Funeral Insurance – Is Burial Insurance Necessary?
The thought of buying funeral insurance gives most people the creeps.
Let’s face it: We don’t want to be reminded of our own mortality. And actually considering burial insurance to pay for the expenses of our last day on earth somehow concretizes the idea of death.
The fear of the unknown and the thought of leaving our loved ones behind are two of the main reasons why it’s uncomfortable for many to discuss funeral insurance for seniors.
Funeral Insurance – The Reality
But the reality is that death is something we cannot escape. Because it is inevitable, it is an event that needs to be planned beforehand with a well-thought out funeral insurance strategy.
With proper senior insurance planning, you’re able to make your passing easier on loved ones — both financially and emotionally.
In effect, when you are planning for your eventual death, you are actually doing so out of love for the people who you know will be greatly affected by your passing.
Funeral Insurance Makes Things Easier on Loved Ones
Planning for your death makes it easier for your loved ones financially. Buying funeral insurance coverage that will pay in advance for all your burial preparations takes the burden off the shoulders of your loved ones. A traditional burial, current estimates show, can range anywhere from $8,000 to $10,000 — even more if those who love you want it to be a “fancy” affair just to be able to show that they love you. Consider the cost of travel of family and friends just to attend your burial and you will see how much of an added expense it will be to their pockets if they have to fund the cost of your funeral from their own pockets.
When you spend time to think about how you want to be buried, you’re lifting the burden from their shoulders. You have already made the decision as to whether you want to be cremated or buried in a plot in the cemetery. You have already decided the kind of flowers you want for your funeral, what music to play, and who handles the funeral services. Doing so means that you have already preplanned all your funeral expenses with a funeral insurance policy that will pay for all things related to your burial.
What is Seniors Funeral Insurance?
“Funeral insurance”, also known as burial insurance, is basically just a life insurance policy that gives you full coverage until you are a hundred years old. It will pay for all expenses related to your burial so that other family members won’t have to shell out money to give you a decent send-off into the afterlife. By deciding beforehand as to what kind of burial you want, where you want it done and how, you can begin doing a funeral insurance comparison with various providers and find a policy that will fit all your needs.
The face value of burial insurance is obviously much smaller than what you would get in a regular life insurance policy, but this makes premiums affordable as well. The good thing abou funeral insurance for the elderly is that it gives your loved ones something to spend on your burial while still leaving a little something extra behind for them, particularly useful if you were the breadwinner of the family. It might not be much, but at least it will tide them over until they can find other sources of income even as they continue to deal with their grief.
Other Types of Funeral Plans for Seniors
Another type of burial insurance is called final expense insurance. This kind of insurance is really meant to just pay off your burial cost and funeral expenses.
Ranging in amount from $2,500 to $25,000, final expense insurance is usually paid directly to the funeral home you have asked to handle your funeral services. By meeting with the funeral director as you preplan your funeral, you can choose your casket, flowers, hearse, and other details that you want for your burial and you can work within a specified budget that your insurance covers.
A good idea to follow, if you can afford it, is to get the maximum face value that a final expense policy will offer. This will be enough to pay for all your burial-related expenses, but with the provision that any amount left over will be given to your specified beneficiaries. Make sure that this is included in the fine print since there are funeral homes who might think that they are entitled to receive the full amount of your funeral insurance policy, even if the actual burial cost is below it.
What About Cheap Burial Insurance?
If you are operating within a limited budget, you might want be wondering if there are ways by which you can get a cheap burial insurance policy in terms of the premiums you have to pay. There are certainly some low cost burial insurance options, and the first thing that you should do is find out the cost of ground burials or cremations in your area. If you know the average cost, you’ll be in a better position to bargain for a more reasonably-priced final expense policy.
Consider what is actually needed in your funeral. For example, you don’t really need brass handles for your coffin, right? The point is that you determine the essentials of your funeral so you can choose a premium that is within your budget to afford.
Finally, compare prices from the different funeral insurance providers in order to find the best policy that fits your needs.
Senior Funeral Insurance – Making it Easy on Family and Loved Ones
Obtaining a senior funeral insurance policy does not only save your family the hassle of paying for your funeral expenses out of their own pocket, it also eases the emotional grief of your passing. When someone in the family passes away, members often have to deal with their loss. Grief can and does cloud emotions and logical judgments, and if you assign your family and loved ones with the responsibility of deciding what to do with your body and how you want to be buried, you are only making things harder on them.
Compare this scenario to one in which you’ve already stipulated your funeral arrangements and have provided all of your wishes to someone you trust. Now, all your surviving loved ones have to do is carry out your plan.
Since no burden is left on their shoulders, they are able to deal with their grief better. That’s the real beauty of obtaining a funeral insurance plan.