Preparing for a funeral can be an emotional task. But, it’s often necessary in estate planning or as a supplement to life insurance. Some life insurance policies cover final expenses, but not to the extent specially designed policies will. Another reason many people buy funeral insurance, is to make sure loved ones aren’t strapped with the cost of paying for final expenses. Low cost funeral insurance is suitable for many situations and may be a better choice for final expenses, in some cases.
There are many reasons to consider a separate final expenses policy. Life insurance policies are priced on factors such as age, health status, and other determinants. Burial insurance does not consider health status and no medical exam is required. However, age may affect the price. The amount of coverage desired will also have a direct effect on the cost. However, it’s usually less expensive than life insurance. Unless life insurance is necessary, funeral insurance may be the better choice.
When it comes time to make arrangements for a memorial service, burial, and calling hours, the last thing a spouse or loved one needs to worry about, is writing a check to the funeral home. Insurance to cover funeral expenses can be designated to go directly to the funeral home. This allows loved ones to focus on what matters most, planning a respectful and dignified service for family and friends to honor the deceased.
Most funeral insurance policies let the policy holder choose the funeral home and cemetery of choice. This is important for those who want to be buried with other family members or who want to use a preferred funeral business for the services. Many funeral policies also cover the cost of the headstone and engraving, so all the final expenses can be covered under a single policy.
While a low cost funeral insurance policy pays for final expenses; it also provides peace of mind. When an individual is making out a will and final plans, there are often concerns about how funeral expenses will be paid. Burial insurance puts the individual’s mind at ease and helps loved ones carry out final wishes as desired. Loved ones in charge of planning will not have to worry about whether they are honoring the deceased person’s wishes, when arrangements are paid for and specified ahead of time.
Having a funeral insurance policy helps alleviate financial burden and stress on loved ones. It helps cover most of the costs of funeral home, memorial service, and burial and alleviates worries associated with the funeral planning process.