What is Burial Insurance and how does it work?

Burial Insurance – also referred to as Final Expense Insurance – is a plan designed to provide your family with money to cover funeral and burial related expenses. A Burial Insurance plan pays out a predetermined coverage amount to a named beneficiary upon the passing of the policyholder.

There are two types of burial policies: term and permanent. Term policies provide a coverage period typically lasting either 15 or 20 years. Permanent policies will last in perpetuity until the passing of the policyholder. Under both policies, a funeral director is appointed and the plans exist to cover the costs outlining the policyholder’s desired funeral.

What are the benefits of a policy?

There are a variety of reasons to consider a Burial Insurance Plan, the most obvious of which is alleviating the financial burden of a funeral from your loved ones. Here are some other reasons to consider a plan today:

• Save money through periodic payments
• Ensures enough money to finance the policyholder’s desired last wishes
• Spend your time remembering and honoring a life instead of paying for it
• Medical exams are not usually required – just a few health questions

Value of a policy

Burial Insurance is typically more affordable than whole life policies. Burial Insurance has traditionally low monthly installments to make it easy to afford no matter your income level. Policies can be as low as $5 per month to as much as $1000, depending on your health and age at the time of coverage. The benefit of a plan varies as well, with policy coverage amounts ranging from $1,000 to $50,000. With such wide ranges, it is important to compare multiple plans from various providers, which you can do instantly using our free quotes tool!

Who should consider a plan and how do I select the right one?

If you don’t want your loved ones to have to finance your funeral, or if the financial burden would be too much to overcome, then burial insurance is the solution you’ve been searching for.

If you have preexisting life insurance, burial insurance can still work to provide for the costs specifically related to your funeral. Take some time to consider what you want for your funeral. Determine factors such as burial or cremation, the type of casket, and the size of your funeral service. Contacting a trusted funeral director is one way to consider all aspects of a funeral. Funeral directors can also give you a more accurate estimation of the cost of a funeral so you know the coverage amount you will need from your burial insurance plan.

Comparing a variety of coverage options and providers is an important part of finding the right burial insurance plan. Use our free quote comparison tool above to impartially shop carriers and plans to find the one that fits all of your needs. Give your loved one’s peace of mind with a burial insurance plan today!