What Is Funeral Insurance?

Deciding whether to purchase funeral insurance can be difficult. Funerals can be pricy with burial service, caskets or urns, flowers and other related items. It’s important to understand the advantages and disadvantages of your insurance.

Funeral insurance, also called burial insurance or final expense insurance, is specifically designed to cover funeral related expenses. It’s typically a smaller death benefit than traditional life insurance and only meant to cover the costs of a funeral or end of life expenses.

Just remember that whichever form of insurance you choose, make sure that the policy’s death benefit is enough to cover all the end-of-life expenses your loved ones may have.

With any insurance, coverage and costs can vary depending on company and type of plans as well as, age gender and health all calculate into the cost of the premium. The typical range of insurance coverage is $5,000 to $25,000 with monthly premiums of $20 to $200.

When signing up for funeral insurance, be sure to select the coverage amount and who will receive the money or who the beneficiary will be. The benefit from the policy will either receive one large payment or periodic installments depending on the policy.

One disadvantage of this insurance is the payout tends to be small. The reason for this is simple. Its only intention is to cover funeral costs. It is not intended to cover mortgage or lost income.

End of life insurance is meant to only cover the costs of funeral or burial service, caskets or urns, flowers and other related items.

If you have questions about insurance, call Jim Rooney at Advanced Insurance Concepts. We work with a variety of insurance companies in Missouri and Kansas. We are licensed to sell Health, Life and Accident Insurance, so call Jim Rooney for all your insurance needs.