The funeral homes and services market is expected to grow by 25 billion by the end of 2024. These increases in services are providing an expanse of options for finding the right burial insurance.
But, what should you look for when comparing options? This short guide will give you the ins and outs of what to look for when searching for the best burial insurance plan.
Best Burial Insurance
You may have a close relative or spouse pass without the necessary costs or services in order. This can lead to a costly expenditure. A basic burial insurance policy will provide a permanent life insurance policy.
This small price can cover a wide range of costs ranging between $6,000 to $25,000. Insurance premiums can be small due to the policy’s smaller payouts, in comparison to other plans.
The Federal Trade Commission or the FTC lays out what aspects of burials these policies cover. These costs can include many things surrounding burials.
The products and services these benefits provide can include:
- The Cost of a Casket
- The Carving or Headstone
- Covering Minister or Priest Costs
- Grave Transport
- A Selection of Flowers
- The land or burial plot
These are among many items and services covered by burial insurance plans. Most individuals do not manage estates so the rising costs of burial may surprise them. A burial insurance policy can help regulate these costs.
Burial Insurance Policy
There are a variety of methods to purchasing plans. Regular insurers offer many policies, funeral homes may also provide similar in-house policies as well.
Certain policies can increase in cost and coverage as individuals age. Make sure the policy falls in line with your financial strategy.
Lincoln Heritage is one company that offers specific burial insurance for seniors. This company can offer a $6,000 death benefit policy.
State Farm also provides burial insurance with the possibility of earning dividends. These dividends can return as cash or you can use them to pay premiums.
These types of premiums do not require a full health examination. Though they have a smaller death benefit. These often connect with whole life policies covering the costs of burial.
When comparing burial insurance, think about the specific costs. Consider the average cost of burials or cremations. According to the National Funeral Director’s Association, the median average for burials is $8,000. The median cost of cremation is $7,000.
The ideal insurance policy will cover all, if not, most of these costs. Even if you are going all out and will present a lavish ceremony or memorial.
Burial insurances come in a variety of packages offering a variety of options. Your best option is entirely up to your own individual financial strategy.
State law requirements and limitations can also change certain rules and regulations. The ideal age to research these policies is around 50 and up. Be sure to research which options offer the best coverage or cash value to use for the final expenses.
Follow our blog for more information on how to compare and contrast the best plans.