Burial Insurance - Read About Coverage Options
The Burial Insurance, also known as final expense life insurance policy, provides you with an insurance cover that helps you preplan and, if need be, prepay for your final arrangements well in advance. It also helps your dependents, if any, to pay back your outstanding expenses. This characteristic makes the Burial Insurance different from the burial Protection policy that only covers the burial costs. Under this policy, you can get an insurance cover that best suits your specific requirements and can even get it customized. Also, getting the Burial Insurance policy cover doesn’t require any kind of medical checkup.
The Burial Insurance policy helps you plan the details of your funeral including the products and services used therein, and make advance payment for the same.
Features of a Burial Insurance
Most of the Burial Insurance policies enlist the following characteristics or features:
- You can easily opt for this insurance cover by filling a simple Yes/No questioner.
- The face value of the policy is relatively low.
- Most of the Burial Insurance policies don’t accumulate a cash value.
- The amount of premium is fixed for the entire policy term.
- The policy provides a cover for a person assuming that they would live for 100 years.
Items Covered in a Burial Insurance
Funeral planning of a person is their personal decision and therefore there are no set parameters or items that the Burial Insurance policy must include. In this insurance policy rather the person who is getting insured selects the products and services that would be used at that time. The insurance agent or funeral director then notes down these things as a part of the policy and finally creates a policy according to the given specifics. Some of the items common to most insurance policies are:
- The cost of the space acquired in the burial plot;
- Cost of digging and filling the grave site;
- Head stone’s cost, depending upon its quality;
- The price of the casket or urn used to place the deceased;
- Cremation cost, depending on the choice of the beneficiary;
- The cost of embalming the body of the deceased;
- Price of grave liner;
- Cost of hiring a funeral vehicle;
- Flowers used in the grave.
Since these policies are personalized in nature, they can include any item preferred by the policy holder, unless the policy is capped for a specific amount.