Expenses for the average funeral exceed $8,000. Can your estate or survivors successfully handle this expense? If not, consider Burial Insurance (Final Expense Insurance) to help cover these costs and give you and your survivors peace of mind.
What Does Burial Insurance Cover?
Because different funeral homes charge different prices, you could pay anywhere from $6,000 to $12,000 or more for a funeral. Typical burial costs include the obituary fee, casket or cremation, visitation and viewing, minister, flowers, burial plot, headstone, grave digging and filling, burial vault or grave liner, hearse and other expenses.
If you do not have life insurance or savings set aside for this expense, your survivors or estate will have to pay the bill, which can be a financial hardship and is not something anyone wants to think about while grieving.
Who Can Purchase Burial Insurance?
Almost anyone is eligible to purchase burial insurance. While you will need to answer a few medical questions, there is no medical exam requirement for most policies, and future medical issues do not affect the policyholder's eligibility for coverage.
What Does it Cost?
Most burial insurance policies include fixed premiums, which means you pay the same amount at the beginning and end of the policy's term. Typically, burial insurance costs a few dollars a week, though some policies can be much more expensive depending on coverage and rider options.
Shop around to find a policy that fits your budget and needs, and compare options such as Final Expense Insurance when considering benefit amounts and premium stability.
How Much Coverage do you Get?
When purchasing burial insurance, you can decide how much coverage to buy. Policies normally offer death benefits that range from $3,000 to $50,000; premiums for a $5,000 policy will be less than for a $10,000 policy, but a larger policy will cover more funeral expenses.
How do you Pay for It?
Premiums can be paid weekly or monthly. You can choose automatic bank withdrawals or pay manually by check, money order, or credit card depending on the insurer's payment options.
Who Does it Cover?
A burial insurance policy can cover your funeral expenses, and you can often purchase coverage for family members. Check your policy details or ask your agent to confirm who is covered and how benefits are paid.
Burial insurance gives you peace of mind since it helps cover the cost of a burial for you and your family members. If you want a quick estimate, talk to an agent as you plan for your future.
Frequently Asked Questions
Do I need a medical exam to get burial insurance?
Most burial insurance plans do not require a medical exam but do ask a few health questions during application.
How quickly does the policy pay out after a death?
Payment timing varies by insurer; some policies pay quickly, while others may have a waiting period for suicide or certain preexisting conditions.
Can the benefit be used for cremation or other non-traditional services?
Yes, benefits can generally be used for cremation or other end-of-life expenses unless the policy specifies restrictions.