What is Burial Insurance?
Burial insurance is a life insurance policy that is designed to cover the cost of your funeral and other “final expenses.” A funeral and burial are often the costliest of the end-of-life expenses but there may also be medical bills, legal fees, housing costs and other remaining bills. A wise planner takes all of these final expenses into consideration when deciding how much insurance they will need. We’re calling it burial insurance here but these policies are also commonly referred to as funeral insurance and final expense insurance. They are basically the same type of policy. Click here for free advice
Preneed insurance is another commonly used term but that is a different type of policy. Preneed insurance is tied to a prearranged contract for funeral goods and services. These are contracts with a funeral home or other funeral provider that are created in advance. Burial insurance is not linked to a prearranged funeral contract. Click here for free advice.
How much does funeral burial plan insurance cost?
The cost of funeral burial plan insurance will depend on factors such as your age, health, how much coverage you are requesting, and the type of policy you choose. A guaranteed issue policy will not take health into consideration so the cost may be somewhat higher than for a medically underwritten policy. If you are selecting an underwritten policy the price will depend on your own personal situation. For example, the premiums for someone who is age 55 and does not smoke will likely be lower than that of someone who is 70 and a smoker. The best way to find out exactly how much your premiums will be is to request a quote. You are under absolutely no obligation but will be able to find out for certain if funeral insurance is something that fits within your budget. Click here for free advice
Do I need burial insurance?
The most important benefit of burial insurance is financial security for your family. According to the 2013 General Price List Survey by the National Funeral Directors Association, the average cost of a traditional funeral is over $8,343, including a burial vault but not including cemetery costs. A traditional funeral can easily cost $10,000 or more when you add in cemetery charges. Covering funeral costs is a heavy financial burden for most people, especially if it comes unexpectedly and at a stressful time. Having a funeral insurance policy in place protects your family against this financial hardship and avoids the added stress of paying your final expenses while dealing with their loss. Click here for free advice
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