In the United States today, only 57% of Americans have life insurance. This leaves their families vulnerable to financial ruin if the head of the household should become deceased. For those of you in whose families are grown and on their own or even those families where the monthly cost of life insurance would be too expensive burial is an affordable, “never too late” choice that is affordable, give you peace of mind and pay for your final expenses so your family does not have to.
How Does Burial Insurance Work
Burial Insurance is a form of whole life insurance; in other words it is good for your “whole” life. Traditional types of insurance are term life insurance. This means you buy the insurance you need for a limited time of years. This simplest explanation is, life insurance provides for your family if you die, burial insurance pays for all your funeral costs when you die. With most insurance companies there is no set age limit for burial insurance, no medical exam, just a questionnaire and a list of your medications. Policies can go as high as $25,000. When you pass the expenses go to the person you choose to pay for your funeral costs. This payment comes much quicker to that person as opposed to life insurance.
Why Do I Need Burial Insurance?
Funerals are expensive. Even cremations are not cheap in today’s world. The average funeral will cost your family $7,000 to $10,000 on average. Mind you this is just the funeral. According to the National Funeral Directors Association (NFDA), the following is a list of the average costs as of 2019, your family will incur for your funeral if you are not prepared:
- Funeral home fee - $2,200
- Transporting your body to the funeral home - $350
- Embalming - average $750
- Viewing and Service Fees- $925
- Memorial programs - $175
- Casket - $2,500
- Hearse - $340
- Cars for family- $150
This does not include the filing of the death certificate, obituary costs, cemetery plot, vault, graveside services, cost of minister, priest, rabbi or pastor, flowers. Considering cremation?
You can substitute a $1,200 cremation casket for a funeral casket and add an average of $295 for an urn.
The Difference Between Life Insurance and Burial Insurance.
You may think all insurance is the same and the major difference according to the television commercials you see is the price the insurance company charges you. There is actually a big difference between the two.
To qualify for life insurance you may have to get a medical exam, including blood and urine analysis. You have to be approved. Once you are approved, you pay a monthly premium to the insurance company. Upon your death, the insurance policy will help your beneficiary take care of all your families living expenses including:
- Car payment
- College tuition
- Credit card debt
- Essential necessities
Depending on the amount of insurance you have taken out, there may be money left over for personal expenses.
Burial insurance is geared for just your final expenses. It does not require a medical examination, the policy is issued within a few days. The policy will cover your final expenses and most burial insurance policies will pay the benefits within 24-48 hours of without a death certificate. You have the ability to select a beneficiary who will see to your final wishes or the money can go straight to the funeral home. Many funeral homes in will accept it as direct payment without additional requirements.
During this time of grief, morning, shock and stress the last thing you will wish to do is cause your family the added anguish of finding the wherewithal to give you the funeral they feel you deserve. Total Insurance Solutions https://burialinsurancenetwork.com of is an independent broker who will find you the insurance you require at a price you can afford. Because we are independent brokers, we are not aligned to one insurance but have the freedom to find you a policy you can afford to protect your family.