Why Is Everybody Rushing to Get Funeral Insurance?

Do you think you’re ready? Are you ready for death? I’m certain no one is ready to die unexpectedly and leave their loved ones behind. You may be young and death is far from your mind. You think that life doesn’t have an expiration date.

Now, more than ever, there is a need to be prepared for anything and everything. You have worked hard to provide the best for yourself and your family. What can be better than preparing for your death?

Dying can be a very emotional and trying time for the family. Dying doesn’t come cheap. The funeral home, headstone, cremation, and memorials are not cheap. All these cost money. All these can burden your family if you don’t have a burial plan.

Whether you are young or old, getting burial insurance is an excellent idea. Getting burial insurance will give you peace of mind knowing that you are leaving your loved ones with lesser financial baggage. There are a lot of burial insurance providers online. You can start looking for affordable burial insurance policies.

funeral insurance
Serhii Bobok / Wikimedia

Funeral Insurance

It is the goal of funeral insurance or burial insurance to cover end-of-life expenses without putting much stress on the family’s pockets. This typically refers to a life insurance policy with death benefits ranging from $5,000 – $25,000, depending on the insurance provider. 1

A funeral may cost your bereaved loved ones an estimated $10,000. Burial insurance can help cover part or all the expenses of a funeral. Getting burial insurance is very advantageous and practical. 2

How to Get a Burial Insurance

If you are planning to get burial insurance you have to assure the insurance provider that you are not terminally sick by answering basic questions during your application. The insurance provider wants to make sure that you are not going to die soon after getting burial insurance. It is not necessary to get a health exam when getting a burial insurance plan. Most likely, you can easily get burial insurance.

Do I Still Need Burial Insurance if I Have Life Insurance?

Yes, you would still need burial insurance. Your family’s life insurance plan should also include funeral costs by getting funeral insurance. Burial insurance is the best option for your family. They no longer need to pay funeral costs from their pockets.

Cost of Funeral Insurance

A burial insurance premium can range from $2 – $3 per week. You have the choice to either pay the premiums weekly or monthly. You don’t have to worry that the premiums can be collected at your home or workplace.

For instance, if you are 36 years old, and your weekly premium is $3, this can buy a death benefit of $6,000. For more detailed computations, you can ask the insurance provider.

Who Benefits From Burial Insurance?

It is not the funeral home or the creditor who gets the money. It is the beneficiary of the burial insurance policy who receives the money. The usual beneficiary is a family member or a person with an insurable interest. You have the option to change the beneficiary of your policy once it takes effect for a year.

How to Look For the Best Funeral Insurance Provider?

Looking for the right burial policy for you can be hard. There are a number of Americans who are unable to completely pay for their premiums because they think the payout isn’t worth it, or they can no longer afford it.

You should get the most secure burial policy while not spending so much money. Hoping to strike this balance can be difficult. To help you decide, you need to consider the following:

  • How much money do you think you need for your funeral?
  • Consider the premium you pay for your existing life insurance as well as the coverage of your life insurance
  • Can you afford your weekly or monthly premium payments?

It is recommended that you look into 3-4 options before making a final decision. Browsing through the internet is the easiest and quickest way to compare different burial insurance policies.

Arlington National Cemetery / Flickr

No More Worries

Death is real. Every single person in this world will eventually move on to a better place. No one knows when and how, but it will definitely come.

The cost of burying a loved one is no joke. It doesn’t come cheap. Without burial insurance, your family will worry about how they are going to pay for everything. Don’t give your loved one worries. It is always best to be ready.

You are now well informed about how to get burial insurance. You are also aware of how advantageous it can be. It is about time that you get a burial insurance policy! Share this article with your friends and loved ones!

1 Insurance Information Institute – What is burial insurance?
2 Federal Trade Commission Consumer Information – Funeral Costs and Pricing Checklist