Do You Need Burial Insurance?

You know what life insurance is and you either have it or you do not. Do you know the burial insurance is a different thing, but not as different from life insurance as you may think? While life insurance goes to the family to cover things like funeral and bills, the amounts for life insurance can be in the hundreds of thousands if not millions of dollars, depending on policy. Burial plans are usually for under ten thousand, though some can be up to twenty thousand dollars. These are used just to be sure a funeral can be a rite a family can have without borrowing money or going broke.

Some people find burial insurance for as little as a few dollars a week. You can make payments just like you would when holding any other type of insurance, but at times you can get it deducted right from your paycheck so you do not have to worry about it. At that rate, you can get a policy for you and your spouse, and even for your children if you wish. There are different amounts of coverage that you can buy, so research funeral costs and see what price range fits with what your family is going to do when you pass away.

One drawback of burial insurance is that it can be a term insurance. This means you can get a twenty year policy and if you die twenty one years after purchase and did not start a new policy, your old policy means nothing. So, if you do buy and you know it is a term insurance, be sure to renew when the time comes. Unlike other insurances though, most burial insurance usually kicks in right away so if you are in an accident a week after you start your policy, the benefits will still be given out to your family.

Where you get your policy will determine how much you can get, how much it will cost you, and even if someone is willing to give you the policy at all. Some only ask a few questions, such as your age, some basic medical questions, and if you may have something like end-stage cancer or HIV/AIDS. Because these policies are not nearly the money that traditional life insurance policies are, they are not nearly as hard to get, but those issuing this insurance do not want you to die a week after your policy starts. There are never any guarantees, of course, but some things may well signal your time is near and they may not want to cover you.

Getting burial insurance is a personal choice. If you already have good life insurance, you may not feel the need to get it. If you do not make a lot or your life insurance is low in payout, it might be something to consider. Funerals are expensive and they are not something one can always plan for. Except for those with some diseases and illnesses, death can be sudden and unexpected. If you know your family would struggle paying to lay you to rest, this burial insurance may be a great idea. Just make sure you shop around and purchase through a company in good standing. Sadly, there are scams out there so shop wisely.