A burial insurance policy can financially help your loved ones with your final expenses. It can cover the cost of final arrangements such as funeral expenses. However, your family can also utilize the funds to pay for your medical bills, mortgage loans, and other debts.
The cost of this policy is usually around $2,000 to $25,000. It is possible to find a burial insurance policy that is not too expensive. Are you looking for an affordable burial insurance policy? You may seek reputable agents such as Gary P. Cubeta from Insurance for Final Expense to evaluate a Gerber burial insurance policy.
The price of a burial insurance policy can depend on various factors such as your health condition, age, coverage costs, and the insurance company. Read on to know how to find the most affordable burial insurance policy for you.
Estimate Your Final Expenses
You can start by estimating your final expenses. It helps you determine how much amount you need to meet the end-of-life costs. Funeral costs can be surprisingly high. According to the NFDA (National Funeral Directors Association), the median cost of a funeral with burial was $7,640 in 2019.
If you require a vault, the average expense can be around $9,135. A typical funeral cost can include not only the burial prices but also the following:
- Transportation expenses to the cemetery,
- The funeral home’s rental fees
- Service fee for the officiant
- Additional final send-off costs such as music, ceremony, and flowers.
Consider additional final expenses as well. It could be your medical bills, credit card loans, and legal costs. By determining your final expenses, you can effectively search for a burial insurance policy covering all of them within your budget.
Look for Beneficial Features
You have to ensure that the payout from a Gerber burial insurance will be sufficient to meet the final expenses. A financial advisor can help you to figure it out. Once you establish that it can do so, check if the burial insurance policy can offer beneficial features.
It ensures that you can receive an affordable plan with good features. Some of the beneficial features that a burial insurance policy provides include:
- Level premiums: With this feature, you do not have to pay higher premiums as you grow older.
- Policy for your whole life: It allows the accumulation of cash values while remaining in force till your final moments.
- Exemption of medical exam: Some policies may not require a medical exam. However, you may still need to answer a few health questions.
- Immediate Access: It enables the immediate release of funds to pay final expenses.
Decide on Your Burial Insurance Type
Your insurance policy type can make the plan more affordable for you. Additionally, make sure that it also matches your needs. The simplified issue insurance policy evaluates your health condition by asking you some questions about your wellbeing and medical history.
Generally, you may not be required to give a medical exam. However, certain lifestyle factors can cause your insurance company to reject your application. It can be due to your pre-existing severe health conditions or activities such as smoking and other risky habits.
Meanwhile, a guaranteed insurance policy accepts almost every applicant. The insurance company does not inquire about your health and medical condition. Some of these policies may cost higher. However, it may work for you if you have any concerns regarding your health issues.
Request A Quote
The exact cost of a burial insurance policy depends upon your situation. It can be unique to each person. Does this make it challenging to choose an affordable insurance policy? It does not have to be so. You can know the costs by requesting a quote from the insurance company.
It is an effective way to find the best burial insurance policy at affordable prices. Moreover, you can get a quote instantly for free. You will not be under any obligation to pay or select the insurance company.
You can seek the assistance of your financial advisor to know if the costs are enough to cover final expenses. You may also compare the quotes from different insurance companies to find a suitable one for you at a lower cost.
Rework Your Final Plans
Are you still finding the monthly premium costs to be above your budget? You can make it affordable by reworking your final plans. Evaluate it thoroughly to identify the areas where you can reduce the expenses.
You do not have to undertake huge compromises. Minimizing your costs wherever possible can help reduce the price of your insurance coverage. Your premiums will also lower.
A burial insurance policy can cover your essential expenses after your demise. You can look for an affordable policy by taking the above steps. However, make sure that your plan covers all final expenses.