As the saying goes, there are only two guarantees in life: Death and Taxes. Everyone dies eventually. However, you do not have to leave the large expense of your funeral arrangements to your relative’s finances. Burial insurance is an easy way to make sure you have a plan in place to pay for your funeral wishes.
This insurance is very similar to life insurance. However, one of the largest differences between burial insurance and life insurance is the fact that burial carries no cash benefit. Life insurance is usually paid out via a check or bank transfer, however, all the proceeds from this type of policy go directly to the funeral home and related expenses. These policies are very low cost, and require no health exam in order to be eligible.
Costs of the policy will depend on the carrier, your general health, and age. Costs are much lower for healthy young people as their risk of dying is less than that of a smoking sixty year old man. Your current life insurance company may be able to supplement your policy with burial insurance, and it will add little additional cost on to your policy.
Also, depending on your insurance carrier and state, you can find burial insurance policies that will cover just you, or your entire family. This can be a life saver if you are in a situation where money is tight. The great thing about it is that it costs next to nothing, and can save your loved ones from having to bear the high cost of a funeral. A good idea is to go to your local funeral home and price out the cost of your funeral before you purchase a policy.
The estimate you get at the funeral home will give you a good base number on which you can make a good guess at what your policy should cover. One thing that you should keep in mind is that funerals do go up in price. Just like everything else, funerals will continue to rise with time and inflation, this means that you should purchase a policy with an extra cushion built in, for whatever may change.
Burial insurance is not a matter of if, but more of a matter of when. Everyone dies at some point, and the sooner you take care of the costs, the better. Burial insurance is a great way to ensure you will not have to burden your loved ones with the high cost of a funeral.
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