Peace of Mind - The Burial Policy
When my father-in-law passed away suddenly he left his wife and children with more than sadness, he left them with the burden of paying for a funeral with little and almost no burial insurance assistance. He had been in the military briefly, so there was a few hundred dollars that came from the government.
I believe he may have also had a small policy for around $1500 that had been provided by his parents. But what is funeral insurance rate of $1500 when a typical funeral costs between six and seven thousand dollars?
Thankfully, my mother-n-law, for herself, has realized she could minimize the kind of strain he unintentionally put on his family by purchasing a burial insurance policy. The policy is not a large amount meant to leave lots of money to her family buy it is enough to cover all the typical expenses associated with a funeral and the burial process.
The policy my mother-n-law took allowed her to name a beneficiary to the policy. Having a beneficiary named on a policy is every bit as important as who you name. You want to name someone who you trust to comply with your final requests of either traditional burial or cremation. They need to know if you have a preference of one funeral home over another and where you want to be buried. If you don’t name a beneficiary or put your wishes into your will you could be leaving the planning to your local county or city officials to decide, and that is a pretty scary thought.
Is a burial policy right for everyone? Not necessarily. If you are disciplined you could have the funds set aside in a savings account. Be sure you are keeping up with the rising costs of burial expenses. If the funds you have saved could be needed to pay off other debts you might want to consider a burial policy with right funeral insurance rate to supplement your funding.
When a loved one dies there is more than enough stress and grieving for the family to deal with without added financial stress. I like to think of a burial policy as the ultimate “peace of mind” insurance policy.
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