Burial Insurance Has You Covered

Burial Insurance Has You Covered
  • Opening Intro -

    It may seem like a joke to tell someone that burial insurance has them covered, but the truth is that it does.

    Burial insurance is designed to cover your final expenses including your funeral and your burial.

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That coverage is especially important today as your death-related costs can easily approach $10,000 and top that amount for an above-ground final resting place.

Personally, you will never collect on burial insurance as you will be dead and buried when a claim is filed. Your heirs, however, will be glad to cash in as your final expenses are handled by a third party, namely an insurance company.

What is Covered

Just so you know, not every expense related to your death is covered by burial insurance. But, a lot are including the transportation and preparation of your body, the casket, the funeral home ceremony, flowers and the gravestone. What it doesn’t cover are your related medical expenses, debt that you may owe including a mortgage and money for your heirs. Those extraneous matters can, however, be covered by purchasing separate life insurance.

A burial policy can be had for as little as $1,000, but most insurers recommend starting out at $5,000. Coverage up to $25,000 is available, with those higher amounts ideal if you decide to eschew burial for a crypt — an above ground resting place.

No Medical Exam

Yes, it is true: you can buy burial insurance without a medical examination. This option may be ideal for consumers that are unable to get coverage because of a pre-existing medical condition. But, so-called “no medical exam” policies cost more.

Such policies are also very cheap, costing as little as $2 per week, with agents taking payment through mail or even through visits to the home. Fixed-rate premiums and no waiting periods appeal to many consumers, individuals that buy these policies for themselves, for their spouses and even children and grandchildren.

Insurance Considerations

Policy holders that buy burial insurance for young children also may receive a bonus: coverage is sometimes tripled at no extra costs because the insurance was purchased when the child was young. The added coverage can be a huge benefit as inflation expenses are weighed in.

Consumers will often choose burial insurance to provide the homecoming ceremony that everyone expects. Such coverage makes it possible to choose a sealed casket over an unsealed one or to provide a more elaborate headstone than the plain marker within reach of the uninsured. It can also pay for limousine costs, an extra viewing time at the funeral home and even the prayer cards featuring a photo of the deceased along with a favorite sentiment.

Of course, consumers may want to take out a life insurance policy to supplement burial insurance, especially if non-burial expenses are a factor. Plus, life insurance can leave a little something for your heirs, taking up where your burial policy leaves off.

References

Fox Business: Funeral Insurance: Your Final Policy

The New York Times: Burial Insurance, at $2 Per Week, Survives Skeptics

See AlsoHow the Internet Has Made Life Insurance Easier to Arrange

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