What Does Burial Insurance Cover?

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What Is the Cost of Burial Insurance?....5

Burial insurance helps people to pay for plots and ceremonies in advance, and this helps to alleviate a crisis. Find out how much funeral costs are in a local community with information from an insurance agent in this free video on burial insurance.

Part of the Video Series: Burial Insurance
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Video Transcript

Hi, my name is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. Question comes up about what does burial insurance actually cover. Typically speaking, a burial insurance policy is a form of a life insurance policy. They are usually set for a relatively low face value so that at the time of death they pay out either, say a, 10 or 15 thousand dollar face value for the policy, that basically will cover the expenses for the final funeral arrangements. You should check in your local market area with local funeral directors and basically find out what is the average cost of funeral in todays dollars, at least, so that you know what to expect. That way you can prepare for that final situation. And a 10 or 15 thousand dollar policy should be adequate in most circumstances to cover those final expenses. Now the burial insurance is again, a form of a life insurance policy that will pay off what is needed to take are of the final funeral arrangement. Another aspect of a final expense policy though, might be to consider contacting those same funeral directors in your local area and find out if they have a prepaid arrangement already available. A prepaid arrangement is basically saying, in today's dollars, you prepaid; in fact you can actually prepaid with some funeral directors over a period of time; like a payment schedule, in order to have that plot and ceremony and procedures paid for in advance. That alleviates a lot of crisis and concern when the insured finally dies, so the family members aren't left with shopping for caskets and plots and so forth at the time of death. Actually, a lot of seniors at the particular age, like to select, preselect, what their final arrangements are. That way, those family members left behind, don't have to make those decisions at such an emotional moment. So again, a guaranteed issue type of life insurance or final expense policy, would cover, in most cases, the balance of whatever the funeral costs would be. Or you might again want to consider getting a prepaid non-insurance policy but a prepaid arrangement with the funeral director so that that's all prearranged and those left behind don't have to cover that expense at that very emotional time. Hope that answers your questions for you. My name is Bill Hager. I'm a licensed life, health and annuities agent in the state of Florida. Thank you.

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