Three Ways To Pay For Your Burial

Three Ways To Pay For Your Burial

Now more than ever, people in ((blog, City)), ((blog, State)) are thinking about both their health and their mortality because of the global COVID-19 pandemic that has spread across the world. It’s a grim reminder to many that even when taking every precaution, things can still happen that can lead to an unexpected, untimely death. Even something as innocuous as going to the movies may now be fatal in the long run.

This has caused many people in ((blog, City)), ((blog, State)) to start looking into funeral costs, either as a precaution or because of being personally affected by the COVID-19 epidemic. The average cost of a funeral is a little over $5000, but that’s without even considering casket or cremation costs. A typical coffin, however, can cost anywhere between $2000-$10000. For people who are concerned about the expenses of a funeral, there are, fortunately, three ways to plan for this.

Life Insurance Or Will

If you don’t want to burden your surviving loved ones with the finances of arranging your funeral, you can think ahead and either advise them to use funds from your life insurance policy—if it is applicable—or to take some share of the will and put that toward the funeral cost.

This has the advantage of not requiring your family to worry about their finances at a difficult time. However, whether it is a will or life insurance, it does deprive your family of potential assets that could have been put to other uses.

Pre-Need Insurance

For people that like to plan ahead, a “pre-need insurance/plan” is one of the best ways to go about this. The pre-need concept means you’re already talking to a selected funeral service, and thinking about casket or cremation options, then paying out these costs now.

This has the benefit of “locking in” casket or cremation costs, as well as taking care of all the decisions. When the time comes, everything has been planned, so the funeral director of the chosen service knows precisely what to do and moves ahead.

Burial Insurance

Also known as “final expense insurance,” this is an insurance policy that is designed only for burial expenses. This means that in the event of death, the money is already there, ready for funeral costs. However, it still leaves some flexibility over choices like burial or cremation, casket selection if applicable, and other expenses.

For people that don’t want their family to worry about funeral expenses but want to allow for some decision making in the funeral and grieving process for the family, this is the best option. Unlike life insurance, burial insurance is much more easygoing about an application, with no requirement for a medical health check. Also, because the costs are specifically geared towards funeral expenses, there’s no concern about how the money will be spent, unlike life insurance, where spending is at the discretion of the beneficiary.

If you live in ((blog, City)), ((blog, State)) and you’re thinking of planning for funeral costs, we can help. Contact, and we can go over your burial insurance alternatives and other options.