Planning for many events in life can be exciting. There are some events, however, that no one wants to plan for, let alone think about. One of these events is death. While death is inevitable, it can be difficult to think about, let alone plan for. Losing a loved one is never easy. It can often be made more difficult when the family is blindsided by the costs of planning a funeral. While nothing can take away the pain of losing someone you love, planning for the event can help to make it easier to deal with and burial insurance can help.
Changing Needs as You Age
As a younger adult, you likely have several financial obligations. You might have a spouse and young children who depend on you. Perhaps you’ve bought your first home and now have a 30-year mortgage. At this stage, you hear a lot about life insurance. Life insurance is essential for providing your spouse and children with financial protection in the event that you pass unexpectedly. The money from the policy acts to replace the loss of your income, allowing your family to pay for funeral arrangements and make essential payments so that they do not lose their home while they deal with your loss.
As you get older, your needs begin to change. Having made several payments on your mortgage, you owe significantly less. You may have even completely paid it off. Your children have grown and are now financially independent. Perhaps you have retired. As a senior, traditional life insurance policy might not make much sense anymore. While you don’t have to worry about replacing an income anymore, however, there is still the cost of a funeral and burial to worry about. This cost can be financially devastating for surviving family members. With senior burial insurance, however, you can rest easy knowing that those you care about most are protected.
What is Burial Insurance?
Burial insurance is a type of life insurance policy designed specifically with seniors in mind, and it is meant to cover only the costs of a funeral and burial. Also often called final expense insurance, the policy can be tailored to cover any outstanding debts that you might leave behind after you’re gone. Unlike term life insurance policies, a burial insurance policy doesn’t have an expiration date. Additionally, because burial insurance isn’t meant to replace income, the premiums are generally lower than with traditional life insurance.
Why Consider Burial Insurance?
The average cost of a funeral in the United States ranges from $7,000 to $10,000. If you don’t already have the money set aside for your funeral, these costs can be financially devastating for the family members you leave behind. With burial insurance, however, the costs of your funeral are covered. Your family doesn’t have to worry about trying to come up with the money because it’s already there. Your family can honor your properly and give you the funeral and burial you want without having to worry about sinking deep into debt. This can be a huge relief to your family members as well.
How Much Does Burial Insurance Cost?
Burial insurance typically cost anywhere from $25 – $100 per month depending on several factors. Some of these factors include age, gender and coverage amounts you need. If you are 65 years of age and are looking for a $10,000 policy you can expect to pay about $45 on average. Someone that is 45 years of age can expect to pay about $25 per month on average. Coverage generally starts at $2,000 and can go up to as high as $100,000. If you want to get some specific quotes please use our quote engine located here.
DISCLAIMER: The rates shown are estimates and are not an offer of life insurance.
Male 65 years of Age (non-smoker)
Female 65 Years of Age (non-smoker)
How Does Burial Insurance Work?
Burial insurance is a type of insurance policy made specifically for seniors. Instead of replacing an income, like a traditional life insurance policy is designed to do, burial insurance only covers the costs of your funeral, burial and other associated costs. Where getting life insurance can be more difficult as you reach your senior years, burial insurance has no age limit. Most insurers don’t require a medical exam, although they may require a copy of your medical records. Where traditional life insurance often comes with a waiting period before your family can receive the full amount of the policy, it is possible to get burial insurance with no waiting period.
You can take out your own policy and name your spouse or adult child as a beneficiary. In some cases, an adult child can take out a policy for their parent. Whether you are shopping for your own policy or helping your parents to shop for one, it is important that you get several quotes. Different insurance companies charge very different premiums, even for similar products. By getting multiple quotes, you are ensuring that you get the best deal to meet your specific needs.
Losing a loved one is hard. While planning for the inevitable may be difficult, it can be helpful in allowing you to deal with everything that follows. Burial insurance is an important part of this planning process. With this type of insurance, you are provided with the peace of mind that your family is protected financially while still allowing you to honor the wishes of your loved one and give them the funeral they wanted and deserve.