What Is Burial Insurance?

Burial Insurance is really a life insurance policy which generally covers people up to the age of 100 years. (If you’re wondering whether there’s a difference between burial insurance and funeral insurance – well, there isn’t, two names one thing – ok?). Burial insurance policies are generally sold as a way to pay for your burial expenses when you die, so that your loved ones aren’t left with the financial burden – funerals don’t come cheap you know?

Burial Insurance premiums can be typically collected weekly or monthly, and when you die there will be a pre-determined amount of money available to pay for all of your funeral expenses. Of course, if you’ve had the foresight to take care of the payments for your funeral, it might also make sense for you to take care of some of the arrangements too, it can save a lot of uncertainty and family arguments when the time inevitably comes.

Do I need Burial Insurance?

One important aspect of burial insurance is that the premiums are fixed, so even if your health deteriorates your premium payments won’t increases. We’re all going to die right, it’s just a matter of when.  You might not be aware that funerals are an extremely expensive business, with many costing in excess of $10,000, so if you have visions of a grand send-off, you’d better make sure that there’s enough money in the pot to cover it.

Where can I get Burial Insurance?

There are two basic options here, you can either arrange your burial insurance with an insurance broker or directly with a funeral home (this is a good way to sort out all of the other details too, and know exactly how much money it will cost). Do be warned though, funerals are a multi billion dollar business and, unfortunately, there are some people who are only too willing to take advantage of people at their most vulnerable time – so beware of burial insurance scams and only deal with a reputable funeral company or insurance broker (who should, in turn, only deal with a reputable insurance company, that’s the plan anyway).

Burial insurance can be tailored to suit your own individual needs, and can also be used to pay off any debts which may be left-over when you die, car loans, mortgages, credit cards etc. If you have adequate burial insurance to pay for all of your funeral expenses and debts, and have made some of the arrangements yourself, then you’ll be able to die knowing that you’ve done the best you can to make the whole event as painless as possible for those who are left behind.

One other thing, if you do have a burial insurance policy, don’t forget to tell somebody or at least leave it where it can easily be found – it would be a crying shame if your loved ones knew nothing about it and paid for the whole thing again!