Funeral insurance protects your family from the sudden and untimely financial burden of a funeral in the event of your death. Basic funerals can cost up to fifteen thousand dollars, and the funeral will generally have to be paid for up front.
Preparing for your own funeral may not be a reality that most people want to face, but if you’re the sole breadwinner and your surviving family members do not have immediate access to the fifteen thousand dollars it can cost for a basic funeral, then you are putting excess strain on an already traumatic and painful experience. Most funeral insurance policies will payout the full cost of a funeral within 24 hours of making a claim, which is important to consider when a funeral is usually held a matter of days after a person’s death.
Having funeral insurance means that your family can concentrate on grieving and planning your funeral without the stress of worrying how to pay for it all. The family you leave behind won’t have to borrow money of friends and family or go into debt to pay the immediate costs of the funeral. Even if you have money available to them, it is often difficult to gain access to your bank accounts in a timely manner as probate will often have to be granted first.
Funeral insurance is generally available to those under 80 years old, though it will generally cost more for the elderly. Most policies will have a waiting period of a year in which only accidental death will be covered, after which death by natural causes will be covered. Young families will usually not have large amounts of cash lying around, and the funeral insurance policies for the young can be as little as a cup of coffee each week.
Most of the large insurance providers will have a funeral insurance product, so be sure to shop around for a great rate. If you are young and healthy the insurance company should take that into consideration when constructing your premiums. Avoid the insurers who do not ask questions, as they will generally charge higher funeral insurance premiums.
Save your family the stress of having to come up with thousands of dollars at their most difficult time. Buy a funeral insurance policy today and enjoy the piece of mind that your family will be taken care of in the event of your unfortunate death.