The cost of a funeral has gone up in the last decade. Did you know that it can cost over $10,000 to have a funeral for your loved one? If you were the one to die today, would your loved ones be able to afford this expense? With a little bit of preplanning, they won’t have to. Funeral burial insurance can provide the coverage you need and the peace of mind you deserve.
What Does Burial Insurance Do?
Burial insurance is a type of funeral expense policy that is specifically designed to help your loved ones cover the cost of your funeral or cremation services when you die. Since most people fail to realize that funerals can cost well over $10,000, many people don’t think about planning ahead. Failing to plan, however, can leave your loved ones with a high financial burden that can cause hardship and pain to those who are left behind to handle your affairs.
Covering Funeral Expenses
Taking out a burial insurance policy can ease this burden on your loved ones, giving them the financial support they need to see that your last wishes are taken care of. During this emotionally stressful time, burial insurance can provide the money your family needs to pay for everything. Burial insurance is typically used to cover all funeral and burial expenses and can include:
- Funeral home services; embalming, transportation, casket, flowers
- Cemetery services; burial plot, gravesite maintenance
- Headstones, monuments, and installation fees
Finding A Burial Insurance Company
After your death, a burial insurance policy will pay death benefits directly to the beneficiary that you choose. They can use the money in any manner. For example, if your burial insurance policy is $20,000, and your funeral expenses total $12,000, your beneficiary might use the remaining money to pay for your medical bills, legal costs, or even outstanding debts that you might owe.
The trick is to find a policy that provides enough coverage to keep your loved ones from paying out of their own pockets. Policies can vary; there is no one-size-fits-all solution. You might see advertisements that offer policies for coverage up to $6,000, but this is not enough in most cases. With further searching, you’ll find providers who will offer up to $50,000 of coverage. When shopping, consider the following:
- Tax-free insurance benefits for beneficiaries
- No expiration date on the policy
- Funeral expense insurance that can be used at any funeral home
- Guaranteed cash value in the policy
Make The Right Move
Burial insurance is a popular choice among seniors, but people of all ages are choosing to plan ahead. This type of policy can be purchased for yourself, or your parents. As you go through your life, enjoying all it has to offer, having a burial plan in place will give you one less thing to worry about. Contact us today to learn more on how we can help you choose the burial insurance policy that’s right for you.