While thinking about your own mortality isn’t something people should be doing all the time, ignoring the possibility isn’t a good idea either. For working adults, with financial and family responsibilities, taking some time out to consider what happens if you pass away isn’t morbid if you’re thinking about how this will affect your family.
Life insurance is often a common solution for many, but there’s another, more specific policy that can cover some of the more pressing expenses that come with passing away. It may be time for you to think about burial insurance.
What Is It?
As the name suggests, burial insurance is a type of insurance policy people pay for with the explicit purpose of having that money released upon passing away to pay for funeral expenses. While it is most commonly referred to as burial insurance, this doesn’t mean that it is restricted only to burials, and the people who are thinking of cremation can also benefit from this insurance.
Burial insurance can also pay for other expenses associated with the funeral process, such as flowers, the cost of the headstone, and of course, the selection and payment of a casket or coffin. Depending on the type of funeral and size, the cost can run thousands or even tens of thousands of dollars.
Anyone can look into a policy for burial insurance. In fact, in some ways, qualifying for burial insurance may be easier to do than standard life insurance policies. It’s not unusual for some life insurance policies to require a medical examination to determine fitness, and then assign a value to the policy based on that.
With burial insurance, medical exams aren’t required. Even someone that is already diagnosed with an illness can still qualify for this type of insurance. It is one of the reasons why many seniors can still consider this type of insurance later in life if they want to take the burden of paying for a funeral off the shoulders of surviving family members.
What Types Of Policies Are There?
Burial insurance falls into two general types. Final Expense Insurance is a type of burial insurance, but it also has a bit more flexibility involved. While it can still be used for the funeral activities that come after passing away, it can also be used for the financial considerations before it. The medical expenses accrued in a hospital, just before passing, for example, can be paid by final expense insurance.
Burial insurance, however, is more specific and looks strictly at the expenses of the funeral. In both cases, however, you can always use these types of insurance as a way to plan and pre-pay for a funeral. This means talking with a funeral director ahead of time, picking out the coffin, and other considerations, so that everything is “locked down,” and no one needs to plan for these contingencies after death has occurred.
Sooner or later, everyone will come to the end of their life. If you want more control over what happens afterward, talk to us about your burial insurance options.