Burial insurance is simply a kind of life insurance that pays towards the funeral and other expenses after the policyholder’s passing. Upon the policyholder’s death, the policy pays the benefits to the beneficiary to be used towards planning the funeral, clearing debts, covering the legal costs, and any other expenses related to tying up the financial loose ends related to you.
You may think that if you have life insurance then you don’t need to buy additional policies for your burial expenses. But not every life insurance pays towards burial expenses. In fact, your life insurance is not likely to meet your burial or final expense costs.
Here are four reasons to buy burial insurance.
Offsetting the Cost of the Funeral Expenses
With the rising costs of everything due to inflation, even the costs of funeral expenses have become exponentially high; and continue to do so with every passing year.
If your family or relatives don’t have the means to provide a proper funeral for you; the related expenses can become a drain on their finances. Even if the funeral service is simple enough; the costs of everything related to it can be significant. Why put your family through financial strain when buying simple burial insurance can take care of everything?
With the benefits of burial expenses, you can even plan your funeral service as per your exact wishes. You can even direct the funds to go to your chosen funeral home. If the funds are leftover after the expenses of the burial or the cremation; your beneficiaries can use the remaining money to pay off your debts or cover any of your legal bills.
Standard life insurance policies don’t cover burials or funeral expenses separately. When you buy standalone burial insurance, it covers specific costs. The expenses related to funeral services can run into thousands of dollars. But with your burial insurance, you need not worry about the expenses anymore.
Inexpensive to Buy
Unlike other types of insurance policies, it is relatively inexpensive to buy burial insurance. If you choose to buy burial insurance from independent agents or companies; you can even get a better deal for burial insurance.
For instance, if you wish to buy burial insurance in Texas then it is best to approach an independent company to help you choose the ideal plan rather than purchasing a policy directly from an insurance company. Independent companies or providers know the insurance industry well. They can get you the best coverage as per your needs and budgets.
Easier to Qualify and Buy
Unlike life insurance or health covers, it is rather easier to buy burial insurance. There is no chance of your application getting rejected due to your existing health situation or current age. You can qualify to purchase burial insurance even in your advanced age if you know how and where to buy it. You won’t even need to go through medical tests in order to purchase the policy. An independent provider can help you find the right burial insurance policy easily.
You can even buy burial insurance at a younger age if you wish to do so. In fact, it is better to plan for unforeseen events in life as soon as possible for you. With burial insurance taken care of, you can relax and not worry about any unexpected expenses for your family due to your unexpected passing.
You don’t have to go through a lengthy application process to buy burial insurance. You can call a reputed provider in your town to get the process started, and they will guide you through the process.
Financial Support for your Surviving Family
It can be an incredible relief to know that in the event of your passing, your family won’t need to go through any financial strain due to your funeral or burial expenses.
With just a little bit of planning ahead for your funeral with the right burial insurance; you can offer help to your surviving family in the event of your passing. Such support can go a long way and will be appreciated given the rising costs of burial and funeral services.