Although it is always a tough subject to broach, getting burial insurance for parents is a must for most families. The cost of a proper funeral has risen considerably in the past several years which make the death of a parent an expense which can be difficult to cover unless the proper preparations have been made.

tips to obtain affordable burial insurance for parentsWhile it is true that people are living longer today than ever before, there will come a time when families are going to be faced with the funeral expenses of their parents. The sooner families come to this realization and take action the easier it will be to cover such expenses when they occur.

The first step will be to discuss with your parents the issuing of burial insurance which will actually bring everyone peace of mind. Generally speaking, the last thing that parents want is to be a burden to their children upon their passing. To have the proper burial insurance will remove that burden and ensure that all the funeral expenses are covered.

How Much Burial Insurance Coverage is Required for Parents?

Thanks to late night television ads, you may have heard that a typical funeral in the United States costs around $6,000. However, that number is based on surveys that are now several years old. Today, the total cost of a funeral in the US runs an average of $9,000, give or take $1,000 depending on the location and the services chosen which will incur more fees.

Get Free Burial Insurance Quotes for Your Parents and Compare the Rate Online!

Despite the disparity in terms of living expenses between each state, the actual cost of a standard funeral is remarkably similar. This is arguably due to the fact that the US funeral industry is dominated by a few large companies that set the standard for funeral costs. While there are thousands of small companies that handle funerals, almost all of them are influenced in terms of price and services by the few large ones.

How to reduce funeral costs for parents?

While there are certain steps that can be taken to lower the cost of a funeral, such as a gravesite-only service for example. The truth is that burial insurance for your parents should be enough to cover the maximum amount of what the funeral will cost from beginning to end. Plus, there are costs considerations that many people believe are actually part of the funeral expense, but are not.

  • Headstone
  • Grave Marker
  • Casket
  • Body Preparation & Embalming
  • Viewing
  • Hearse, Obituary Listing, Death Certificate & More

While there are certain steps you can take beforehand depending on your income, for many people buying burial insurance for parents is the easiest and most often the least expensive step. Proper burial insurance offers a low monthly premium which in turn provides the adequate funds needed to cover all funeral expenses.

In most states, the burial insurance should be at least $10,000 to adequately cover all expenses.

This can be lower if the plot has already been purchased or you have other assets already in place to cover the expense. Be aware however that the cost of funerals continues to grow and the coverage you have put into place may need to be augmented in the future.

Can I Buy Burial Insurance for My Elderly Parents?

Elderly Parents Enjoying a Light MomentYes you can buy burial insurance for parents. Compare the rate with us by clicking here.

In fact, a significant part of the life insurance industry is geared towards covering the funeral expense of loved ones who pass away. There are specific types of burial insurance that will cover all the funeral expenses.

However, unlike life insurance for example in which the parents may bequeath their children as beneficiaries, burial insurance is geared towards the simply the cost of the funeral expenses. The types of life insurance policies that parents may purchase to make their children beneficiaries may include much larger sums that will provide a financial buffer or nest egg.

Caution:

Burial insurance is usually purchased for parents who are advancing in years and are typically retired on fixed incomes. However, while burial insurance is generally straightforward in nature, there are some subtleties that you will need to be aware of when trying to purchase a policy.

Choosing the Right Type of Burial Insurance for Parents:

Get Burial Coverage with Free Quotes OnlineAn affordable burial policy for parents comes in two basic varieties, the traditional policy and the graded benefit policy. The differences between each are notable and will need to be taken into account when buying the burial insurance.

Traditional: This policy provides 100% of the benefits when the policy is issued. So, if a parent should pass away the day after the policy has been granted, the full benefits will be covered. Of course, if there is health issues involved, then a traditional policy may not be issued by the company.

The Graded Benefit Policy: In this case the benefits that are provided come in steps if there are health concerns. A typical graded benefit policy may have payouts like the following;

  • First Year: 25%
  • Second Year: 50%
  • Third Year: 75%
  • Fourth Year & Beyond: 100%

In order to avoid the graded benefit policy, it is best if the parent or parents being covered are still in good health. Otherwise, waiting until health problems appear in their parent means that the graded benefit policy may be the only choice.

For families who are trying to find affordable coverage, it all starts by checking out the different policy and package levels for burial insurance. This is where it pays to shop around at different companies to find the right type of benefits to premium ratio that best fits the budget while paying for all funeral expenses.

The bottom line…

Proper burial insurance for elderly parents means starting early and finding good, low premium policies that provide at least $10,000 worth of benefits to cover all funeral expenses.

For families concerned about the expense of burying their parents, the sooner this issue is dealt with through adequate burial insurance coverage, the greater the peace of mind will be for both the parents and their children in knowing their funeral expenses will not be a financial burden.

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