Why Should I Get a Burial Insurance Policy?

Burial Insurance policy
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Although nobody likes to ponder the subject, more and more people are realizing the benefits of “final expense” or a burial insurance policy.  That’s because these policies offer people a way to spare their friends and families financial and emotional stress at a time when they are least likely to be able to cope with them.

A burial insurance policy pays for your funeral expenses as well as your personal debts after you are gone. Funeral costs continue to rise, with many funerals costing between $7,000 and $12,000 in 2020.  Add the costs of outstanding credit card debt, medical and legal bills, etc., and your loved ones could be left with a large financial burden.

It’s common to hear about grieving family members paying for funeral services and items that, upon reflection, they regretted buying. A burial policy can be fully personalized, allowing you to pre-purchase everything from a casket or urn, burial or cremation services, and they allow you to have your wishes for the type of funeral written out and set for your loved ones to follow.

It is important to do as much research on this kind of policy as you would on any other type of insurance policy, as in recent years there have been a rash of scams involving burial insurance.

These costs used to be funded by trusts that people set up, but trusts can often be very complex to use, especially if the purchaser moves out of the state where they set up the trust. These policies are a much simpler way to make sure those costs are covered without all the hassle and legal wrangling associated with a trust.

In times of trial, loved ones may not be able to make informed or rational decisions, so these policies can take care of many, if not all, of the arrangements, making the burden much lighter on those left behind.

While it may be difficult to think about these kinds of things, “final life expense” policies can save your loved ones a lot of pain and struggle when the time comes. It is a way for you to care for and protect those you love after you are gone.


Funeral Costs