Young adults are just beginning to enter the stages of adulthood, and for some, this means they are holding down their first full-time jobs, they have begun paying off their student loans, and are becoming independent as they move away from home and live alone for the first time. With all this excitement and all these events, long term considerations like their retirement or even life insurance are not at the top of their list of priorities.
However, burial insurance is something that young adults can consider if they just want to make sure that their funeral costs and immediate debts are covered.
What Is Burial Insurance?
Burial insurance is a type of insurance policy that covers the costs associated with your funeral and other burial expenses when you pass. While this isn't necessarily something that younger people think of while they are in their prime, it is still definitely something that should be brought up sooner rather than later.
Average Funeral Costs
The average funeral costs in the United States are reaching staggering numbers, and they continue to rise. A typical funeral can cost anywhere between $7,000 and $12,000 when everything is finished. However, this number could also be higher depending on the additional products or services that are needed as well.
Deciding on Burial Insurance
You may not yet have a spouse or dependent children to think about, but have you thought about what would happen to your parents financially if something were to happen to you at a young age? It is common that the majority of households in America actually do not have sufficient funds available to cover the costs of the funeral and burial expenses of their loved ones.
Burial insurance can provide the peace of mind you and your family needs. You will know that if you were to pass, everything would be taken care of and it wouldn't put your parents or other family members under additional duress or financial strain.
Burial Insurance Coverage
You can get as much or as little burial insurance coverage as you want. It isn't limited to a one size fits all policy. The plans are also affordable, and it is the only thing that you will need after death.
When you pass, the beneficiary will receive the money from the policy and will be able to use it as they see fit. With enough coverage, they can pay the costs of the funeral and burial expenses and use the remainder of the money to help pay off any outstanding debts there were including any legal costs and medical bills.
If you are looking for a smaller policy that is affordable and still guaranteed, then burial insurance for young adults is what you have been looking for. It is a relatively easy and quick process and will put everyone at ease, knowing that you have taken the steps to secure a more financially stable future for your family.
You can speak with an agent today to learn your options and see what kind of coverage is available to you.