The truth is, this $8,000 figure doesn’t take into consideration the additional expenses associated with burial in a cemetery and the purchase of a headstone. After factoring in all the costs associated with a traditional burial, the cost is closer to $10,000 - $15,000. This cost can escalate depending on the final wishes of the deceased. Be sure to take all the possible costs into consideration.
Final Expense Insurance
The good news is that the cost of a funeral can be paid for with the benefit a life insurance paid out to beneficiaries. To meet the specific need of funeral and burial costs, many look to final expense or burial insurance. This type of life insurance policy is not linked to a funeral service provider and tends to be cheaper than "Pre-Need" funeral plans. Most times burial insurance policies are whole life, permanent policies. This is important because the objective is take care of the cost associated with “End of Life” costs. A permanent whole life policy covers the insured for their entire life and also comes with a cash value accumulation feature. Leaving the responsibility of “End of Life" costs to the surviving family can be an overwhelming burden. A final expense policy can alleviate this tremendous burden. The death benefit of a burial insurance policy is paid out the named beneficiary on the policy who can use the “Lump Sum” benefit in any manner. Final expense policies give the family more flexibility that a "Pre-Need" burial plan offered by funeral homes.
Is Burial Insurance a Good Idea?
A final expense insurance policy may be an ideal option to manage burial and funeral expenses. This is especially true if an existing life insurance policy is not in place. Securing a burial policy allows one to pay small affordable premiums over time. This affordable premium makes burial insurance an ideal option for many.
I hope you find this helpful. You can run an instant burial insurance quotes from top insurance companies here at buyburialinsurancenline.com