When you pass away, you might not know what will happen next. You could leave a few debts, have a house and car, or even have a nest egg.
But what about your final resting place? Where will your body be laid? How will your loved ones be financially taken care of after you leave?
If you don’t already know these things, it’s time to take note. If so, now is the perfect time to start looking into these details.
As we age and pass away, many benefits come with having burial insurance plans. Read on to learn everything about burial insurance plans and how they work.
What Is Burial Insurance?
If you’re considering getting burial insurance, you’re probably wondering what it is and how it works. Burial insurance, also known as final expense insurance, is a type of life insurance that pays for a person’s final expenses after they die, including the cost of burial, funerals, medical debt, or outstanding bills.
It’s a type of life insurance made available to anyone up to age 85. However, burial insurance plans for seniors tend to start around age 50.
How Much Do Burial Insurance Plans Cost?
The cost of a burial insurance plan will vary depending on your selected insurance coverage, the type of plan you choose, and how much money you pay each month or year.
Some insurance companies offer burial insurance plans for a flat rate. These are usually the best plans because you don’t have to worry about rates increasing.
Benefits of Burial Insurance
The benefits of burial insurance include the peace of mind that comes from having a financial plan for your loved ones following your death. Having burial insurance can also help you save money by reducing the costs of funeral services and burial plots since you can cover those expenses in advance.
Handling the final disposition of your remains with care is based on choosing an affordable option. When choosing a burial insurance policy, it is crucial to consider the type of coverage and the price charged. There are affordable options out there to suit just about any budget.
Another advantage of burial insurance is that you may be able to borrow money from your final expense insurance if you build up cash value. Another perk is that there is no need for a medical exam with this type of insurance.
Again, the main thing is to find what works best for you and your situation.
Which Burial Insurance Plan Is Right for You?
There are many factors to consider when choosing a burial insurance plan. If you’re unsure where to start, consider asking the following questions:
How much does it cost? Who and what is covered? Where is the burial, and what kind of casket do you want?
The last question may not matter to you as much, but it may to your family.
Be sure to speak to one of our burial insurance professionals to learn more.
Contact us today to request a quote and find out which one of our burial insurance plans is best for your specific needs.