Is Burial Insurance Worth The Cost?

Is Burial Insurance Worth The Cost?

None of us are really comfortable talking about our death. Most of us prefer to avoid thinking about our parents passing away, or that we too can be in need of burial insurance due to an accident or illness. It is, however, a fact of life and while we may be ready for death physically, mentally and spiritually, there are few of us that are financially ready for the cost our death will incur.

Why Burial Insurance?

One of the most difficult life experiences is the loss of a loved one. It is hard enough to lose someone, but then while you are in shock and grief you are often asked to make difficult on the spot decisions over the options and costs of the funeral. Some of the items for an average funeral include:

  • Embalming
  • Casket
  • Funeral home
  • Flowers
  • Plot
  • Vault
  • Headstone
  • Opening and closing the plot

Even in the case of cremation, there is still the cost of cremation, the urn, and where it will be interred. No matter what you choose, be prepared to pay around $10,000 on average for a simple burial. If you or any family member for that matter dies unexpectedly does your family have the funding to cover such costs on such short notice? Burial insurance is specifically designed to cover all of these death expenses when you or your family member passes.

Advantages of Burial Insurance

Besides having your expenses covered for your funeral there are also some benefits that many people are unaware of. If you have a family member with a chronic or pre-existing condition like diabetes or emphysema or they have chosen a high risk occupation such as policemen, firemen or certain construction workers, they will usually not qualify for any other form of insurance. Just the fact that an elderly family member procrastinated, may make them ineligible for other forms of insurance. They will however, qualify for Burial Insurance.

Burial Insurance is also reasonably priced. The most common plan runs around $10,000.00 and averages about $50.00 per month. Imagine peace of mind for the cost of a nice dinner. 

Isn’t Burial Insurance Like Life Insurance?

There are key differences between Burial Insurance and Life Insurance. The most important one to keep in mind is that the burial insurance is set up specifically for your funeral.  While both insurances get more expensive as you get older, burial insurance has the following benefits:

  • A lump sum is paid almost immediately upon death.
  • Beneficiary can be the funeral home of your choice.
  • Coverage is available up to $50,000
  • No medical exam is required.
  • The policy remains in effect until your demise or if you stop paying the premiums.

The greatest benefit is the knowledge that with burial insurance your final expenses are covered and your family can focus on comforting each other. Death is not an option to any human being, but how it will impact your loved ones can be eased with the simple option of signing up for burial insurance.  

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