While there is no doubt that everyone needs burial insurance (as they say, death and taxes are the only things constant in this world), not everyone has a fair idea of how much it costs to bury a loved one. In order to come up with this figure, we need to look at the average cost of burial in the country.

Compare Burial Insurance Quotes: Save BIG Now!

How Much Burial Insurance Do I Need?

In 1960, families needed $708 to bury a loved one properly. With inflation, the cost skyrocketed to $5,180 in 2000. Still, fast forward to 2016, burial costs have all shot up to $8,343. There should be differences in the actual figure depending on which state you live in, the kind of service you want, and a few more factors. We are quoting for bare-minimum costs to cover the most affordable caskets, funeral services, and burial plots.

If you search for information, you will see that a casket can cost you anywhere between $500 to $10,000. A service can run from $2,000 to $8,000. Burial plots, on the other hand, can cost  $2,500 and $10,000, with a memorial costing anywhere between $500 and $4,000.

Amount of Burial Insurance to Purchase
Get a Decent Burial Insurance that Takes Care of Every Expense!

As you can see, the costs can quickly add up. And it is incumbent on the one paying for the insurance policy to determine the kind of arrangements that he wants for the insured person.

Burial insurance pays out a lump sum to the beneficiaries of the insured when the insured dies. It can be used to pay for whatever expenses there are related to the burial and even beyond. If you need to pay for someone to fly in, you can pay for it with burial insurance. The same is true if there are debts by the insured- that need to be settled.

Compare Burial Insurance Quotes: Save BIG Now!

Before you go out to get burial insurance, do the math on the expenses you will incur. Aside from the casket, the funeral service, burial plot, and the memorial service, there is also a matter of feeding your guests. These items should be calculated well in advance.

Once you get a figure, add 10% to that amount for incidental expenses. The total will be your basis for getting a quote. The insurance person you talk to will then calculate how much you will pay in premiums.

Types of Burial Insurance:

Just know there are basically two types of burial insurance: guaranteed no medical insurance and medical insurance. The former is best for seniors who cannot get the latter type of insurance because of some condition. Take note, though, that while you will not be asked medical-related questions, there will be a waiting period of one year or so, which means that no lump sum will be paid out if the insured person dies during the waiting period.

With medical-based insurance, the policy takes effect almost immediately. The specifics of the different plans vary from insurer to insurer, so make sure to get at least three quotes.

As much as possible, talk to an insurance broker so you can be advised on which policy from which insurer to get.

Author

Meet Mark Orourke, a seasoned funeral insurance expert with over 15 years of experience in the industry (Bachelor in Finance from SDSU, CA). With a passion for helping families prepare for the unexpected, Mark has dedicated his career to providing personalized funeral insurance solutions. Meeting the unique needs of each client is what Mark always prioritizes.

Write A Comment