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Key things to know about burial insurance

Key things to know about burial insurance

Planning one’s own funeral can be challenging and very uncomfortable. Yet, preparing financially for this inevitable event is essential. It alleviates the burden on one’s family and adds to their peace of mind. Getting a burial insurance policy is one way to meet the costs associated with the funeral, burial, and other end-of-life expenses. Read on to learn about the types of burial insurance, the coverages included, and the factors to consider when signing up.

Types of burial insurance
There are three popular types of this insurance plan:

Simplified issue life insurance
Individuals do not need to appear for a detailed health examination when applying for this plan. However, they would still need to answer a few health-related questions. The insurance company may not accept one’s application if they have pre-existing health issues or participate in high-risk activities that could be life-threatening. Still, this insurance type is sought-after because of swift approvals and relatively higher coverage amounts.

Guaranteed issue life insurance
This plan neither requires applicants to answer health-related questions nor appear for a health examination. If the applicant is between 50 and 85, they will likely be approved. However, this policy has a waiting period. Beneficiaries may not receive the full sum assured if the insured passes away due to natural causes during this period.

Pre-need insurance
Many funeral homes offer this insurance policy. Here, a pre-decided sum is directly given to the funeral home after the policyholder’s passing. The funeral home uses the amount to ensure the services requested by the policyholder are carried out seamlessly.

Coverages offered by burial insurance
Burial insurance policies offer the following coverages:

  • Funeral service costs, which include expenses for embalming the body, hosting memorial services, and hiring a hearse
  • Burial or cremation costs, which include the cost of an urn, a burial plot, a casket, and cremation services
  • Settlement of pending hospital bills
  • Settlement of outstanding debts of the policyholder, such as loans and unpaid bills
  • Any unexpected expenses that may arise during the funeral procession.

Tips for purchasing burial insurance
These tips can help one pick the right plan:

Calculate all the expenses associated with the funeral
One must get an estimate of all the funeral-related expenses before purchasing insurance. The location and type of burial or cremation can influence the cost.

Shop around
One must research multiple insurance providers and their policies before choosing a suitable option. The rates, coverage limits, and other policy features, like waiting periods, vary among insurers. By comparing policies from different providers, individuals can make an informed decision.

Plan the payment of premiums
Another important factor when purchasing burial insurance is planning how to make the premium payments. Individuals can choose to pay the premiums annually, quarterly, or monthly. Some providers may also allow one to make a one-time lump sum payment.

Consider the waiting period
If the policyholder passes away during the waiting period, they do not receive the complete sum assured. This period may differ between providers. Before purchasing a burial insurance policy, one must consider the waiting period.

Consider the age limit
Individuals should also be mindful of the age limit for being eligible for the burial insurance policy. The age limit usually ranges from 50 to 85 years; however, different insurance providers may impose different eligible ages for applicants.

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