Naturally, one of the most frequently asked questions we receive is, "How much does burial insurance cost?" The honest answer is that it will vary widely from person to person because, as with all life insurance policies, the premium is determined by personal factors.
Nevertheless, we’ll endeavor to explain this process as clearly as possible.
Burial insurance, also known as final expense insurance, is designed to cover medical bills and funeral expenses upon your death. Therefore, rates increase as you age and may be influenced by any health issues you may have. However, having a lengthy medical history or frequent hospital visits does not necessarily disqualify you.
Given this, most seniors opt to secure coverage as early as possible to lock in a lower rate. On average, a reasonably healthy 50-year-old non-smoker can expect to pay between $35 and $45 per month for a standard $10,000 policy.
While many applicants focus solely on the price of a burial insurance policy, it’s not the only important factor. Consider the potential leftover bills your family might face if you pass away with debt.
According to Credit.com, over 70% of Americans die with outstanding debt. Subsequently, funeral and burial costs emerge as another set of bills. Caskets, grave markers, flowers, funeral home fees, and more all come with a substantial price tag. Your average cost of $8,000 can quickly increase by thousands, depending on the services you choose.
So, “how much does burial insurance cost?” shouldn’t be the sole factor in your decision. It should be based on a long-term plan to prevent financial burden on your grieving family.
There are ways to ensure you get a fair deal on your policy.
Firstly, shop around with more than one carrier.
Secondly, have a clear idea of how much coverage you need versus the premium. An experienced insurance agent can assist if you’re unsure.
Our website is dedicated to helping you with both tasks. We compare policies from highly-rated burial insurance companies to find the best price for you. Additionally, we connect you with an insurance agent in your area.
This saves you time, as you won’t have to call numerous companies to find the best price, and it prevents you from contacting a company with a poor financial rating that might create complications for your family in claiming the death benefit or burden you with an unaffordable premium.