Many people are unaware of the financial burden their passing can have on already grieving family members. Funeral and burial cost can be up in the thousands of dollars. This can be very difficult for individuals already dealing with your loss. To help abate this financial burden, consider some of the benefits of purchasing burial insurance.
- Many burial insurance policies have relatively low monthly premiums. This is, by far, preferable to relying on lump sum payments by your family postmortem. Usually coverage can range anywhere from five to thirty-five thousand dollars depending on your policy and premium. The premium can be as low as $7-$10 per month which is one of the least expensive forms of life coverage.
- Another benefit of a burial insurance policy is that there is no requirement of sitting for medical exam. Even those with pre-existing health conditions may apply for the insurance. This is why senior citizens who wish to obtain some sort of life coverage should go for at least burial insurance at any time in their life.
- The premium on your policy will never change. This means that you can expect your monthly premiums to never increase. So your premium won’t depend on economic inflation or such. The premium you pay in first month will continue till your last one.
- It will cover most, if not all, of the cost of your funeral and burial. The expected cost of a typical funeral will include casket/case, plot, funeral service, flowers and decorations, accommodations/refreshments, etc. This is also important to calculate how much you’re going to spend on your funeral and depending on this set burial insurance coverage. Knowing that your family will not have to shoulder this burden is a comforting feeling.
- Seniors can apply up to the age of 85. This means that you can begin planning for your burial even if you had considered it “too late”.
- Burial insurance is available through local providers and funeral homes as well. So in terms of availability, this type of coverage is just about perfect.
There are some considerable benefits of burial insurance for seniors. Consider your options when planning for your future as well as your family’s. It is always wise to plan for the worst and hope for the best than vice versa. In conclusion, burial insurance can definitely help relieve some of the financial stress your passing could have on your family.