In a way, burial insurance does cover burial plots for a family. However, it may not cover the plots right when you would like them covered. Burial insurance was originally designed to cover costs associated with end-of-life. While these include funerals, they also include things like medical debt and loans. Keep reading to see how burial plots could actually be covered with a burial insurance policy.
Burial Insurance Overview
Burial insurance is a type of private insurance traditionally meant to cover end-of-life expenses. These expenses could include something as serious as funerals to something as frivolous as a cruise. The money, or death benefit, can be spent in any way the beneficiary chooses. Functionally, burial insurance has become a kind of miniature, more affordable, easier-to-qualify-for life insurance. However, many people still use it for its namesake: burials/funerals.
Funeral Costs
Funerals can end up costing much more than people anticipated. Take a look at the list of funeral expenses below.
Funeral with Burial:
- Non-Declinable basic services fee: $2,195
- Removal/transfer of remains to the funeral home: $350
- Embalming: $750
- Other preparation of the body: $255
- Use of facilities for viewing: $425
- Use of facilities for the funeral ceremony: $500
- Hearse: $340
- Service car/van: $150
- Printed materials: $175
- Metal burial casket: $2,500-$5000
Funeral with Cremation:
- Non-Declinable basic services fee: $2,195
- Removal/transfer of remains to funeral home: 3$50
- Embalming: $750
- Other preparation of the body: $255
- Use of facilities for viewing: $425
- Use of facilities for the funeral ceremony: $500
- Hearse: $340
- Service car/van: $150
- Printed materials: $175
- Cremation fee if using a third party: $350
- Cremation casket (optional): $1,200
- Cremation urn (optional): $295
Miscellaneous costs also add up but differ based on your area. These include:
- Flowers: $500-$700
- Burial wreaths: $100-$200 each.
- Obituaries: $200-$500
- Grave Plot: $1,000-$4,000
- Opening and closing of grave: $1,000
- Monument/Marker: Upright: $2,000-$5,000 for an upright marker, $1,000 if lying flat
- Church Service Donation: $50-$200.
- Reception: $400-700 + food cost
Does Burial Insurance Cover Burial Plot Costs?
Logistically, burial insurance will not immediately cover burial plots for the family. Usually, families buy their burial plots years in advance of their anticipated funeral. Because the death benefit of the burial insurance policy doesn’t come available until after the policyholder dies, it will be too late to purchase new plots. Instead, the burial insurance can be used to reimburse whoever bought the plots. The major advantage of life insurance and burial insurance is how flexible the policy is.
So while burial insurance cannot actually buy your burial plot, it can reimburse one of your loved ones for the cost of it. For more questions about what burial insurance covers, feel free to give us a call at Senior Life Services.