Why Seniors and Families Are Rushing to Get Burial Insurance
Being prepared for the unexpected is more important than ever before, despite the urge to avoid overthinking or planning for unfortunate situations. But preparing for the worst can undoubtedly leave your family in safer hands in case you die.
Because it is a fact, though unfortunate, that it is very expensive to die. Funeral homes, memorials, cremations, headstones, and everything else involved is costly. It might overburden your loved ones and put them in a financial struggle.
Burial insurance will cost you money, but when you think about the fact that burial insurance might cover from $5,000 to $20,000 for your beloved, it would be naïve not to consider it. A funeral alone often costs over $10,000.
It’s time to be smart and to find the right burial insurance policy if you can afford it.
What exactly is burial insurance?
Burial insurance commonly refers to a “whole life” insurance policy with a death benefit that usually ranges between $5,000 and $25,000. The insurance policy’s primary objective is to cover end-of-life costs without burdening your family with financial responsibilities. Even though it’s called “burial insurance”, these policies do cover many other end of life costs like caskets and headstones.
How do I qualify?
You will have to answer a few basic questions to confirm that you don’t already have a terminal illness. The good thing is that you don’t need to undergo any health exam to qualify for burial insurance policies. In a nutshell, most people qualify for it without any trouble.
Do I still need burial insurance if I already have life insurance?
This is the most frequent question and the answer is yes. A majority of people don’t factor burial costs into their life insurance plan. Burial insurance is also the best option for those who do not want their families to have to pay for their last rites.
How much does it cost?
Premiums can be paid through weekly or monthly plans. The premium is often a small round number, like $3 a week. For instance, a $3 per week premium could buy a $6,000 death benefit for a man in his mid-30s or and $18,000 death benefit for a 9-year-old boy.
Who receives the money?
One common misunderstanding, which is wrong, is that the funeral home or creditor receives the money. Instead, the burial insurance beneficiary mentioned in the policy gets the money. This is traditionally a family member or someone with an “insurable interest”.
Insurance companies are uneasy when someone without a logical insurance interest is named. You can change the beneficiary as you wish once your policy has been in effect for a year or so.
Once your policy in force, you have exclusive rights to choose who your beneficiary would be.
How can I find the best policy?
Many Americans end up not getting a burial insurance policy because they don’t consider the payout it would be worth. Sometimes they don’t think they can afford payments and choose not to sign up. However, with burial insurance policies available for as low as $2 per week, the payments are cheaper than they have been in the past.
There are numerous burial insurance providers with enticing plans nowadays, but you should do your research before choosing the best one. After all, sparing your family from your burial expenses should not lead to overpaying in the process.
The number one thing is to decide how much you want to be spent on your funeral, compare it with the life insurance plan you have, and contemplate how much you want to pay weekly or monthly. It’s advisable to research now and compare the different price options.
We suggest comparing at least 3 or 4 options before finalizing anything. It is advisable to search online, as its usually the quickest and most complete way to discover all the options you need to know before finalizing a policy.