BURIAL OR FINAL EXPENSE INSURANCE
WHICH IS RIGHT FOR YOU AND YOUR FAMILY?
Burial Insurance and Final Expense Insurance both allow you to eliminate the burden of funeral expenses that your family will have to deal with when you die. Burial Insurance and Final Expense Insurance are generally the same fundamentally but have some differentiating features. They are both basically designed to protect your loved ones from the expensive burden of paying for your burial expenses. However, most people need a little more. Let’s look at the differences:
Burial Insurance is a type of life insurance that people get when they are concerned about being a financial burden on their loved ones and want to leave enough money to pay for all of their funeral expenses. These are usually low-cost policies that are only designed to leave sufficient funds to pay all funeral costs, such as burial or cremation, casket or ern transportation of family members, flowers, and special ceremonial accessories-- nothing more.
What is Final Expense Insurance? Final expense insurance is a type of whole life insurance designed to cover the funeral expenses, but also any other outstanding debts that may be left behind such as medical bills, car payments, children's educational expenses, or even a mortgage when you die. Final Expense Insurance is fundamentally designed to provide the same coverage as burial insurance but provides a greater range of coverage and features. Depending on the features of the policy, and its cash value, the insured may be able to take out a policy loan. The premiums paid for the policy generally remain fixed.
Certainly, it is naturally difficult to ponder such a matter as death. The death of yourself or someone you love is a matter we just don't embrace easily. But there is no getting around this natural reality. We all must die. No matter what your status is in life . . . we all must die, no matter what our individual beliefs are, everyone must die. And with the occurrence of this unavoidable event (death) are the expenses associated with death: funeral costs, embalming or cremation costs, the cost of a casket; and the debts that the deceased leaves behind. How much will it all cost? How do you ensure that your loved ones won't be financially burdened with the costs associated with your death? Final expense life insurance can help protect your loved ones from having to pay these expenses. F.R.E.D is here to help with that discussion. The average cost of a funeral now exceeds $8,000.00, and in many cases can reach as high as $15,000.
Whether you choose Burial Insurance or Final Expense Insurance, it is most important that there is enough money left for your family to handle the remaining expenses of settling your estate. It’s bad enough losing a loved one without finding yourself in financial difficulty because of it. Make sure your loved ones are not burdened with financial challenges due to your death.
Frederick W Ford
Insurance, Mortgage, Real Estate, and Retirement Advisor
NMLS# 640619
Learn More
Whether you choose Burial Insurance or Final Expense Insurance, it is most important that there is enough money left for your family to handle the remaining expenses of settling your estate. It's bad enough losing a loved one without finding yourself in financial difficulty because of it. Make sure your loved ones are not burdened with financial challenges due to your death.