What You Need To Know About Modern Burial Insurance
Written by Randon Banham on Feb 13, 2023

What You Need To Know About Modern Burial Insurance: A guide to final expense insurance, otherwise known as burial insurance.

Final expense burial insurance is a type of life insurance that's designed to help cover the costs associated with traditional funerals. It's important for everyone to have some form of financial protection in place, especially if you have dependents who rely on you for support. However, it can be difficult knowing where to start when it comes to choosing an appropriate policy. In this article we'll explore everything there is know about final expense burial insurance.
What is final expense burial insurance?

Final expense burial insurance is a type of life insurance policy that covers funeral costs. It's not a traditional term life insurance policy, but rather a specific type of final expense coverage.
When you purchase this type of burial policy, it pays out if you die within two years after purchasing it and before your 80th birthday. The amount paid out depends on how much coverage you choose when buying the plan (ranging from $10,000 to $100,000).
What are the benefits of a final expense burial insurance plan?

If you're looking for a way to provide for your loved ones after your death, final expense burial insurance is an excellent option. Final expense burial insurance provides financial security in case of unexpected medical expenses or burial costs. It's also a good choice if you want to avoid probate by having funds available immediately upon death.
While there are many types of life insurance policies available today and each one has its own benefits and drawbacks, final expense policies tend to be less expensive than other types because they don't require a physical exam or blood work before being approved. While this may seem like an advantage at first glance, keep in mind that these cost savings come with restrictions on how much coverage can be purchased--usually between $5,000-$25k per person/$50k-$250k per family depending on age at time purchase and health history/history without claims made within past 3 years (or since last quote was taken).
What does final expense burial insurance cover?

The typical final expense burial insurance covers the service and burial costs associated with a traditional funeral. This includes, but is not limited to: caskets, coffins, urns, memorial service venues, clergy fees and flowers. Benefits can also be used to cover:

• Cremation costs
• Travel expenses for family to attend funeral service (if desired)
• Death certificate and legal fees (will preparation) if applicable
• Medical bills

In addition to covering these expenses you may want to consider adding on additional coverage options such as: medical bills from hospital stays or prescription drugs; long-term care facility costs; home modifications (elevators); home care services such as assistance bathing/dressing/feeding etc.; funeral pre-planning expenses including burial plot purchase or cemetery lot purchase fee (if desired); additional living expenses after death such as mortgage payments

Travel expenses for family to attend funeral service
With final expense burial insurance, you can help cover travel expenses for family members to attend your funeral service if they live out of state or even another country. If you're worried about being buried far away from home, this coverage is a must-have.

Death certificate and legal fees
Death certificate and legal fees are two additional expenses that you will have to pay when someone in your family passes away. The cost of these items varies depending on where you live, but they generally range anywhere from $50-$200.

As for who is responsible for paying these costs, it depends on whether or not the deceased had any life insurance policies in place at the time of death. If they did not have any policies, then these expenses will be covered by whoever purchased burial insurance (or even if no one did). However, if there were policies in place through an employer or other entity prior to death then those entities would be responsible for covering those costs as well.

Medical bills
If you're diagnosed with a terminal illness, your medical bills are covered. If you have a long-term illness or disability, your medical bills are also covered. Finally, if you have a chronic illness that requires ongoing treatment and/or medication (such as asthma), then those costs will be reimbursed as well.
How much does final expense burial insurance cover?

The amount of money you can expect to cover with final expense burial insurance depends on the type of plan that you choose. Each policy has its own limitations, so it's important to understand what your options are before purchasing final expense burial insurance.

Final expense plans typically cover a minimum of $5,000 in funeral services fees and may also include burial costs if needed. Some policies offer up to $25,000 in coverage--but this will depend on how much coverage you want when choosing between term lengths (e.g., 10 years versus 20 years).

If cremation is preferred over traditional burial, then some final expense plans will also cover this cost as well as travel expenses for family members who wish to attend their loved one's service or wake prior to cremation taking place at another location nearby where no local facilities exist nearby.
Who qualifies for final expense burial insurance?

To be eligible for burial insurance, you must:

• Be at least 18 years old.
• Be a US citizen or have permanent residency status in the United States.
• Be in good health with no pre-existing conditions that would disqualify you from getting coverage (if you have a condition that may make it difficult to obtain burial insurance, talk to your doctor).
• Not have any felony convictions on your criminal record
Conclusion
 
Final expense burial insurance is a great option for people who want to ensure that their loved ones are taken care of after they pass away. It's also a good way to prepare for your own funeral expenses, which can often be expensive and difficult for families without financial resources. If you're looking for affordable options available today, we invite you to explore our online quote tool, where we offer many different types of final expense policies from trusted companies like Mutual of Omaha and American General Life Insurance Company (AGL).
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