The Facts About Burial Insurance

The Facts About Burial Insurance

Burial insurance is sometimes called final expense insurance. Burial insurance assures that you will be covered for the rest of your life. A burial insurance policy also gives people that are left behind the flexibility to pay the remaining expenses and debts that may be left behind, but only if it would specifically states that it covers those expenses.

Some burial insurance companies cover just the burial costs and these are usually referred to as burial protection policies. They usually are flexible and allow you to pick just the right coverage appropriate for your needs.

Burial insurance and final expense policies are simplified with short applications and no medical exams. Unlike traditional life insurances, burial insurance does not insure your financial state but rather gives you peace of mind that your funeral will be paid for and that you can even prearrange most of it if you wish. Reasons to consider burial insurance are:

  • Funeral costs are starting to get very expensive and are on the rise as they have been for almost thirty years. Traditionally funerals were funded with trust funds, or sums set aside for the estimated amount of the funeral costs. These are not complex to arrange but they have tax liabilities and often get complicated if the user moves out of the state. An alternative to this confusion is to set up burial insurance that will cover these expenses, usually in amounts of less than $10,000.
  • This is used to cover the expenses of a casket, headstone, funeral services, visitation and viewings, a minister, and a hearse rental. Burial costs are very high these days, AARP said its one of the biggest expenses an senior will make. The average cost is usually $4,500 to $5,500. About thirty percent of this cost is the casket alone and an in ground burial may add another $2,500 to the cost of the funeral.
  • Funeral planning is a private decision so there isn’t a set insurance plan. There are many choices you can make and you can also choose the products and services that you prefer and pay for those. Many funeral directors are insurance agents and will write your policies to cover these specifics. The many products you can choose are:

o   A casket or an urn

o   Embalming (Only if there is a public viewing)

o   Cremation

o   Burial vault

o   A grave liner

o   A headstone

o   Flowers

o   Labor costs for digging and filling the grave

o   The actual plot you will be buried on

These policies are highly personalized and there isn’t really anything that you can’t include in them unless you exceed a pre determined capped amount. The largest insurance company in the burial insurance market won’t cover more than $25,000 of funeral expenses.

Burial insurance is a sensitive subject after all no one wants to pick out their own coffin.  It sounds very morbid and is very humbling. But in order to make sure your loved ones are not footing the bill, it is important to insure yourself to make sure funeral costs are covered and carried out like you would want.  It also saves loved ones the anxiety of taking care of it all after you are gone and allows them a better period to grieve.

If you do leave it to a loved one, then there is always the chance that the funeral will be grander or in some cases more humble than you may have wanted. It is important to establish that you want to be buried, embalmed, or even cremated ahead of time, and one of the best ways to do that is through burial insurance.

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