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When a loved one passes, those they leave behind will want to honor their memory. However, it may come as a shock for them when the time comes to give a proper send off. That’s because funerals can cost thousands of dollars. Funeral costs have been rising steadily since the 1980’s, and average close to $10,000. Social Security benefits pay only $255 to qualified dependents and the Veteran’s Administration will pay up to $300 toward burial and funeral expenses2. This leaves many families with high expenses to compensate for after losing a loved one.
If you’re worried about putting a burden on your loved ones during a time of grief and sorrow, you may want to consider burial insurance.
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What Is Burial Insurance?
Life insurance is usually taken to make sure that loved ones will be taken care of after you have passed on. Burial Insurance is a type of life insurance that is intended to cover the immediate costs of someone’s passing. Namely, funeral expenses.
Compared to common Term Life insurance policies that usually offer very large amounts of coverage for a limited amount of time. Burial Coverage operates on a whole life basis, which means that the amount that you initially apply for is the exact same amount that the policy will pay. The coverage is concrete, and premiums are locked in for life. Burial Insurance is offered in amounts that can fit into any budget. Most carriers offer plans ranging from as low as $3,000 to as high as $50,000.
Burial Coverage will also build cash value automatically over time. The money accrued in cash value can be available to you if you need it.
Qualifying for burial insurance is also much easier than traditional life insurance. In many cases, applicants are only asked basic questions like their age and a basic medical history. Most plans are offered with no medical exam required while some going as far as guaranteeing acceptance.
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What Expenses Does It Cover?
The primary goal of Burial Insurance is to cover funeral, memorial, burial or cremation-related costs. Beneficiaries are also be free to allocate the funds to pay for the deceased’s outstanding medical bills, debt or any other expenses. Depending on the specific policy, beneficiaries will receive the remaining amount if the funeral expenses do not exceed the total benefit of the plan.
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Is Burial Insurance Right for Me?
As Funeral expenses continue to rise, Burial Insurance can be a great tool to ensure that your family will not be burdened with, high, unexpected costs than can be associated with your final expenses. Even if you have life insurance in place Burial Coverage is a great benefit that can work alongside your current coverage to make sure that your final expenses are not left behind for your loved ones to manage.
Planning for life’s most important moments is never easy. Here at The Benefit Link, it’s our mission to help you make the right decisions. We have access to almost every major insurance carrier which allows us to recommend the best plans that fit your needs, free of charge. Give us a call at (844) 482-2910 today!
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Sources:
1-National Caregivers Library, www.caregiverslibrary.org
2-Social Security Rules and Regs www.ssa.gov/pubs/10008.html
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