Sooner or later death will come knocking at everyone’s door. Many people want to make arrangements for end-of-life preparations before that final time arrives to ease the stress and burden on grieving family members. Purchasing burial insurance takes care of paying in advance for services that will be provided sometime in the future.
Burial insurance can be confusing since death does not always result in a funeral or burial. However, burial insurance policies can cover most types of final arrangements, including cremation or donating your body to science.
Most burial insurance policies are a small type of whole life insurance plan that can be purchased from an agent who sells plans from various life insurance companies. Other burial policies can be purchased through funeral service providers.
It is prudent to note that it is far better to purchase burial insurance as a whole life policy, rather than as a term life policy. Term life policies will expire at a certain age. You may outlive your burial insurance if you have burial insurance under a term life policy.
Burial insurance can help defray many final expenses such as medical bills, services, flowers, urns, caskets, plot planning, interment and estate taxes. Since burial policies are designed specifically to cover final costs; consumers are able to buy policies in much smaller amounts than typical life insurance policies. Some burial plans may cover $25,000 dollars, while others may be available in higher or lower amounts.
Benefits of burial insurance are numerous.
•No medical or physical exam:
Burial insurance policies are generally marketed by life insurance companies. Unlike life insurance; to apply and qualify for burial insurance does not require meeting stringent physical requirements.
•Peace of mind:
Burial insurance can ease the strain on family members and relatives that may not be emotionally or financially ready to deal with the many details of funeral services. Burial insurance policy claims are usually paid quickly since funeral costs are due at the time of the service.
Funerals are not getting cheaper and can cost upwards of several thousand dollars. This can be a devastating amount to pay in a lump sum. A funeral service paid at death with burial insurance is usually much less expensive since it has been pre-planned.
Purchasing burial insurance will give you the most control over your own final arrangements since your preferences will be written and followed.