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The pricing and structure of burial insurance work differently from standard term life policies. While it is somewhat similar to whole life policies, the coverage period is much smaller, and so is the coverage amount. Insurance companies offer specific plans for seniors who are over 60 years old.
In whole life policies, the claim is paid out either on the policy’s maturity or on the insured’s death, whichever is sooner. However, there is no concept of “maturity” when it comes to funeral insurance. The payout happens on the death of the insured. The family members use the money to cover the funeral costs and other death-related expenses.
Insurance expert Gray P. Cubeta from Insurance for Final Expenses suggests that it may be advisable to go through a few burial insurance quotes before choosing a plan.
How Burial Insurance Works
Reports show that only 60% of Americans have life insurance coverage. Not having life insurance is a severe disadvantage to the family of the deceased. It’s recommended that seniors with and without life insurance coverage get burial insurance instead.
Funerals can be expensive in America. The average cost could be anywhere between $8000 and $10000. If the death is unexpected, funeral costs could add a heavy financial strain to the deceased person’s family.
It has been observed that funeral homes charge around $2500 for the funeral services. Besides funeral charges, there are costs related to death certificates, legal fees, the cemetery, etc. All these costs are taken into account when formulating quotes for funeral insurance. Standard burial insurance policies offer a coverage band between $10000 and $25000. You could even extend the coverage to $500000 if you choo… Read More
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