For Whom Is Burial Insurance Best Suited?

Burial insurance is a financial product that is designed to cover a person’s final expenses at the time of death. In some cases, burial insurance is also referred to as funeral insurance. Planning for the costs of burial is important as the total cost of a funeral in the United States can often exceed $10,000. There are many ways that a person can plan to pay for his or her funeral costs, burial insurance is just one option. However, there certain situations when burial insurance is the most attractive option for planning for funeral costs.

People who have small estates or who have little cash savings should consider buying burial insurance as a way to pay funeral costs. Most life insurance for seniors can get pretty expensive, but a burial policy is something most can afford. Without planning for these expenses, a person without the money to pay for a funeral would pass the financial burden for the funeral expenses to their heirs. This would mean that a person’s heirs would have to deal with the additional stress of financing the funeral while also dealing with the loss of their loved one. A person who does not have any living relatives to make funeral arrangements should also consider burial insurance as he or she may not have anyone to make the funeral arrangements at the time of death.

A person who wants to partially or completely pre-plan his or her funeral should also consider purchasing a burial insurance policy. This is particularly true if he or she wants an elaborate service, casket or marker which could significantly increase the cost. By pre-planning the funeral, a person will know how much the service will cost. With this information, he or she can buy burial insurance to make certain that money is available to pay for the funeral that he or she desires.

Those who are in poor health may also want to consider burial insurance. In many cases, burial insurance policies do not require a health examination. This means that those people with medical conditions that may prohibit them from buying a standard life insurance policy may be eligible to purchase burial insurance.

These are some of the most common circumstances when a person may need burial insurance. However, regardless of his or her financial situation, a person may buy burial insurance as a way to provide peace of mind that no matter what may occur in life, a person will have the funds to provide a dignified funeral for themselves.