Burial insurance, also known as final expense insurance, is one of the ways seniors can help relieve some of the financial stress of passing off the shoulders of their family members. Insurance for burial is recommended for all seniors, as families will already be dealing with the emotional burden of losing a family member and burial insurance helps alleviate at least some of the financial burden.
Final expense insurance plans can range anywhere between $15 a month to $300 a month depending on the plan a client chooses and which plan a senior qualifies for. Plans can depend on a seniors age, sex and pre-exising medical condtions. Seniors can also choose how much coverage they want in their policy depending on which ones they qualify for.
Usually, seniors will have the options between standard final expense insurance and pre-need plans.
Standard final expense insurance plans consist of policies that offer monetary benefits directly to the families of those who pass
Pre-need plans have seniors pay funeral homes directly or set aside money to pay a specific funeral home for their burial.
To choose which option is best for you, decide if you wish for your family to use the insurance money for your burial for other expenses or if you want the money in your policy to only be used for your funeral expenses.
After that, be sure to get quotes on the final expense insurance policies you are interested in and compare them to make sure you are getting the best price for the burial insurance benefits you want.