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No one is excited about thinking of their own demise, but not preparing for the unexpected is certainly the worst decision you could make for your family and loved ones. Losing someone special is hard enough, but it’s even more difficult when the ones left behind are faced with the tough decisions and financial responsibility of your eternal resting place. Here, we’ll discuss how to relieve this stress and discuss how much does burial insurance costs.

Whether you realize it or not, funerals are expensive. The average cost for funeral services and burial is $10,000, but for some, that cost can easily reach $15,000. That is an exorbitant expense for a grieving family to cover should you pass suddenly.

Burial Costs

Exactly how much does it cost to be buried? There are several expenses that fall under the category of “burial costs”, and it is extremely important to first, understand all that is typically included, and second, have a clear picture of what it will cost. Purchasing the physical burial plot itself is actually your Right of Interment, which secures your right to be buried in your desired location. However, this isn’t the only expense included in burial costs.

Included with burial costs are the fees associated with digging and closing the grave, which will consist of the physical digging labor and the necessary machinery to lower the casket into the grave. A Perpetual Care Fee is also included, which is essentially the fee to pay for the maintenance of the burial site, but it will not cover gravestone or memorial maintenance.

The burial plot alone can cost potentially anywhere from $2,000 to $3,000, with the opening and closing of the site costing an additional $1,000. Just with the combination of those two fees alone, you talking about spending several thousand dollars. This can be an incredible burden for loved ones to take care of in the midst of their sorrow.

Burial Insurance Plans

Losing a family member unexpectedly can take a tremendous toll on family and loved ones. Not only do they potentially become responsible for leaving behind debts, but they may also face burial and all other related costs. This can make a difficult situation tremendously worse. One of the best ways to prepare for those potential end of life expenses is to purchase a burial insurance plan (funeral insurance policy).

Burial insurance plans are smaller life insurance plans. Whereas a traditional life insurance policy can provide coverage ranging from $100,000 up to several millions of dollars, burial insurance plans average around $25,000.

A medical exam is not required for burial insurance, and typically the insurance company will not ask any medical questions either in order to be approved. The premiums for these policies are much lower than traditional life insurance due to the size of the plans.

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3 Types of Burial Insurance Plans

While there is no standard type of burial insurance, the term describes any life insurance policy or other legal agreement purchased with the intent of funding final expenses. The amount of burial insurance you need depends on how much you expect your final expenses to cost. Variations of coverage range from traditional whole life insurance policies to policies that only provide coverage for funeral expenses.

  • Policies with family member(s) as beneficiary: If you do not have a traditional life insurance policy, you can purchase burial insurance with the intention of covering your funeral expenses. You are able to name a family member as the beneficiary.
  • Policies with the funeral director as the beneficiary: Oftentimes a funeral home might include a whole life policy with an agreement for funeral services, but with the requirement that the funeral director is named as the beneficiary of the policy.
  • Pre-need Funeral Insurance: This contract typically covers the burial plot, casket or urn, grave marker, flowers, embalming or cremation, and funeral transportation.
In the policies that do not specify how the death benefit is to be used, the beneficiary has the discretion to decide how the proceeds are to be used.

How much does Burial Insurance Cost?

Depending on the type of policy that you purchase, you can either make one lump-sum payment or continuing monthly payments. A pre-need policy will most likely include a payment plan. Your coverage often reflects that sort of payment schedule that you will have:

  • Single-Premium Policy – Once making one lump-sum payment, coverage for the full death benefit is immediately available. If you are over 70 years of age, this may be your only payment option.
  • Graded Death Benefit – The coverage amount offered with this policy increases over time. A 5-year payment policy will yield a death benefit that is 30% of the face amount in the first year, 70% the following year, and 100% thereafter.
  • Traditional Whole Life Insurance – The coverage amount is guaranteed as long as you pay the premiums, while coverage ceases if you should stop.

Is Burial Insurance Right for You?

It’s important that you make sure that you have ample insurance coverage in order to take some of the stress off of your family and loved ones. Several factors need to be considered to ensure that you select the best plan most suitable for your needs. While everyone’s situation is unique, there are certain groups of individuals that really should take advantage of these plans.

Seniors: May have limited debts or final expenses that would be left behind in the event of the unexpected. The primary goal of securing a traditional life insurance policy is to pay off existing debts and/or unpaid expenses, however, if you don’t have either, then purchasing a burial insurance policy might be more ideal.

Furthermore, if no one relies on your monthly income, then a burial insurance policy would also be an excellent option. Another goal of traditional life insurance is to replace your stream of income to provide for your dependents once you pass. However, if no one relies on that salary, then a burial insurance plan would serve you better.

Individuals with pre-existing health conditions: There is no medical exam required when purchasing burial insurance, so virtually anyone is covered. A medical exam is required for traditional life insurance and denial of the application is possible.

Providing your family with the appropriate life insurance protection is the best decision you can make. It’s never easy to lose a loved one, don’t leave your financial responsibilities and funeral expenses to your loved ones to accommodate. A burial life insurance policy is a great way to provide protection without the hassle of costly monthly premium payments.


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