How To Buy Burial Insurance

Are you retired? Are you caring for an elderly loved one? If so, the thoughts of death and what to do when it comes, have crossed your mind. Although you will be wrought with grief (or if you are the one who passed, your loved ones will be the ones grief stricken), there are financial considerations that need to be taken into account in regards to the funeral and burial expenses. One way to take care of these expenses is through purchasing Burial Insurance. The average burial expense today is around $7,000 to $8,000. This is quite a large expense to take on at one time. By purchasing this type of final insurance, you can prevent your heirs from taking on a large debt for your burial expenses.

 The Burial Insurance that you will want to buy is one that is a “Permanent” policy. This means that it is not a “Term” or “Annually Renewable” type of policy. The policy should last until at least age 100 so it will cover you properly.

 This type of insurance is basically a form of whole life insurance that is easy to apply for. Furthermore, this type of insurance is ideal for those people aged 50-80. If you are in this range and in relatively good health, you are in luck. For these people, you can get what is called a “Simple Issue” (simple issue life insurance) policy. If you have had some major health issues in the past – cancer, heart attack or stroke- then you can still get the insurance, but it will be a little more expensive. This type of policy is called “Guaranteed Issue” (or guaranteed issue life insurance).

Like most insurance policies, the premiums vary depending on the insurance company and your particular circumstances (such as state and age) as well as how much of a death benefit you are seeking. Death benefits can range as high as $50,000 and premiums can be as low as less than $10 a month.

Burial insurance can be obtained from your local insurance agent. However, there are some agents who do not deal in this type of policy. If this is the case, a quick search online can reveal many insurance companies that offer burial insurance at very affordable rates.

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Burial insurance is one way you can help your loved ones to deal with your passing on. It can help cover the cost of your services and leave them to not worry about making the payments for it. This is one final thing you can do for them before you go.