With today’s average funeral cost reaching $9,000, finding the best burial insurance is paramount for many families. The loss of a loved one brings a tremendous amount of grief which makes it all the more difficult to handle the financial burden of their sudden, unexpected loss.
Affordable burial insurance provides more than just a financial cushion for funeral expenses as it creates a path towards proper personal estate planning. In this manner, all of the expenses and financial obligations of the estate can be better handled with the burden of burial expenses being covered. For those who have experienced a loved one passing away unexpectedly and having to cover part of their expenses, getting cheap burial insurance is recognized as a sound financial decision.
How to Find Affordable Burial Insurance for Seniors?
When it comes to low cost burial insurance, the first step is finding out what expenses will need to be covered so that you can search for the right plan. In most cases, burial insurance is designed to only cover the cost of the funeral and associated expenses. However, depending on the structure of the insurance, there may be extra money to cover an outstanding debt or even leave behind a small legacy that the beneficiary may use.
Seniors in particular start thinking about funeral costs and the burden it may place on their family. Unfortunately, the older a person is when they obtain burial insurance, the more costly it will be.
As mentioned before, the typical cost of funeral expenses in the United States is roughly $9,000. However, that figure may be more or less than what you need depending on the type of funeral and other expenses that may need to be addressed. The cost of funeral expenses generally includes the following;
- Funeral service
- Cemetery plot
However, there may be other expenses as well which will need to be covered which is why the best funeral insurance may include pre-planning the services to ensure that everything is covered. Plus, you may also have additional costs that will need to be covered as well such as paying outstanding debts and the like. Once you have determined the cost, the next step is finding the best provider for the insurance.
Factors to Consider in Burial Insurance:
In addition to understanding the costs of burial insurance, you will want to know its parameters as well. That way, you can be better prepared to get the type of insurance that you need.
Age: Burial insurance for seniors over 80 is going to be more expensive than for those who are younger. This is a very important factor in burial insurance coverage and some companies will not issue policies for seniors who are past a certain age.
Expenses: It is important to know that there are different types of funeral packages (such as Pre Need Funeral Insurance) which naturally have different levels of cost. From inexpensive cremation services to the most elaborate funerals, there are a number of different levels that you can choose to set your burial insurance.
Debt: For the most part, burial insurance only covers the expenses associated with a funeral. However, you can get coverage that is above what the funeral expenses will cost and the excess can be used as the beneficiary sees fit. However, if you are looking to cover a considerable amount of debt or leave behind a substantial legacy, then you might want to consider term life insurance instead.
Other Coverage: You will want to take into account the other coverage that your estate will provide in estimating the cost for your burial insurance. For example, if your estate has more than enough to cover any outstanding debt, then you should get a simple and affordable burial insurance plan that only covers the funeral expenses.
How to Find the Best Providers?
To find the right provider for burial insurance starts by looking at the companies you know and trust. While getting the best premium rates for coverage is very important, you must also look at the reputation of the company as well. After all, having cheap burial insurance does not do you any good if the insurance company is no longer around to provide for it.
Good Coverage: You will need to have enough coverage for the burial expenses for the most affordable rate. You can start with your insurance company to see what they have to offer and if they can offer you a discount for adding another policy. However, that should be your starting point as the next step will be to examine the policies of other insurance companies. If your insurance agent is independent, they can help you find the best deal from the different companies that they represent.
However, you will also need to go online and search the insurance companies that offer burial insurance and look for a free quote.
Free Quote: This is a simple form that is found on the websites of many different insurance companies. You fill out the short form which will ask basic information about your needs without taking down any personal information. Once the form is sent in, you will receive a free quote for the burial insurance that you require. You can apply for free quotes and get the best coverage from most reputable life insurance company in the USA using our site.
Reputation: The insurance company you select should be one that not only has the best rates, but also a sterling reputation. Qualities such as longevity, good reviews and excellent customer service are paramount when it comes to finding the right insurance company. Once you have narrowed down the choices with their free quotes, you should select the company that provides the best service.
Whether you are looking for affordable burial insurance for people over 70 or perhaps you are a young person with a family that you don’t want to burden with debt in case the worst should happen, covering the expenses of a funeral can provide peace of mind thanks to having the best burial insurance.