Burial Insurance Information
Funerals can be very expense. The cost of a basic funeral can be over $5,000--which does not even include the burial. When you add the costs of the burial, flowers, transportation and a list of other incidental expenses, a basic funeral and burial can go beyond $10,000. One way to relieve your family of the expense of your final arrangements is to purchase burial insurance.
Other People Are Reading
-
Definition
-
Burial insurance is a life insurance policy in which the funds are specifically used for funeral and burial expenses. Burial insurance policies are usually written for sums of $5,000 to $10,000, just enough to cover the funeral and burial expenses.
No Probate
-
Since burial insurance is designated to be used for the sole purpose of funeral and burial expenses, the funds do not have to go through probate courts.
-
Extra Funds
-
If the amount of the burial policy exceeds the cost of the funeral and burial, the leftover funds will go back to the estate of the deceased person.
Life Insurance Companies
-
Many life insurance companies offer burial insurance in a range of values. These policies allow you to choose a plan you estimate will cover your final arrangements.
Funeral Homes
-
Some funeral homes write their own burial insurance policies. With a funeral home burial insurance policy, you can select all of the features you would like for a funeral and burial, and a policy will be written for an amount that will cover all expenses.
Warnings & Tips
-
Each state has its own laws on burial insurance, so investigating what those are is a good idea. Make sure the individual or company you buy the burial insurance from is licensed. Find out, in case you move to another state, if the arrangements you pay for can be moved to another funeral home. Lastly, contact your attorney so he can make sure the arrangements you decide on when buying burial insurance are in line with what your will says.
-
References
Resources
- Photo Credit Image by Flickr.com, courtesy of Tony
