When you are living on a fixed income, every dollar counts. You might be looking at your monthly budget and wondering if paying for another insurance policy makes sense. Specifically, you might be asking yourself: Is burial insurance really worth it?
It is a fair question. Many seniors worry that they are paying for something they do not need, or that the insurance company will not actually pay out when the time comes. The short answer is: Yes, burial insurance is worth it for most seniors. But it depends entirely on your financial situation and what you want to leave behind for your family. In this guide, we will explain exactly what makes burial insurance valuable and help you decide if it is the right choice for you.
What Makes Burial Insurance Valuable?
Burial insurance (also known as final expense insurance) is a small whole life insurance policy designed to pay for your funeral, cremation, and any medical bills you leave behind. To understand if it is worth the cost, you have to look at the alternative.
Today, the average traditional funeral costs between $7,500 and $10,000. Even a basic direct cremation usually costs between $1,500 and $3,000. If you pass away tomorrow, how will your family pay that bill?
If you have $10,000 sitting in a savings account specifically set aside for your funeral, then burial insurance might not be worth it for you. However, if you do not have that kind of cash saved up, burial insurance is incredibly valuable. Here is why:
- Immediate Cash for Your Family: When you pass away, your bank accounts might be frozen until your estate goes through probate court. This can take months. A burial insurance policy pays cash directly to your beneficiary, usually within 24 to 48 hours.
- Protection from Debt: Without insurance, your children or spouse might have to put your funeral on their credit cards. Burial insurance prevents them from going into debt to honor your life.
- Peace of Mind: You are paying a small monthly premium so that you never have to worry about being a burden to your family.
If you want to see what final expense coverage you qualify for to protect your family, call now to speak with a licensed agent: 1-866-332-1427.
What This Means for You
Burial insurance is worth it if you want to guarantee that your final arrangements are paid for, without forcing your family to scramble for money. It is especially worth it because these policies are designed for seniors. Your rate is locked in and will never go up. It never expires because it is whole life insurance. And there are no medical exams — you can qualify even if you have health problems.
Frequently Asked Questions (FAQ)
Is burial insurance a scam?
No. Burial insurance is a legitimate, highly regulated financial product offered by some of the largest and oldest life insurance companies in the world, such as Mutual of Omaha and Aflac. As long as you buy from a reputable company, it is completely safe.
Can I just use my regular life insurance?
If you already have a large term life insurance policy, you might not need burial insurance. However, term life insurance expires after a certain number of years (usually when you turn 70 or 80). Burial insurance never expires.
How much does burial insurance cost?
The cost depends on your age, gender, and health. For a healthy 65-year-old, a $10,000 policy might cost between $40 and $60 a month.
Protect Your Family Today
Do not leave your family with a $10,000 bill on the worst day of their lives. Getting covered is easier and more affordable than you might think.
If you want to see what you qualify for, call now to speak with a licensed agent: 1-866-332-1427.