Burial Insurance Could Offer Important Financial Help — Here’s How

Funeral services are an expensive yet necessary price everyone must pay. It takes a lot of time and money to plan a funeral, and a single funeral can leave families paying anywhere from $7,000 to $12,000. Something that can make the funeral process less stressful and more affordable is burial insurance. However, if you pay a low monthly premium now, you can leave your family with more than enough cash to pay for your funeral. And you can find affordable burial insurance right now with an online search.

Burial insurance is completely customizable, and that means you have plenty of options. To find a plan that makes sense for your budget and needs, search online to compare burial insurance policies.

Here’s how burial insurance, or funeral insurance, can work for you.

Borrow Money Ahead of Time

Funeral insurance helps you cover the cost for anything funeral related: burial, transportation, service fees, wake, and more. You can prevent your family from having to front thousands of dollars out of pocket towards your funeral by having an insurance company do it instead.

Insurers provide this monetary support in different ways. It could be in the form of whole life insurance or a plan that’s specifically made to cover the cost of funerals. All you have to do is choose your desired coverage and pay a monthly premium.

Insurance policies don’t have to be used towards your funeral. Some plans allow you to borrow from your life insurance plan while you’re still alive. This means your monthly premium is put towards the death benefit and a cash value, which works kind of like a savings account.

A cash value insurance plan doesn’t necessarily have to be used towards funerals. The money can be borrowed for non-burial related expenses like medical bills, home payments, tuition and more. The cash value you can borrow will ultimately depend on your plan, so you’ll have to research and see what your options are.

Cheapest Burial Insurance Plans

Buying insurance to cover funeral costs doesn’t have to be expensive. Many plans allow you to pick and choose how much coverage you want and how much you want to pay. In fact, each of these companies offer insurance plans that cost less than $1 per day.

Here are three of the cheapest insurance plans.

1. United of Omaha Life Insurance Company

One way for you to cover the cost of funerals is by signing up for a whole life insurance policy with United of Omaha Life Insurance Company. Policyholders can get up to $25,000 in coverage and costs start as low as $8.89 per month. Premiums will never increase, and you can qualify for coverage without undergoing invasive medical exams.

The benefits will never be reduced due to your age and health. Not only will an insurance policy of $25,000 cover the cost of funerals, but there will also be money leftover for beneficiaries to use for other necessary expenses in their lives.

2. Globe Life

Over 4.2 million people are policyholders with Globe Life. You can pay just $1 in the first month after signing up for an insurance plan. Monthly rates for adults are as low as $3.49 for adults, with coverage ranging from $5,000 to $50,000. Depending on the coverage you choose, beneficiaries could have a lot of leftover money remaining after the funeral. Life insurance for children is also available starting at $2.17 per month.

3. Lincoln Heritage

With Lincoln Heritage, you can sign up for the Funeral Advantage insurance plan and have the cost of your funeral covered. The rates start as low as $15 per month and your beneficiaries could receive up to $20,000 in whole life benefits. Plus, there is a $100,000 additional benefit available for accidental death coverage.

This plan is designed to help cover end-of-life expenses. There are no health examinations and most people with health issues will get accepted. Not only does this plan provide monetary guidance, but Lincoln Heritage will send a representative after the policyholder’s death to help the family with details and concerns that come up.

Search Online to Learn More About Burial Insurance

Three out of five Americans own a life insurance policy, and for good reason. It gives the policyholder peace of mind knowing their loved ones are taken care of after they are gone. It also relieves families the financial burden of having to figure out how to come up with thousands of dollars to pay for the funeral. Instead, they can take the time to go through the grieving process instead of stressing about money.

Most companies have no waiting period and can provide full coverage the first day. To find a policy that makes sense for you, start an online search. You can get free quotes and compare at least three insurers to ensure you’re getting the best policy for the best price.

Benoit Daoust / Shutterstock

Wealthversed Staff

This article was worked on by a number of the Wealthversed staff, including freelancers, full-time writers, and editors.

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