Funeral Life Insurance Or Saving Money On Your Own? What Is The Best Way To Pay Burial Expenses?

Is it better to buy funeral life insurance or to save money on your own in order to pay for burial expenses? Many people never thought about funeral costs. It is not pleasant to think about it, but it is still very important to consider last expenses. Funeral can be very expensive and your family members will have difficulties paying for your burial.

burial_life_insuranceWhen it comes to covering their own funeral costs, people have two main options: they can either save money on their own through bank accounts or through different investments, or they can purchase a life insurance plan.

 Saving money on your own

Saving money for your funeral expenses is always a good idea, but it can be difficult at time. It requires discipline and control over your spending. Furthermore, some real life situations may force you to spend money on something else.

The easiest way to save money is through a bank account. The interest however can be small and you may have to pay taxes when you withdraw money. If you want to save money for your funeral costs, it is advised to start early.

Buying funeral life insurance

The second option is purchasing a final expense insurance plan which is a policy specially designed for covering burial costs.  Life insurance pays out a death benefit to your designated beneficiaries after you die. Final expense insurance is a policy that works best for seniors. It provides permanent coverage and it has a simplified underwriting process.

In order to qualify for coverage, a senior has to answer four simple questions:

  1. Do you smoke?
  2. Are you currently suffering of any form of cancer or undergoing cancer treatment?
  3. Are you infected with HIV or currently suffering of AIDS?
  4. Have you been declared terminally ill and have less than 12 months to live?

Answering “no” to the last three questions will automatically qualify you for a plan and you will be covered in less than 24 hours. Smokers can also get final expense insurance, but at a higher price.

Life insurance is a great way to cover burial expenses and provide financial stability for your loved ones. Before buying a policy, you should visit our website and compare quotes!