The topic surrounding death and burial arrangements is usually uncomfortable. But as we get older, we realize the importance of planning to relieve our loved ones of the financial burden associated with funeral costs.

Burial insurance allows loved ones to give their departed ones a dignified and stress-free send-off. It gives them peace of mind knowing that if their breadwinner passed on, they could manage to pay for the funeral expenses.

WHAT IS BURIAL INSURANCE?

Burial insurance is a type of life insurance policy that covers your funeral costs – memorial service, cremation or burial, transportation, and other final expenses. Besides catering for final arrangements, this policy can help pay your debts, such as medical bills, personal loans, and mortgage loans.

You may be wondering if getting a burial insurance policy is necessary. According to the latest reports by NFDA, an average funeral costs over $8500 in the U.S – a 30% increase since the last decade. And given that these costs are expected to increase, the financial burden may be too much for your loved ones.

A funeral expense cover is crucial because more and more people are approaching retirement with little funds. And as you get older, you end up paying more in premiums. It is advisable to get a cover as early as possible. You can pay the premiums yourself, or a loved one - in most cases, your beneficiary - can pay for your policy.

WHY BURIAL INSURANCE IS IMPORTANT

Apart from relieving your loved ones from the financial burden associated with funeral expenses, burial insurance is important for the following reasons:

• Guaranteed death benefit – As long as you pay your premiums on time, the death benefit will never decrease. Your premium is also fixed and does not increase due to advanced age or health issues.
• No medical exams required – Most people qualify to buy burial insurance because they do not need to go for medical exams. You will only answer a few health questions.
• Burial insurance is affordable – Unlike other life insurance plans, this coverage is more affordable. The monthly premium is low for lifetime coverage.
• Burial insurance is flexible – With this policy, you can have a beneficiary and funeral service provider of your choice. It does not tie you to a specific funeral home, leaving your options open. So if you move to a new location, you can change to your preferred funeral home anytime.
• Burial insurance covers your debts as well – If you have debts that you may have left behind - credit card debt or car loan - your beneficiary can use the leftover money from your funeral expenses to take care of them.
• Easy access to payments – Burial insurance payment does not have a probation period. So in the event of your death, the cash will be released to your beneficiary immediately, allowing them to start making funeral arrangements without delay. Other life insurance covers may take a while before your loved ones can access the payment due to legal procedures.

CONCLUSION

Do you need burial insurance coverage? Finding the best policy is simple, and if you use an independent agency like Senior Benefits United, you will get a plan that will meet your needs and budget.

Talk to us today for the best deal.