Today, millions of people have burial insurance. It is designed to protect the finances of families that would otherwise be greatly stretched by the cost of a funeral. Burial insurance is quite common because it is easy to obtain and is relatively inexpensive. This is particularly true for seniors who are facing different financial choices in their lives often on a fixed income.
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Why Consider Burial Insurance?
If you have decided against purchasing burial insurance before, there are good reasons why you should consider it again.
Rising Costs: Arguably the best reason is that funeral costs have increased dramatically over the past decade. At the turn of the 21st century, the typical cost of a funeral was around $6,000. Today, it has climbed to over $9,000, and it is expected to rise. Today it is still affordable for you, it may not remain after a few years.
Financial Impact: For many families, the burden of having to pay $9,000 or more for funeral expenses can be too much to handle. By purchasing burial insurance, the financial impact is removed.
Budget: For seniors, in particular, burial insurance provides stability for their budgets. This can be crucial for those on a fixed income.
Benefits of Burial Insurance
There are certain advantages to having burial or funeral insurance as part of your overall financial outlook.
- Low Monthly Premiums
- Full Coverage of Funeral Expenses
- Easy Qualifications
Because burial insurance for seniors over 80 offers a lower benefit that the typical life insurance plan, seniors will find it easy to qualify and make the monthly payments.
Why You Should Reconsider Burial Insurance?
First and foremost, you will need to look at your current financial status to see what would happen if a loved one passed away today. It’s never easy to consider the financial ramifications, but for seniors, in particular, the loss carries a high financial burden.
Burial insurance allows you to plan ahead and take care of the inevitable costs that are associated with funerals. All too often, the unprepared families are hard pressed to meet the financial demands of a funeral. When combined with the emotional grief from the loss of a loved one, it makes financial decisions even more challenging.
Funeral insurance provides peace of mind for families and in particular seniors who want to alleviate the burden of funeral expenses. You can combine it with funeral planning so that all of the arrangements are made in advance. You may even work with a funeral home to ensure that your wishes are carried out.
For all of these reasons, seniors should take into consideration the benefits of having burial insurance. This is valid for those on a fixed income who have little leeway in their finances. This type of insurance is easy to qualify, adjustable for your needs, and offers little in the way of the financial burden. When you consider the growing costs of funerals, obtaining this type of insurance is the best way to pay for the expenses.