One of the most challenging parts of getting older or facing a serious illness can be planning for the future that your loved ones will have once you are gone. It’s an incredibly morbid thought to consider that you’ll no longer be here. Add to that the fact that there will be a funeral or celebration of life, burial or cremation, and other financial implications after you have passed. However, it’s a fact of life that everyone must face, and those who truly plan accordingly can mitigate the financial burden on their families by selecting affordable burial insurance to meet their needs.
What Is Burial Insurance?
Burial insurance isn’t typically sold separately, confusing many people. According to an article in Nerd Wallet“…burial insurance is simply a common way to refer to a small whole life insurance policy — generally $5,000 to $20,000 — that’s purchased so beneficiaries have money to pay for a funeral.”
This whole life insurance that many people refer to as funeral or burial insurance, is a type of insurance that people use strictly to cover the cost of a funeral, memorial service, burial, or cremation for their loved one. Most people will purchase this insurance themselves and designate their next of kin as their beneficiary, so that once they have passed, their end of life wishes can be carried out, without putting undue financial stress on the ones they love the most.
So, for most people, when you’re looking for funeral insurance or final expense insurance, you’ll be looking for a small life insurance policy. A simple search of the internet for such policies can yield thousands of results. How can one decide which policy will be the most beneficial to their family members?
End of Life Celebration Costs
The first thing that everyone should consider when they are looking for affordable burial insurance is the cost of your end of life needs. For most people, the average cost of a funeral with a burial or cremation will be somewhere between $5,000 and $15,000. This varies based on a lot of aspects, but the typical average funeral with a burial is $7,000 and the typical average funeral with cremation is around $6,000.
A burial will tend to cost slightly more than a cremation for many reasons. First of all, burials require the purchase of a casket. Depending on the casket selected, costs can go through the roof. A tombstone is also a typical requirement when it comes to a burial, and these can also vary widely in their costs. Burial insurance or funeral insurance will need to be enough to cover these costs.
Cremations are usually not as expensive as a burial, because a cask will not need to be purchased, and neither will a tombstone. Most people select a small box or an urn for their ashes to be kept in, so costs are much more minimal when compared to a large casket.
Consider Your Wishes When Looking for Affordable Final Expense Insurance
If you want to ensure that your loved ones have plenty of funds to cover your end of life wishes, your best bet when shopping for affordable burial insurance is to carefully plot out exactly how you want your end of life celebration or funeral to go.
This can be pretty scary for some people. Facing death is not an easy thing, so consider sitting down with someone you love to do this together. It can be helpful to have a loved one there to hold your hand and to help you think of all aspects of how you want the people you’ve held dear to honor you.
The first thing to consider is whether you would like to be buried or cremated. As stated above, cremation is usually not as expensive as a burial. Honestly think about how you want your body to be taken care of after your death, as this is one of the most significant factors affecting the cost of your burial insurance.
Once you’ve decided on a burial or cremation, consider how you want these to be carried out. Do you want your ashes sprinkled in your favorite vacation spot or in the lake you’ve visited every year since you were a kid? Do you want to be buried in a lavish casket in your favorite gown? Whatever your wishes are, list them and then do some research on how much the choice you have made will cost.
After doing that, think about whether you want an intimate gathering of your closest friends, or whether you want a large funeral with lots of food and drinks. The services after you have passed away are also a huge factor in your burial insurance needs.
After you’ve tallied all of this up and laid out the groundwork for your after-life wishes, you will now have a ballpark figure to shoot for when shopping around for end-of-life insurance.
Compare to Find the Most Affordable Burial Insurance
Now, it’s time to start shopping. Look around at the various policies out there, and make sure that you are choosing the amount of money that the ones you love will need to carry out your wishes. It’s also essential to look at the types of life insurance available. A “term life insurance” policy will not be useful here, as this will only last a set number of years. A whole life policy sold as a “simplified issue” or “guaranteed acceptance policy” may seem like the best choice because they do not require a health or medical exam, but these policies often don’t pay out the full amount if you pass away within the first few years of purchasing the policy.
A “fully underwritten” policy is often a good choice as affordable burial insurance, as it will pay out the full amount upon your death, no matter when it is. These policies do require a health exam, so this is another factor to consider.
Facing the eventually that we all will one day pass away can be very difficult, but doing so and planning your end of life wishes, as well as purchasing affordable burial insurance or funeral insurance to cover the costs, can genuinely help to give the ones you love peace of mind once you have passed away.
Gary P. Cubeta
(Serving Americans In All 50 States)