The latest reports based on the findings of the National Funeral Director’s Association showed an average cost of $7,000 to $9,000 for funerals and burials in and all over America in 2020. Those numbers are expected to increase in the next years to come.
Burial insurance is usually marketed to seniors to protect their loved ones from any big expenses when they’re gone. Think of it as permanent life insurance with a small death benefit that the beneficiaries can use. The good thing about burial insurance is that it is easy to get and doesn’t require a medical exam.
The premiums are usually payable weekly or monthly, and they are collected at the policy owner’s home or workplace. Burial policies may be designed to cover one person or everyone in the family.
How Does It Work?
When you have a burial policy, you don’t leave a burden to your loved ones in the event of your passing. As mentioned, funerals in , and everywhere else in the country can cost thousands of dollars, so if your loved ones are not financially stable, burial insurance would be extremely beneficial to them. When the policy owner passes, the insurance company will process the claim and issue a check to their loved ones that can be used for funeral expenses.
What Are The Benefits Of Burial Insurance?
Here are some of the benefits of burial insurance that you should know about:
- Easy To Get - The application for burial insurance does not involve a lot of requirements. In fact, you can get a policy online or via phone without having to undergo a medical exam. Usually, an applicant has to disclose personal details such as their age, tobacco use, and any severe health conditions they may have. However, you will find that there are some policies that don’t require any medical information, so you can expect that your application will be granted.
- Affordable - You may be surprised to know that burial insurance is affordable. What’s more, you can have your policy personalized to your needs.
Burial Insurance Versus Final Expense Insurance
A lot of people get confused between burial insurance and final expense insurance. Final expense insurance includes coverage of final expenses such as medical bills in addition to the cost of a burial. On the other hand, burial insurance, also known as funeral insurance, covers various funeral-related costs such as the memorial service, the casket, and cremation if preferred.
Shopping For Burial Insurance
There are many insurance companies today, including those in , that offer burial insurance. So when shopping for one, make sure that you do your research thoroughly. You want to go for a company that will take care of you. It is recommended to get several quotes from various agencies and compare them to help you pick the right one that will suit your needs.
It is also essential to work with a seasoned insurance agent who will help you throughout the process. They should be able to assess your needs and help you decide on the best policy for you and your loved ones.
If you’re looking to have quality burial insurance, visit https://burialinsurancenetwork.com today to learn more about what we can do for you.