family will know that this is what you want.
  2. Burial Insurance Is A Safeguard From Overspending: It is hard to think of budget and make snap decisions under the stress and pain of grief. People often spend more than they can afford. Burial Insurance will ensure they won’t have to.
  3. Burial Insurance Reduces Stress: When you set up your final arrangements in advance, you have the time to think things through and consider all options. Something as simple as which funeral home to use based on services and not need, allowing everything to be in place.
  4. Burial Insurance Offer An Immediate Payout: Burial Insurance makes funds available right away.

 

As you can see the peace that comes with having a burial insurance policy is well worth the investment.

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