What Is The Best Life Insurance To Pay For Your Burial Expenses?
If you are looking to buy life insurance to cover the cost of your final expenses, including funeral and burial costs, you’ll want to consider how much it will cost to pay for all of your funeral costs and final expenses.
Today, the average cost of a burial and related expenses is around $7,800.
This total is based on a survey conducted on behalf of a the NFDA – National Funeral Directors Association.
End of life costs include several of the most common expenses related to a funeral and burial, including the following:
Basic Services Fee $2,300
Transfer of remains to Funeral Home $350
Embalming $775
Other Preparation of the Body $275
Use of Facilities/Staff for Viewing $450
Use of Facilities/Staff for Funeral Ceremony $515
Hearse $350
Service Car/Van $150
Memorial Cards $183
Metal Burial Casket $2,500
Median Cost of a Funeral with Viewing and Burial: $7,848
Vault $1,572
Total with Vault $9,420
Source: NFDA (National Funeral Directors Association)
Now that we know the average cost of a funeral with burial and viewing is around $7,848 you will want to consider what type of life insurance policy will meet your needs to provide coverage to pay off your funeral costs.
Since term life insurance is temporary, you may outlive the duration of this type of life insurance policy which would leave your family with no money from the life insurance to pay for your burial costs.
That means, permanent life insurance is the right option to purchase, to guarantee the money is available to pay for your burial expenses.
However, some people may not qualify for permanent life insurance coverage due to pre-existing health issues.
In this case, you would want to consider guaranteed issue whole life insurance to make sure you can get insured.
Guaranteed issue means you cannot be turned down for coverage, your approval is guaranteed, if you meet the age requirement for acceptance.
For example, one highly rated life insurer offers guaranteed approval permanent life insurance policies for people ages 45 to 85 years old.
Guaranteed acceptance policies usually offer up to $20,000 to $25,000 of life insurance protection. That should be more than enough money to pay for your funeral, burial and final expenses.
NOTE: If you buy guaranteed issue life insurance, you will not have to take a medical exam or answer any questions about your health.
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
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Disclosure: Compensated Affiliate