The Ins And Outs Of Burial Insurance And The Importance Of Having It

The Ins And Outs Of Burial Insurance And The Importance Of Having It

Nobody likes to think about dying. However, at some point, persons do begin to start considering the idea of their time on Earth coming to an end. Some folks fear the day while others look forward to the next chapter. Regardless of how one views death, including persons right here in ((fullstate)), all people usually have at least one common concern, which is dying can prove to be quite expensive. 

Persons must buy things such as burial plots, headstones, caskets, and more. Also, they have to pay funeral home bills for viewings and burial or cremation services. According to a study by American Funerals Online, some funeral homes charge as much as $3,725 for a cremation. Meanwhile, the research shows other places charge around $1,650 for the service. Both amounts are a lot more than what many people have in the bank.

After all, citizens are working more hours than ever before these days, even the ones in ((fullstate)), just trying to pay for necessities. They live paycheck to paycheck and often have a hard time coming up with the funds. The same can be said for funeral expenses. Prices have steadily risen over the years. For instance, the National Funeral Directors Association revealed that the national average for burial with a vault was $8,508 in 2014. However, in 2017, the median cost grew to $8,755. Of course, the event can get much more expensive as well. 

What Is Burial Insurance?

Burial insurance is a policy that pays benefits to a beneficiary upon a loved one's passing. The amount of the policy will vary depending on what an individual needs for their final expenses. Typically, the figure is between $5,000 and $25,000 though. It is not intended to be a source of supplemental income for family members. Rather, burial insurance is supposed to pay for the funeral costs and prevent households from having to come up with a substantial amount of money quickly. 

There is no law requiring the beneficiary to spend the money in this way though. They can use it however they see fit. For example, if capital is left over after the funeral, they may choose to use it to pay for the deceased party's outstanding credit card debt, legal fees, hospital bills, or something else. So, ((fullstate)) residents should think about getting a burial insurance policy for the peace of mind in knowing that they aren't leaving their loved ones in a financial bind. 

Pre-Arrange Your Own Funeral With Burial Insurance

If you have ever been involved in planning a funeral or cremation for someone that didn't have insurance or specify how they wanted things handled, then, you know that the experience is nerve-racking, stressful, and almost too much to bear. The chances are pretty good that most people don't want to put their family through that. By purchasing a burial insurance plan, you can pick out your plot, casket, vault, urn, and have everything ready for when the big day comes. 

This action puts you in control and prevents others from having to make guesses about the situation. Instead of having to meet with funeral directors and pick out this or that, you will have already done the deeds. Thus, family and friends are free to grieve and mourn without becoming overwhelmed by having to make decisions. 

The Benefits Of Having Life And Burial Insurance

Many people with life insurance policies do not intend for loved ones to use those benefits to cover funeral costs. However, on many occasions, funds are low, and that is exactly what happens. So, it is a good idea for persons to have both life and burial insurance. The latter option can cover all of the funeral costs while the benefits of life insurance can serve as supplemental income. 

Additionally, sometimes, it takes a while for the life insurance company to pay. With burial insurance, all the family has to do is contact the funeral home to file a claim. The funeral home representatives will normally take care of the paperwork and get in contact with the insurance company. Once all of the correct documents are filed, the claim gets processed, which sometimes happens in as little as 24 hours. Then, the check is either electronically transferred or mailed to the funeral provider. Rates are typically lower when an applicant is younger. So, don't delay any longer. Get the burial insurance that you and your family deserve today.

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