How to Find the Best Funeral Insurance Plans

Aug 22, 2021 | Burial Insurance | 0 comments

Funeral insurance plans are life insurance plans to take care of burial and other costs associated when you die. Purchasing funeral insurance takes the burden off family and loved ones when you’re gone. Funeral expense insurance gives you and your family peace of mind.

The average funeral costs around $10,000. Funeral insurance is more affordable than you think. It’s also cheaper than a life insurance policy with no medical exam.

Here is how to find the best funeral insurance plans.

Funeral Insurance Plans Begin With Estimating Final Costs

Knowing how much you think your final burial costs will be is the first step when buying funeral expense insurance.

Consider the type of service you want. A traditional service is where your body is laid out in a funeral home with visitation from friends and family. You may choose a memorial service where everyone gathers for a religious service and no casket is present.

Funeral home expenses as well as what the casket will cost and the burial plot. Will there be a burial or cremation? Costs vary.

Funeral insurance plans also cover remaining medical bills and legal costs associated with death. While it’s tough to know exact numbers, a ballpark figure is helpful.

Is there enough money in your bank account? This is where funeral expense insurance can help.

Whatever your decisions, make sure your family knows. Write it down and store the information for safekeeping. Doing so can make these decisions and your final arrangements easier for your friends and family.

Looking For the Right Policy

A standard funeral insurance policy covers things like the closing of the grave, transportation, burial plot, and the headstone.

Some insurance companies pay the funeral home directly. You will choose this funeral director when you buy the policy.

A simplified issue policy asks you to answer questions for your funeral insurance plans. The insurance company can deny your application based on pre-existing conditions.

A guaranteed policy may be higher because they accept just about everyone. There are no questions to answer for funeral insurance.

Funeral insurance plans payout almost immediately upon death, unlike a life insurance policy, which can take time.

Choosing the Right Premiums

When purchasing your funeral insurance, you will make a monthly payment.

The earlier you buy a policy, the less money you will pay. For example, a funeral insurance policy at 50 years old is much cheaper than when you buy a policy at age 80. The costs more than quadruple from age 50 to age 80.

Men typically pay more than women.

Funeral expense insurance costs can fluctuate, so it’s best to check with your agent.