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Burial Insurance or Funeral Insurance, is a whole life insurance policy designed to cover the expenses of ones burial or funeral. It is also called Funeral Insurance, or Final Expense Insurance. These policies are typically between $5,000-$20,000 and often require no medical exam making them an easier option to qualify for. They are made for the purpose of protecting ones family from the financial burden that a funeral can be and almost anyone can qualify for these policies.
Losing a loved one is a difficult and trying experience. While many who have dealt with the loss of a family member or friend expected to experience grieving and sadness, many do not expect to also have to deal with the high costs associated with honoring the memories of a loved one. The costs of a funeral and its associated accommodations can cost thousands of dollars and can place unnecessary stress and financial strain on those who are coping with their loss.
Burial and final expense insurances are forms of basic life insurance that are more affordable and easier to obtain than traditional forms of whole or term life insurance policies. Additionally, final expense insurance will cover those who are beyond the age limits of a traditional life insurance policy, and at a much lower cost than life insurance as well. Seniors up to the age of 85 are eligible to apply for a burial insurance policy and can qualify quite easily if they have no serious medical issues.
These insurances are a great option for those who don’t want to pay huge insurance premiums for life insurance, but who don’t want to leave a large financial burden with their families when they pass. Some of the benefits of final expense insurance include:
If you lose a family member, you will likely be responsible to pay for the cost of their funeral and burial services. While some people may have money saved up that they can pass to their loved ones to cover these costs, quite a few people have died and passed the financial burden to their loved ones and family members. What many people do not realize is that even the most affordable funerals still cost several thousand dollars thus why a Funeral Insurance policy is a good idea. Some of the costs of the funeral include: