For some families, meeting day-to-day expenses is hard enough without having to also think about estate planning or how they’ll one day pay for their funeral. Death can be an uncomfortable topic, and thinking about final expenses can amplify that discomfort.
Many people want their life insurance to cover any burial or funeral expenses and help provide income for their families in the event of their death. Others, however, want specific plans to pay for the type of burial they want or any other arrangements they desire.
For some, insurance provides the benefit of helping them plan for their final resting place. For others, however, it can be a waste of money.
Is burial insurance worth it for you? Here are some key factors to consider.
There are many different types of dementia, such as Alzheimer’s. In a similar way, Burial Insurance is a type of Life Insurance.
For some Life Insurance policies, you may be asked to submit to a medical examination. People in good health tend to qualify for better rates. After the insurance company approves you, you will pay the company a preset amount regularly. Life Insurance aims to ensure enough money to provide for the needs of your family and to settle outstanding debts.
Two popular life insurance types include Term Life Insurance and Whole Life Insurance. The difference is that Term Life has a set limit of years that it can cover you, usually with limits of 15 to 30 years. Whole Life Insurance does not expire.
One key difference between Burial Insurance and Life Insurance is that a Burial Insurance policy does not require a medical exam. You must answer a few medical questions and clarify your medication history to get approval. Once you qualify, most insurance companies can issue your policy in just a few days.
Once you have your insurance, Burial Insurance can pay your funeral expenses quickly. This insurance policy will cover funeral and burial costs, burial plot, grave marker, cemetery fees, cremation, embalming, flowers, a hearse, and other final expenses.
Most funeral homes accept it as direct payment without any additional requirements. In fact, some Burial Insurance policies could pay benefits as fast as 24 hours without a death certificate. This can be a great advantage when covering your death-related expenses.
You can use Burial Insurance to help your loved ones pay any final funeral expenses. There is a lower monetary amount due to its smaller focus. The cost of the policy is based on health and age when you start.
Many people have funds set aside for their final arrangements. This type of policy helps your loved ones pay your final expenses.
Your beneficiary can use this coverage not only to pay for funeral costs, but for any expenes encountered at the end of life. Such as outstanding credit card debt, unpaid medical bills, among other bills in the month of your passing. This includes utility bills, car payment, or phone bills.
Research Before You Decide
Before deciding on Burial Insurance vs. Life Insurance or both, not all companies provide you with the same type of policies. If you only want to cover the basic costs of your loved one or yourself, consider choosing Burial Insurance. However, if you’d like them to have extra money to cover expenses outside the funeral arrangements, select the Life Insurance policy that works best for them.
Familiarize yourself with each detail to verify that this insurance policy is correct for you and your beneficiaries. Not understanding all the particulars ahead of time could cost your surviving loved ones much aggravation and more grief.
Being fully prepared will make planning your funeral much more manageable. Ultimately, consider purchasing both policies to provide your family with the ideal protection.
When you are faced with calling a funeral home, I invite you to call Jeff Monreal Funeral Home any time of the day or night at (440) 527-6294. You can trust that I will treat your loved one with respect and honor. I will also treat your family with compassion and dignity during the funeral or cremation process. I pledge that every detail be handled thoroughly and within your budget.