It’s never an easy thing suffering the loss of a loved one. While it is a time of grieving and sadness, many found themselves unexpectedly burdened by the cost of saying the final goodbye. As a funeral and its accommodations can cost thousands of dollars, it can place unnecessary stress, both emotionally and financially, on those who are dealing with their losses. That’s why more and more people are choosing burial insurance as a form of final preparation before having to depart the ones they love.
What is Burial Insurance?
Burial Insurance, also known as Final Expense Insurance, is a form of basic life insurance that has become popular in recent years. Burial Insurance are designed specifically to handle the expenses when a person pass away (hence the name Final Expense).
Generally, it is easier to obtain burial insurance than normal life insurance policies because it has very few qualification. For that reason, final expense life insurance is a great option for those who cannot afford life insurance or aren’t accepted due to health issues.
Benefits of Burial Insurance
Final Expense Insurance is a great option for those who cannot afford or do not want life insurance but don’t want to leave the financial burden to their family members. Some of the benefits of this type insurance include:
Low monthly premiums
- In most cases, the premium is locked in for the life of the policy, which means that the cost will not go up.
- Coverage from $2,500 to $35,000.
- Seniors up to the age of 85 are eligible. In some cases, that limit can be even higher.
- People with health issues can still qualify.
- Policy accumulates a cash value
How to Find the right burial insurance coverage
In order to select the best burial insurance policy for you, first you would need to determine what you want for a funeral and its associated costs. Some of the costs include:
- Casket and case
- Funeral director’s basic services fee
- Embalming and body preparation
- Funeral ceremony and viewing
- Burial plot or vault
- Headstone and grave marker
All of the services necessary are provided by professional working closely with funeral homes and often presented as full package deals at fix costs. To find out how much you will need to cover all aspects of your funeral service , just contact some funeral homes and they will give you their estimates.
Now when you know how much you will need for a funeral, it is time to compare quotes and polices between different insurance companies. Depend on the insurer and their policies, the premium that you will be charged can vary a great deal.