Pay Funeral costs with Life Insurance
Funeral costs are rising quickly, pay funeral costs with life Insurance . You can take care of funeral and memorial details so that your loved ones won’t have to pay more later.
According to the National Funeral Directors Association, an average funeral cost $8,560. Keep in mind we’re talking the cost of the funeral only. This figure doesn’t factor in the cost of a cremation or cemetery plot and marker or any other memorial expenses that more frequently bring the grand total to $10-$15,000 or more.
Fortunately, there are several insurance policies specifically designed to ease the financial burdens and remove some of the stressful decisions that our families are left with after we pass.
Burial Insurance is different than pre-paid funeral policies in that it’s a form of Whole Life Insurance offered by insurance companies independently of mortuary and funeral related merchandise and services.
The best use a senior can have for life insurance is covering funeral expenses. This is why a simple low cost burial insurance is sometimes the best option for many senior citizens. Burial insurance is a policy that does not require a medical examination. Therefor, the underwriting process is greatly simplified: it consists of a simple medical questionnaire, which in its turn, has only four questions. Only people who are terminally ill or suffer from HIV/AIDS cannot get life coverage. There is also an age restriction: seniors over 90 years will not be able to qualify for a plan.
Burial insurance is sometimes marketed under different names, like Final Expense Insurance, but unlike traditional life insurance, it is usually offered with a very streamlined underwriting process which requires you to swear that you are neither ill nor in a nursing facility.
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