That final resting place is one of the most important decisions a person will make. Whether it’s spending time at a favorite memory spot, having a grave for your loved ones, or building an impressive tomb to keep secrets buried forever, each choice involves weighing up the pros and cons and making an informed decision.
Of course, no one wants to think about their passing, but when you don’t have a plan for final arrangements, there’s a good chance you won’t be able to afford them in the end. So read further to learn about the burial insurance cost and how burial insurance can benefit you.
How Does Burial Insurance Work?
Burial insurance, known as final expense insurance, is a kind of coverage that helps care for the final expenses of someone’s burial. Burial costs may include expenses like the cost of the burial plot, coffin, and vault. It can also include other charges, such as an officiant or a headstone.
The burial insurance policy pays the death benefit to whoever is listed as the beneficiary within the plan if an insured individual dies. This payout is not limited to funeral and burial expenses. The payout may also cover medical expenses accumulated and other debt.
Typically, the person purchasing burial insurance contracts with the company that provides the policy. If the person dies, the company will pay the coverage.
What Are the Burial Insurance Costs?
To give you a rough idea of the numbers, a $10,000 burial insurance plan with no medical exam can cost around $50 per month. However, it’s important to remember that coverage for burial insurance can range from $5,000 to $35,000, depending on your choice of coverage. But let’s dig a little deeper to see what determines the price of burial insurance.
It depends on where you live, your coverage, and the level of protection you need. With this in mind, the cost of burial insurance can vary.
The average burial insurance cost depends on a few factors. Let’s take a look at those factors.
There are several different types of burial insurance, and they can come with different levels of coverage.
A few factors come into play when trying to figure out the cost of burial insurance. Still, it’s essential to remember that the cost of burial insurance can vary depending on your specific needs. Speak to a burial insurance professional to learn what’s included in the different types of coverage.
Is Burial Insurance Worth It?
The short answer is yes. Since there is no medical exam, seniors and those with poor health may be able to protect their families from paying for their final expenses out of pocket. That’s why burial insurance for seniors is a necessity.
Unfortunately, for seniors, burial insurance costs are higher than for young people. But, it’s still worth it because the burial insurance covers other expenses, including medical debt.
For more information or to request a quote on final expense insurance, contact one of our experienced burial insurance professionals today.