The Cost of Burial Insurance
Obviously, one of the questions we get most often is, “How much does burial insurance cost?” In all honesty, the answer is going to vary widely from person to person because, as is true with all life insurance policies, the premium is determined from personal factors.
However, we’ll do our best to explain this process.
How much does burial insurance cost on average?
Burial insurance, also known as final expense, is a type of life insurance designed to cover medical bills and funeral expenses when you die. So, rates will increase the older you get and if you have any health issues. That’s not to say you won’t qualify if you have a lengthy medical history or make frequent hospital visits. You likely still will.
Because of this, most seniors will choose to get coverage as soon as they can to lock in a lower rate. An average 50-year-old that’s reasonably healthy and does not use tobacco can expect to pay $35 to $45 per month for a standard $10,000 policy.
Is final expense worth it?
Most applicants focus solely on the price of a burial insurance policy. However, it is not at all the most important factor. You should take a look at what leftover bills your family could be on the hook for should you pass away with debt
Over 70% of Americans die with outstanding debt according to Credit.com. Then, once they do pass away, another group of bills surface — funeral and burial costs. Caskets, grave markers, flowers, funeral home fees, and etc. all come with a substantial price tag. Depending on your services, your average cost of $8,000 can quickly increase by the thousands.
So, “how much does burial insurance cost?” shouldn’t be the biggest factor that plays into your decision to get a policy. It should be contingent on what long-term plan you have in place to avoid putting a financial burden on your family in a time they will be grieving.
Low cost burial insurance
There are ways to make sure you’re getting a fair deal on your policy.
First, you need to be shopping more than just one carrier.
Second, you need to come up with a good idea of how much coverage you need vs. the premium. A good insurance agent can help with this step if you are unsure.
Our website is dedicated to helping you accomplish both of these tasks. We shop your policy through all of the highly-rated burial insurance companies to find you the best price for you. Then, we are able to put you in touch with an insurance agent who can help you in your area.
This saves you time you would have spent calling dozens of companies trying to find the best price. It also helps you to avoid getting in contact with a company with a poor financial rating who may give your family trouble collecting on your death benefit or saddling you with a premium you can’t afford.
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