Did you know that only 62% of Americans have communicated their funeral wishes to their family and friends? Planning for your funeral ahead of time is crucial; that way, your loved ones don’t have to worry about trying to figure out what you want.
Now, a great way to help out your family is by having burial insurance. However, if you’re unsure what burial insurance is, don’t worry; you’re not the only one.
In fact, with this guide, you can find out! From the definition of funeral insurance to how much it costs, you can decide if burial insurance is right for you.
Now, are you ready to get started? Here’s a quick look at burial insurance faqs:
1. What Is Funeral Insurance?
Funeral insurance or otherwise known as burial insurance, is a small life insurance policy. It’s meant to cover the cost of a person’s final expenses like a casket, funeral services, and the opening and closing of the vault. It can also pay for smaller expenses like flowers or a headstone.
Now, there are numerous policies that offer between $5,000 and $45,000. However, the policy you receive is dependent on what you choose.
If you want a small funeral or perhaps want to be cremated, all you need is about $7,000. Although if you want a more elaborate affair to choose a policy that offers around $10,000 to $20,000.
2. Do I Need Burial Insurance?
The purpose of burial insurance is to give your family financial security during a time of grief. After all, the average funeral cost is between $9,000 and $12,500.
Trying to come up with that amount of money all alone will not only add stress to your family but make your death that much is harder to deal with. That’s why having burial insurance is so important it not only protects your family from financial hardship, but it ensures your family can grieve properly.
3. How Much Does Burial Insurance Cost?
The cost of burial insurance depends on several factors, such as your age, medical status, how much coverage you apply for, and the type of policy you choose. Now, a guarantee policy will not take your health into consideration, and because of that, it will likely cost more than an underwritten policy. Whereas the price of an underwritten policy will vary depending on your situation.
So, for example, the premiums will likely be a lot lower if you are a person who is in their sixties, in good health, and doesn’t smoke compared to a person in their seventies who has many health complications and does smoke. However, the best way to find out how much your premiums will cost is to request a quote through your insurance provider.
4. Where Can I Buy Burial Insurance?
You can purchase burial insurance through a funeral home, insurance agent, or even an insurance company. However, most people prefer to purchase through an agent since it’s a more personalized experience.
After all, you don’t have to go through the trouble of talking to multiple people about one concern. Instead, all of your questions, issues and paperwork goes to one individual.
Purchase Burial Insurance Today
Burial insurance is a must-have for anyone. It not only protects your family from the financial burden of a funeral, but it makes the grieving process worry-free.
It does cost a pretty penny, depending on your age and situation. However, it’s certainly worth it since it acts as a safety net for your final expenses.
Now, for more information about funeral insurance, contact us today. We look forward to helping you!