Prepaid Funeral and Insurance
Prepaid Funeral and Prepaid Funeral Insurance
Burial insurance (prepaid funeral insurance) is a basic issue life insurance policy that covers people for their funeral and burial expenses. Prepaid funeral insurance is promoted as a way to pay in advance for your funeral expenses so that your family won't have to pay for your funeral. There are many things you can do to make your death easier on the wallets of those you love. Preplanning your funeral and purchasing prepaid funeral insurance saves money and grief, as well as deciding whether you want to be buried in a casket or cremated and put into and urn as well as other funeral arrangements you may wish to make.
Prepaid funeral insurance is a wise financial decision, as most funerals cost well over $10,000. Whether pre paying for your funeral (commonly called pre-funding your funeral) or purchasing prepaid funeral insurance, relieves your family from having to spend thousands on your funeral or waiting for your estate to clear probate to obtain the funds to pay for your funeral.
There are several ways to arrange a prepaid funeral – you can purchase a prepaid funeral package, obtain prepaid funeral insurance, or arrange a funeral trust. For the purposes of this article we’ll focus on prepaid funeral insurance.
Prepaid Funeral Insurance
Prepaid funeral insurance is a popular option for financing funerals. According to a recent article in The Washington Post, about one-third of funerals in the U.S. involved some sort of prepaid funeral or burial insurance. With funeral insurance, not only can you prepay for your funeral, you can specify many of the details of your funeral- including whether you want to be buried or cremated- and even the casket or urn style- amongst other details.
Understandably, most people do not want to leave their funeral expenses and the financial burden therein on their loved ones, so purchasing prepaid funeral insurance is a way to not add financial stress to the emotional stress felt by grieving family.
Prepaid funeral insurance plans can by highly individualized and can cover services and products such as the type of casket, urn or vault, the grave headstone, the cemetery plot, and even the flowers displayed at the service.
Understandably, most people do not want to leave their funeral expenses and the financial burden therein on their loved ones, so purchasing prepaid funeral insurance is a way to not add financial stress to the emotional stress felt by grieving family.
Prepaid funeral insurance plans can by highly individualized and can cover services and products such as the type of casket, urn or vault, the grave headstone, the cemetery plot, and even the flowers displayed at the service.
Things to consider before buying prepaid funeral insurance
Before purchasing funeral insurance, it is important to consider the laws of your state as they vary. Be sure to also closely examine what the policy does and does not cover. For instance, what if you die in a state other than your own? Does the policy cover the transportation of your remains? Or perhaps you might move – be sure the policy is transferable to another funeral home. It’s also important to specify the type of casket, headstone etc. to avoid any confusion for your family at the time of the funeral service. Also review any estate tax implications a prepaid funeral insurance policy might have.
Even with these considerations or potential pitfalls, a well planned prepaid funeral insurance plan is a sound financial investment that will protect your loved ones from the burden of financial and emotional decisions during their time of grief.
By using a price comparison website, you can quickly find quotes from a wide range of companies. This saves you a lot of time and can save you money.
Take the time to shop around to see what quotes turn up in an online search. This is a surefire way to compare quotes side by side. After all, you want a plan or policy that is sure to take care of the burial and funeral costs. Thus, you need to make sure that it is not only inexpensive in terms of the monthly payments but that it includes everything necessary for when the time comes to cash this policy in.
Prepaid Funeral insurance will protect your family from un-needed financial stress. Insurance agents can educate you about different policies, and many funeral homes also have licensed funeral insurance agents as staff members to assist you as well.