Funeral Insurance - How this May Help

Funeral Insurance - How This May Help

There is a well-known quote by Benjamin Franklin, which reads, “In this world nothing can be said to be certain, except death and taxes.” Turns out, even after you pass away you still need to make sure things are paid for and arranged. In order to make sure your burial costs are taken care of so you do not pass the burden on to your family after your death, burial insurance is essential if you do not have any savings for your burial and related costs.

Burial insurance, which is also known as funeral insurance or a senior life insurance policy, ranges in value to cover any bills associated with funeral planning or arrangements. These types of policies are usually directed to people at least 50 years of age, and the application process is easy to go through and be approved, which means a majority of seniors without significant health problems are accepted. There are two types of burial insurance to look for:

Simplified: After acceptance, your rates are low and your benefits begin immediately, without a waiting period.

funeral preparation

Guaranteed: Seniors who are not accepted to a simplified policy must pay a slightly higher amount for insurance and there is a waiting period before the benefits are issued. However, if you should pass away in the short period of waiting, the policy premium will be refunded.

Just as you would weigh different options with any purchase, it is important to research various burial insurance policies and find the one that best suits you and your family's needs. Once you hit a certain age, you will begin to be inundated with offers and advertisements, but it is very important to make sure you are getting the best value for your money and obtaining reputable insurance.

Why Would You need Burial or Funeral Insurance?

Not everyone has the financial foresight to plan for a funeral, and if you are just entering your senior years, your death might not be anywhere on your mind.

While it is hopeful that we all live well into the years, unexpected situations and illnesses can always creep up when we least expect it. A burial insurance policy helps with funeral costs, which can range in price depending on where you live from the low thousands upward to $25,000 or more, depending on your wishes.

If you have not saved for funeral costs, funeral insurance is one way in which to gain peace of mind that when you pass away, your wishes will be taken care of and your family will not be financially burdened. Your burial insurance policy will be granted to a beneficiary, who will then carry out your wishes and pay for the costs using the policy you left behind. Any money that is left over after the funeral may be divvied up as you wish, or left entirely to the beneficiary.

  • What types of things are covered with a funeral insurance policy?
  • Cost of a burial plot, as well as digging and filling when needed
  • Head stone costs
  • Casket
  • Cremation (if desired)
  • Embalming
  • Vault
  • Grave liner
  • Hearse or funeral precession vehicles
  • Flowers and decor

Pre-Arrangements

Some burial policies also offer a pre-payment so everything is already taken care of in the event or your death. With the insurance, you may select from funeral homes and services, methods of burial or cremation, headstone, flowers and additional services, such as embalming. While this type of insurance exists, it is important to be cautious when handing over payment.

Safeguard your money and burial plan by making sure the insurance company is following guidelines set out through your state’s Department of Insurance.

The policy amount you need depends on your health, financial ability, age and place of residence. For those just entering your senior years, a smaller policy may be ideal as you can create a small personal account to cover remaining costs. While funeral insurance is not required, it is a good idea to be prepared for the unexpected.

Senior Insurance


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