Burial Policies

Making funeral arrangements can be a daunting and emotional experience.  If you haven’t made any arrangements prior to the person’s death, the experience can seem overwhelming.Cremation has become a popular and affordable choice for many people throughout the world. In America, approximately one-third of the population is cremated each year and this has been steadily increasing over the past few decades.  

Burial or Cremation – Which is best for me?

In other countries, such as England and Japan, that rate goes up as high as 90%.The average cost of a cremation is $1,000 to $1,500.  Keep in mind that there are many costs to consider in addition to the cremation. For instance, if you choose to have a funeral service and a cremation, you will need to purchase a casket (anywhere from $2,000 to $10,000, depending on the material of the casket) and the service can be an additional $3,000.  Still, the cost of cremation is less than a traditional burial which can range anywhere from $7,000 to $20,000. 

Final Expense Insurance

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When you are grieving the last thing you need to add to your loss is financial loss.  It’s important to stay within your budget, while creating a beautiful memorial for your loved one. There are many amenities and additional services that can easily creep in to significantly increase your costs.  Sit down with your funeral service and be sure they tell you all of the bottom line costs so that there are no surprises in the end.

And one final note; beyond the funeral home costs, you should make your own budget of other expenses such as the cost to list an obituary, the cost of food for the family and other items that you might not consider during this difficult time.   It’s important to get a handle on this as costs for a funeral can easily mount up to hundreds of thousands of dollars.

Two common types of funeral expense life insurance policies are burial insurance and preneed funeral insurance.* Having either one of these types of funeral expense life insurance policies can allow you to plan ahead for your final expenses. However, there are key differences between the two. Before deciding on one or the other, here are the basics of how each one works.

Burial insurance

Burial Insurance is a type of funeral expense life insurance policy designed to cover the cost of your funeral or cremation expenses when you die. Because many people don’t realize that funerals can cost upwards of several thousand dollars, they don’t often think about planning ahead. This type of situation can sometimes lead to a financial hardship on families or loved ones who must cover the costs.

Burial insurance policies can vary between life insurance companies so you may find it offered in the form of a term or whole life policy. Generally speaking, the death benefits for burial insurance are low, ranging anywhere between $5,000 up to $25,000 (although some insurers may offer higher limits).

After you die, burial life insurance pays the death benefit of your policy directly to your beneficiary who can use the money in any manner. For example, if you have a $15,000 burial insurance policy and funeral expenses came in at $10,000, your beneficiary might choose to use the additional funds to pay for other final expenses such as outstanding medical bills, legal costs, or any other outstanding debts you may owe.