Burial Insurance

When it comes to securing your responsibilities once you are no longer present on this Earth to do so, many people consider burial insurance (also known as a funeral or final expense insurance) as a way to cover funeral and miscellaneous expenses that come with celebrating a life past. Burial insurance is a good option for those who need extra or specific burial processes and items and have the desire to keep these things insured and guaranteed in the next couple of years. One thing important for potential buyers to consider is whether or not they need a term or permanent policy. Term policies are not permanent and in order to renew your policy you must apply and qualify for it again, which may not be ideal for the average policyholder or someone who is going to need this insurance in the near future. Another thing to consider about burial insurance is the waiting periods in applying for them, or when specifics in the policy go into effect.

However, burial insurance comes with its own pitfalls and in order to avoid them, you must remain vigilant in your search for the policy best suited to you. One of these pitfalls is the fact that some people are already covered with “pre-need” insurance under their life insurance policy, so it is best to double-check what kind of coverage your life insurance policy offers in regards to funeral expenses. Because this is not widely known, burial insurance agents can try to finagle the unsuspecting customer into paying a premium set for a $30,000 policy, rather than the $5,000 policy actually purchased. Additionally, burial insurance can easily become a bad deal when you consider that premiums must stay high in order for burial insurance companies to make a profit that does not check the wellness of their customers before taking out policies with them.