Before Buying Burial Insurance

What is burial insurance?

Burial Life Insurance is also known as Funeral Insurance or Final Expense insurance. It is the specific type that protects the funeral expenses of the insurer after his death. The coverage amount is not only limited to burial expenses, but it can also be used to pay off the loans, credit card bills, or medical expenses of the deceased. It is a type of whole life insurance designed for older people to secure their final costs.

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How much does burial insurance cost?

The main objective of the burial insurance is to secure the final expenses of the insurer who are either old or terminally ill; the death benefit offered is minor. However, the premiums paid may be costly as compared to the premium rates for other policies. The premium rates are determined by the age, gender, and coverage amount of the policy, so it is different for different people. The coverage ranges from $5,000 up to $25,000. For example, to get coverage of $25,000 for a 60 years old man, the monthly premium rate is $80.75.

How Does Burial Insurance Work?

Burial life insurance is one of the most easily accessible life insurance policies to purchase. There is no medical examination required, which makes the application process more manageable. The policy is mainly offered to the candidate who is either old or terminally ill and do not qualify for insurance policies in other companies. The insurer can declare their family members or any funeral home his beneficiaries. Upon his death, the benefit is given to the said beneficiaries. The insurer can also write down a final wish explaining the allocation of the benefit according to his requirement. Since it is a type of whole life insurance, the policy remains active throughout the life for as long as the premiums are paid. 

Pros & Cons of Burial Insurance

Pros: Burial Life insurance is beneficial as it secures the final expenses of the insurer. Everyone deserves to live their last years in satisfaction, knowing that there are no financial loose ends. Burial Life insurance provides this protection. The death benefit may be utilized to pay for the funeral or burial expenses or pay off the loans or bills. Having no medical examination, the burial life insurance is guaranteed.

Cons: The death benefit provided by Burial life insurance is relatively very low. Acquiring death benefits from any other traditional insurance policy can guarantee more coverage amount. 

Burial Insurance vs. Pre-need Funeral Insurance

Burial Insurance provides death benefits or coverage amount to the declared beneficiaries of the deceased insurer. The beneficiaries decide how to use the money to cover the funeral cost or pay off the debts. Whereas in Preneed funeral insurance, the coverage amount is paid directly to the funeral homes rather than any family members. Unlike Burial Insurance, Pre-need funeral insurance is usually purchased from specific funeral homes rather than any insurance company. The coverage amount for the pre-need funeral is any amount that can be easily used to pay for the expenses of burial or cremation. Therefore, the benefit from pre-need life insurance covers only the funeral expenses.

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