Do I Need Burial Insurance?
The death of a loved one is a tragic and emotionally draining experience. Unfortunately, it can also come with a significant financial burden. Before the burial of a family member or friend, there are a number of expenses that must be paid. Funeral and burial costs can range anywhere from a few thousand dollars to tens of thousands of dollars, depending on the cost of the casket and other funeral arrangements.
The average cost of a funeral and burial combined is around $7,000. This figure doesn’t include the cost of a viewing or visitation, flower arrangements, headstones, or other associated fees. These costs, combined with the emotional stress of losing a loved one, can be overwhelming for many families.
For those who have not planned for these expenses, burial insurance can be a valuable asset. Burial insurance is a type of permanent life insurance that provides funds to cover funeral and burial costs. Burial insurance policies can pay out anywhere from $5,000 to $25,000 or more, depending on the coverage amount selected.
When considering whether or not to purchase burial insurance, it is important to balance the cost of the policy against the potential financial burden of the funeral and burial expenses. In many cases, the cost of the policy is less than what would be needed to pay for the funeral and burial out of pocket. There are a wide variety of burial insurance policies available, so it is important to compare the different options to find the right policy for you.
Unfortunately, many families have to turn to raising money for funeral and burial costs when a loved one has chosen not to purchase burial insurance. This often means setting up a “GoFundMe” page to ask for donations from family and friends. It is an unfortunate reality of death that has a lasting financial impact on families, which is why it is important to consider purchasing burial insurance.