No one wants to think about the end of their life. It’s a sad, difficult subject, and one that comes with complex emotions. But if you wait too long, you could face an even more serious problem: the prospect of leaving your loved ones with a financial burden. Funerals can cost thousands of dollars, and few families are prepared to pay these high costs when loved ones die. And if you aren’t prepared, if you aren’t financially ready, you could leave your family struggling to pay for your end-of-life expenses. Fortunately, there is a way to be both financially prepared and protected.

A burial insurance policy can provide the money necessary to cover end-of-life costs, including burial and funeral services. It’s affordable, designed just for older adults, and can provide you peace of mind.

What is Burial Insurance?

Burial insurance is a type of insurance policy that’s meant to cover death-related costs. 

This kind of insurance goes by many different names, including final expense insurance, senior life insurance, and funeral insurance. No matter what kind of burial insurance you choose, the policy will help you tie up any loose financial ends before you pass away.

Burial life insurance is also very similar to whole life insurance. It covers you through the end of your life – but there is one important difference. While a life insurance policy can provide a death benefit of hundreds of thousands of dollars, burial insurance does not. Typically, burial insurance provides a benefit of $10,000 to $20,000. That money can be used to cover expenses like a funeral, a cemetery plot, and a casket. However, it can also be used to pay some medical bills and other end-of-life expenses.

There are two different types of burial insurance: final expense insurance and pre-need funeral insurance.

Final Expense Insurance

Often simply called burial insurance, final expense insurance is a life insurance policy that’s purchased from a traditional insurance company. These policies allow you to name a beneficiary who will receive the benefit, or pay out, when you die. That beneficiary can then use the funds to pay for end-of-life expenses, a funeral, and more. There are no requirements to use a specific funeral provider, and the beneficiary will decide how the funds are allocated.

Pre-Need Funeral Insurance

Pre-need funeral insurance is slightly different from basic burial insurance. Instead of being purchased through an insurance company, it’s offered by funeral homes or funeral service providers. This type of policy is essentially a whole life insurance policy that’s connected to an insurance company. The funeral home or service provider is the beneficiary of the policy, and they receive the death benefit when you pass. The funeral home or service provider then takes care of your funeral and burial. These policies can be good for those who are already planning for the end of their lives, and those who wish to have their funeral carried out in a very specific way.

No matter which type of burial insurance you choose, you can get peace of mind knowing that your end-of-life expenses are covered. The benefit of your policy will cover any costs your loved ones might face, from preparing for your funeral to planning the service. And that can be a huge help as your loved ones grieve, mourn, and honor your wishes.

Commonly Asked Questions About Burial Insurance

Is burial insurance the right choice for you? It’s important to consider the different aspects and benefits of burial insurance before deciding. Buying a new insurance policy can bring many questions – and the following are some of the most common that come with burial insurance.

Is Burial Insurance Easy to Qualify For?

Burial insurance is pretty easy to qualify for. In comparison to life insurance, burial insurance can be more flexible and allow more people to qualify, depending on the policy you choose. Many burial insurance policies can be purchased online or over the phone, with no medical exam needed. You will have to answer questions about your age and health, however.

If you’re finding it difficult to qualify for burial insurance because of your health, you may want to consider a guaranteed acceptance or guaranteed issue policy. These policies are designed for those who can’t qualify for other types of life insurance.

How Much Does Burial Insurance Cost?

Burial insurance is quite affordable. The average cost of a burial insurance premium is just $50 per month for a $10,000 policy.

Of course, premiums can differ from person to person and insurer to insurer. Your premium will depend on your age, your gender, your health, and the benefit amount you’d like to purchase. Make sure to get a personalized, custom quote from multiple insurance companies to compare your potential premium costs.

Do the Costs Change Over Time?

Insurance costs and premiums can change over time, especially as you age. However, you don’t have to worry about your costs increasing with burial insurance. Burial insurance premiums don’t change – they stay the same until the benefit is paid out. As soon as you purchase your policy, your rate will be locked in.

How Much Insurance Do I Need?

Determining how much of a benefit – or how much money – you need to carry with burial insurance is an important step. You want to ensure your policy will cover the type of funeral and burial you hope to have. If you’re looking for a simple burial and service, you won’t need as much money as for a grander, more formal affair. Try to get a rough estimate of costs by doing a bit of research and preplanning.

Most burial insurance policies will offer benefits ranging from $5,000 to $40,000. If you’d like, you can increase your policy amount at a later date to cover additional costs. You can even add money in order to pay off unexpected expenses, like credit card bills, rent, and any other bills that might be outstanding when you pass.

How to Find the Best Burial Insurance Policy

Burial insurance can be a great investment for older adults. It can provide peace of mind for both you and your family, as you’ll know your end-of-life expenses are covered. And it can help you protect your family from the burden of paying for costly funeral and burial expenses.

In order to find the best burial insurance policy for your needs, you should do some research. Search online to see what types of burial insurance you’ll qualify for. Get estimates and premium quotes from different insurance providers, and compare your costs. Don’t forget to assess how much of a benefit you’ll get for your money. 

The right burial insurance policy should provide you with security at an affordable rate. With a little research, you can find policies that meet your needs and your budget.