If you are looking for a more affordable alternative to more expensive insurance policies, then burial insurance may be just what you need. It is a more income friendly insurance policy that can help remove some of the financial burdens off the shoulders of your loved ones in the event of your passing.
The financial planning process can be a long and complicated journey because we can't anticipate the unexpected. All we can do, however, is take the steps we can today to alleviate any of the financial strain we may possibly be putting on our loved ones in the future.
Understanding Burial Insurance
This type of insurance helps pay for funeral and burial expenses. These expenses include cremations, funeral services, embalming, caskets, gravestones, urns, and burial plots. With the average cost of funerals continually rising year after year, it is important to have some kind of insurance in place to help pay for these significant expenses.
Benefits of Burial Insurance
They are categorized as permanent life insurance policies. You can get a policy for either yourself or your parents, and a monthly premium is paid for the benefits. There is no expiration date for this kind of policy, and you can choose the amount of coverage you want.
It is relatively quick and easy to apply for burial insurance, and you will hear back with a response about your eligibility much faster than any other insurance policy.
How Much Does it Cost?
One of the larger coverage options for burial insurance is $50,000. Since this coverage amount is on the bigger end, you can expect to pay higher premiums for this level of coverage. However, you can also find policies for $5,000, and of course, these premiums will be considerably lower.
For example, a $5,000 policy may cost a male or female, on average, $14 per month. As the coverage amount gets larger, so does the monthly premium. So, a $50,000 policy will come out to be approximately $122 per month for males and $109 per month for females.
The size of the benefits payout and the life expectancy of the policyholder are two of the biggest driving factors when it comes to how much the rates are for the different burial insurance policies. The rates above are based on men and women who are 50 years of age and non-smokers.
Is it the Best Option?
Burial insurance is a good solution for people who don't want to risk any financial burdens for their family when they pass. It is also good for those who will be responsible for paying the costs involved with the funeral and burial as well for either themselves or someone else.
Remember, it is easier to pay a small amount each month than it is to try to save all that money on your own without spending it in the meantime. This is the ideal insurance coverage for those who want something affordable, easy to apply for, and as equally as easy to qualify for.
To find the best burial insurance rates for you and your specific needs, you can discuss your options with an agent. They can show you some of the best available rates and can help you find the policy that will work best for you and your family.