The primary purpose of burial insurance, also known as funeral insurance, is to pay for your final journey. This insurance will cover the expenses of the funeral services after you die. If you do not want to burden your children and family to pay for your funeral expenses, this is ideal.
What does Burial Insurance Cover?
To understand whether you should buy burial insurance, you should first have a clear idea about what it covers.
The main idea behind getting this insurance is that your family already knows what you wanted after death. You have set everything in order, and they do not have to worry about the funeral process or the last rites.
Whether you want a memorial service, an engraved tombstone, or a casket of your choice, you can make arrangements for everything before you die. Your family will have nothing to worry about any of it. All of this could take thousands of dollars, and if you do not want your survivors to bear the cost for you, you should opt for this policy.
Here are some of the things covered by burial insurance:
- Cost of the burial spot
- Embalming of the body
- Costs of cremation
- Tombstone or headstone
- Carving the tombstone with an epitaph
- Transportation costs
- Costs of paying the priest for the service
- Hiring the venue for a memorial service
- Opening and closing the grave
- Grave liners
- Cost of funeral dinner
Is Burial Insurance Expensive?
If the only thing deterring you from getting burial insurance is that you think it would be expensive, then it is not. The payout for this kind of insurance is relatively less compared to regular life insurance policies. Moreover, they do not require any medical exams.
Insurance providers like Mutual of Omaha burial insurance and others charge very few premium rates for this insurance as they understand that this insurance is mostly bought by the elderly. They already have to take care of several other expenses like medications and hospital stay at their age, so they keep the premium charges of burial insurance reasonable.
Where Can You Buy Burial Insurance?
You can purchase burial insurance from any regular insurance service provider. You can also buy them through funeral homes and independent agents. There are many trusted providers for this insurance, like Mutual of Omaha burial insurance. All you have to do is answer a few simple questions regarding your health.
Some providers ask no questions at all, especially if the insured person is over 75 years of age. There is no need to go through any extensive medical exams, which older adults often loathe at the end of their lives.
Another type of burial policy that many terminally ill older people use is the guaranteed issue life insurance policy. It is suitable for those who cannot get any other kind of policy because of their existing medical condition and are very sick. While they do not have any control over their lifespan, they can at least choose how to leave the world in a way they like, thanks to this policy.
What Should You Do After Buying a Burial Insurance Policy?
Once you have bought the policy, make sure that your loved ones know about it. Hand over the policy number to them to contact the insurance provider for the release of the insurance amount. Providers like Mutual of Omaha burial insurance, among others, have beneficial agents. They try to do their best to help the family with the formalities at such an emotional time.
There is very little paperwork involved, and the children or the designated beneficiary gets access to the funds within days. Let them know beforehand how you want your funeral service and burial to be. With the money you have set aside through the insurance policy, your kin will be able to carry out your last rites according to your wishes.
Is Buying Burial Insurance a Good Idea?
If you want to prepay for your funeral, then the answer is yes. Everything is becoming pricier by the day. You do not wish your loved ones to bear your funeral costs in times such as these. With the insurance, you will have control over the organization of last rites and rituals. You deserve this at the end of a fulfilling and dutiful life.