Why Seniors and Families Are Rushing to Get Burial Insurance
Despite the desire to avoid thinking about or planning for the unspeakable, especially at a younger age in life, being prepared for the unexpected is more crucial than ever before in 2017. But preparing for the worst can truly leave your loved ones in a better place in the event of your death.
Because, no matter how we go about it, it’s not cheap to die. Funeral homes, headstones, cremation, memorials, and everything else involved can add up. It can leave your family members in a financial struggle and leave them burdened with figuring it out.
Plans, of course, will cost you money but when you consider that burial insurance can often cover from $5,000 – $20,000 for your loved ones, it would be foolish not to consider. A funeral itself can cost upwards of $10,000!
Don’t be someone who leaves money on the table just because they didn’t know how easy it was to find the right burial insurance policy.
Common Questions We’ve Received
What exactly is burial insurance?
Burial insurance usually refers to a “whole life” insurance policy with a death benefit that typically ranges from $5,000 to $25,000. Ultimately, burial insurance’s primary goal is to cover end-of-life expenses without putting a strain on your family’s pockets. But it’s important to note, that while burial insurance is the known term for the coverage of expenses like caskets and headstones, it can be a bit misleading because these policies can cover non-burial costs.
How do I qualify?
While you will have to answer some basic questions to assure that you’re not terminally ill and expected to pass in just a few months, there’s no health exam associated with burial insurance policies; this means most people have no trouble qualifying for it.
If I have life insurance do I need it?
This is a common question. And in short, yes. Most people don’t factor funeral and burial costs into their family’s life insurance plan. So, burial insurance is the best option for someone who does not want their beneficiaries to have to pay out of pocket for their funeral costs.
How much does it cost?
Premiums are payable weekly or monthly. The premium is usually collected at the policy owner’s home or workplace, and the premium is usually a small round number, such as $2 or $3 per week; the death benefit is whatever that premium will buy given the insured’s current age. For example, a $3 per week premium might buy a $6,000 death benefit for a 36-year-old man or an $18,000 death benefit for a 9-year-old boy.
Who Gets the Money?
One common misconception is that the funeral home or creditor gets this money. This is wrong. The burial insurance beneficiary named on the policy received this money. This is typically a family member or someone with an “insurable interest”.
Insurance companies get uneasy when someone without a logical insurable interest is named. So you can often change the beneficiary to whoever you wish once your policy has been in effect for a year or so. The beneficiary is entirely your choice once your policy is in force.
How do I find the best policy?
Finding the perfect burial insurance policy for your needs can seem daunting, and thousands of Americans end up not completing a policy because they don’t think the payout would be worth it or they can’t afford payments.
There are so many burial insurance providers with attractive plans these days, but you should take time to choose the right one. Not only do you want to secure the most money for your family, you don’t want to overpay in the process. This balance can be hard, and many searches won’t reflect the best options in your area.
To decide, you need to decide how much money will be needed for your funeral, consider what life insurance plan you have, and determine how much you want to pay weekly or monthly. Get your search started today and see the difference.
Like anything, it’s always a good idea to be aware of the latest research. We recommend comparing at least 3 or 4 options before making a final decision. Doing a search online is typically the quickest, most thorough way to discover all the pros and cons you need to keep in mind.