What is Burial Insurance?

Burial insurance is simply a way to ensure that you have a ready made plan set aside to take care of the expenses of your funeral. This way, your family and relatives don't have to worry about the finances surrounding your funeral arrangements.

However, unlike life insurance, there is no cash benefit from a burial insurance. With burial insurance, the proceeds of the policy are spent directly on the funeral expenses and any other related expenses. Burial insurance is not very costly, and you can be eligible for it without having to undergo any medical health examinations.

The cost of burial insurance is not fixed. Rather, it depends on the customer, his age and his general health. If the customer is a healthy, young person, the cost of burial insurance tends to be a lot lower, because they are less likely to die than an elderly man with heart complications, for whom the burial insurance cost would be more expensive.

Burial insurance policies can cover just one person, or cover an entire family. This policy might be most important to people who have difficult financial situations. This type of burial insurance costs extremely low, and can still save your family from the hassle of having to finance an expensive funeral.

Before purchasing a burial insurance policy, it is a good idea to visit the funeral home you intend your family to use upon your death and ask them to tell you how much the funeral would cost. This estimate can serve as a base expense, which you can state to your burial insurance company, to let them know how much it might cost.

It is important to remember that funeral prices tend to rise with inflation and economic changes. Therefore, to prepare for such an event, ensure that your burial insurance policy has some extra costs covered just in case costs are much higher than your expectations at the time of purchase.