What is Burial Insurance?

Burial insurance is something that everyone can use and is sure to really benefit your loved ones. It’s enough grief just to deal with their loss without finding out they have to come up with the money to pay for the funeral. While many people believe that they don’t need it or it is too expensive, it is a monumental help for your surviving family.

In essences burial insurance is a life insurance policy, there is a variety of type of insurances available. Some of the most popular are whole life, universal life, and term life. The monthly cost comes in a wide range; whole life is perhaps the most expensive in terms of monthly premiums because over the years it also builds us equity or cash value.

The cost of a funeral continues to rise every year and depending on what type of burial service you want it could cost thousands of dollars. So things to consider when purchasing burial insurance is the type of coffin, a burial plot, renting a church for the service, flowers, plus an officiator for the service. No matter what your age or health condition, it’s never too late to invest in some type of burial insurance policy. If you are young a whole life policy is the best way to go because it even has a cash benefit when the policy is paid up.

Even for the elderly it’s never too late to purchase burial insurance. Despite whatever your health condition maybe you can consider level Term Insurance which is sold in units of $5,000 each with no medical requirements. Of course, the older you are the more you will have to pay per unit per month. Everyone needs burial insurance, the cost can range from about $70,000 on the low end and the sky is the limit depending on the type of funeral that you want or expect.